Business Intelligence In Financial Services – LONDON–( BUSINESS WIRE )–The financial services market has witnessed significant changes, and industry players are scrambling to return revenue and growth rates to their previous levels. These challenges have increased the need for sustainable, detailed and data-driven strategies. Accordingly, financial services market players focus on leveraging market intelligence solutions, gaining deep insights, getting guidance on comprehensive plans, and addressing industry challenges. Request a free quote to leverage Infiniti’s market intelligence solutions for comprehensive strategies, evidence-based insights, and unparalleled strategic advantage.
“Financial services market players are constantly facing obstacles to exit the crisis. That’s why industry players are now using market intelligence solutions for data-driven insights and strategies to solve various industry challenges,” says Infiniti Research, a financial services market analyst.
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Financial services market participants have realized the importance of sustainable and comprehensive strategic decisions. After facing a number of challenges, including the financial crisis of 2008 and, more recently, the economic and social impact of the COVID-19 pandemic, industry players have felt the need to improve strategies and agile business operations. Therefore, many financial services market leaders have chosen to use market intelligence solutions. Our market intelligence solutions help companies identify profitable market opportunities, track market dynamics, and improve demand and inventory management, among other benefits. With effective planning, data-driven insights and unparalleled guidance, financial services market clients can easily achieve their business goals and scale their organization.
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Get a comprehensive understanding of how market intelligence solutions impact financial services market players by reading the full article.
In a recent article, Infiniti experts highlighted the value of our market intelligence solutions in the financial services market with three recent success stories. Below are three key advantages of our solutions and how they have helped various players in the financial services market:
Infiniti’s market intelligence solutions have helped the European investment bank overcome challenges by identifying barriers to entry, capitalizing on market opportunities and understanding regulations. According to our experts, the client of the financial services market has successfully entered the US investment banking sector and established itself as an industry leader.
The European health insurance provider has struggled with a variety of industry challenges, including changing regulations, barriers to exploring new avenues, uncertainty surrounding the ACA and increasing value-based care. Infiniti’s market intelligence solutions helped a financial services client overcome potential market obstacles, grow their company and significantly increase their market share.
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The COVID-19 pandemic has created many supply chain challenges and a sudden need for a more flexible operating model. The US-based bank wanted to support its employees, launched initiatives to increase digitization and help its customers during this difficult time. Our market intelligence solutions helped a financial services market client address technology gaps, recover from the COVID-19 pandemic, and launch a new digital platform.
Learn more about how Infiniti’s market intelligence solutions help financial services market players overcome industry challenges, develop agile operations and create great customer experiences.
Founded in 2003, Infiniti Research is a leading market intelligence company that provides smart solutions to business problems. Infiniti Research studies markets in more than 100 countries to analyze competitive activity, see beyond market barriers, and develop intelligent business strategies. To learn more, visit: https://www.infinitiresearch.com/about-usFinancial services are focusing on implementing AI in terms of fraud prevention and detection, as well as improving customer experience, according to a recent report by KPMG.
The study, titled “Living in an AI World in 2020: AI Advances and Challenges in Five Industries,” found that only 42% of respondents believe AI is deceptive rather than realistic; this was the lowest percentage of the field studied. Other industries included in the survey, along with finance, are healthcare, retail, transportation and technology. Currently, nearly half (47%) of respondents said organizations are functional in their use of AI. The nature of large financial services businesses makes it difficult to implement AI quickly, the report says. The report suggests that CFOs must invest aggressively in AI technology, training and management to stand a chance of thriving as the financial industry continues to evolve.
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The survey found that not all respondents were equally excited about the prospect of AI becoming mainstream. Interestingly, 72% of respondents are concerned that AI may pose a security threat, while 69% see it as a direct threat to customer data security and privacy. According to the KPMG study, the top three most effective uses of AI in the next three years will be robotic process automation (RPA) (56%), risk management assessment (49%) and fraud prevention (47%). Fraud prevention AI will be critical in protecting an organization’s bottom line, as one major breach can threaten its survival. Leaders must ensure that AI models meet the company’s quality and safety standards, as well as corporate values. The study suggests that companies need to strategically implement AI in line with their business strategies.
The KPMG study further states that lack of talent is a barrier cited by respondents to the timely adoption of AI. Only 49% of respondents believe their employees are ready for large-scale adoption of AI. Also, 23% of these employees are eager to adopt AI. If organizations neglect to invest in AI or less aggressive adoption, they will be left behind. The study shows that AI will become an essential part of everyday life for both businesses and consumers.
The bottom line is that companies need to look at AI as more than just a technology. The report concludes that implementing AI should be an integral part of business strategy as it enables enterprises to realize real advantages and gain competitive advantage.
A knowledge exchange platform for all your IT security needs and plans. Peer-to-peer interviews that engage industry experts and leaders for ideas, opinions and business insights. Business Intelligence (BI) is the process of taking raw data and using software to transform it into actionable insights and make important decisions based on those insights. BI tools today have evolved from targeted solutions developed by IT teams to self-service solutions developed by business users. However, we are now entering a new era of analytics where BI solutions are powered by advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
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AI improves the scope and accuracy of business analytics. With the potential to transform the way we use data and make decisions, AI and ML-driven business is the future. Artificial intelligence and business intelligence share the term intelligence, albeit in different contexts.
Artificial intelligence typically refers to the emulation of human thought by machines to provide applications that match human cognitive abilities. On the other hand, business intelligence refers to the tools and technologies used to analyze data and derive meaningful insights.
We can simply say that one is ability and the other is performance, and this statement has an important meaning. AI and related technology can be used to improve BI. Machine Learning Algorithms, or ML, can be used to learn from AI-cleaned and structured data, identify patterns, and make autonomous decisions.
Organizations face many operational and performance challenges and this is where business intelligence can help. It provides decision makers with the insights they need to adjust their business to achieve their goals and missions. However, several factors prevent the realization of full BI functionality.
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Big data has become relevant with its unprecedented growth in recent years. The estimated volume of data generated by 2020 has reached 64.2 zettabytes. However, breaking down big data into manageable bits using conventional business tools like spreadsheets is not only difficult, but also time-consuming.
Deloitte’s survey shows an acute shortage of experts and trained professionals in the field of data analysis. However, despite the shortage of skilled professionals, data is continuously generated. As a result, it becomes more difficult to understand the constant flow of valuable information with limited resources.
Companies relying on data-driven solutions need data analysts in every department and equip them with the right tools. The same Deloitte survey shows that in 2020, technology companies posted more jobs for analytics, including machine learning (ML), data science, and data visualization, than for traditional engineering, management, or marketing skills.
While the volume, variety, and velocity of data has grown exponentially, a major hurdle for businesses is aggregating all that data and structuring it in a format that traditional analytics tools can understand. Business intelligence from unstructured data is a challenge even for master data operations. Cleaning and structuring unstructured data is a resource-intensive and time-consuming task that requires automation of extract, transform, and load (ETL) tasks.
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Against these obstacles in BI, Artificial Intelligence offers productive solutions that companies can afford today. The technology has the ability to scale analysis by a large factor, which allows for rapid analysis of large data. Additionally, this analysis can be accessed from an easy-to-understand dashboard, thereby reducing the need for IT assistance. AI tools can monitor the health and integrity of data, organize it for reference, and analyze it for insights that lead to powerful, informed decisions. Some of the important characteristics of business intelligence powered by artificial intelligence include:
● Decision Making: Before the development of AI, experts faced several inconsistencies.
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