Bank Business Intelligence (BI) is the collecting of information concerning a bank’s operations and the using of that data to help it develop strategies, address issues and improve its services to customers.
Across the financial industry, company’s use BI to be more influential and flexible in the market, and regular seminars deliver instruction on how to gather and use information effectively.
A bank relies on its internal departments to collect, analyse, and contextualise information, or they hire consultants to deliver this service. This might include raw statistics on numbers of customers, types of accounts, or assets held. It involves demographic analysis and surveys to learn who does business with the company and why. The bank could also analyse competing institutions to discover areas for comparison.
Internal research is also essential. A part of business intelligence may involve an analysis of the personnel, from higher management down to the cleaners, to understand how they feel about their jobs. Remaining alert to employee concerns and issues will improve employee retention and reduce the threat of difficulties caused by troubled employees. A bank employee may, for instance, disclose confidential information to a rival, in retaliation for poor working conditions.
The age of innovation
Total patent grants by the USPTO by field of technology
The United States Patent and Trademark Office