FinTech is a sector that is growing at an unprecedented rate. The world has never seen anything like it. Not only are FinTech companies raising hundreds of millions of dollars, but they also have the potential to be massive disruptors and trendsetters in the financial services landscape.
FinTech companies want to use data analytics to make better decisions and improve their businesses. They also want to leverage advanced technology to provide users with more efficient products and services.
In this article, we will discuss some of the best data analytics and business intelligence tools for FinTech. We will cover what these tools can do for you as well as how they work.
Best Data Analytics and Business Intelligence Tools For FinTech
Power BI
Power BI is a Microsoft BI tool that allows users to create and deploy business dashboards. The tool has powerful data analytics features, such as visualizing and analyzing data through charts and tables. It also offers several advanced reporting options.
The best feature of Power BI is that it integrates with other products from Microsoft, including SharePoint, Excel, and Outlook. With these integrations, you can create ad-hoc reports using Power BI.
Power BI is an ideal tool for small businesses looking for an easy way to build custom reports and dashboards that can be shared across multiple devices and platforms.
Zoho Analytics
Zoho Analytics is a business intelligence (BI) tool that helps you analyze your data and make better decisions. It helps you do everything from creating a new report to setting up alerts to getting answers on what happened on your website over a specific period. Zoho Analytics offers several BI features, including an intuitive dashboard, advanced report creation capabilities, and data visualization tools. Its reporting services are available on a subscription basis and can be used with any web application.
Zoho Analytics is one of the most popular BI tools out there because it allows users to get more out of their data without having to learn complicated BI skills or spend too much time learning how to use other products. It has a simple interface that makes it easy for beginners to understand their reports and even go as far as creating custom reports based on their own needs.
Xplenty
Xplenty is a data visualization platform that provides financial institutions with a comprehensive set of financial analytics, data visualization, and reporting tools. The Xplenty platform helps banks to streamline their operational processes by providing data insights from multiple sources.
Xplenty’s cloud-based solution allows banks to access critical business intelligence data in real-time from anywhere using any device. It also provides the ability to build custom dashboards for specific business needs across the entire bank.
The Xplenty platform has been specifically designed for financial institutions to meet their specific needs. The platform is built on top of open standards and protocols, which means it can be easily integrated into any system or application.
RapidMiner
RapidMiner is a data mining platform that enables users to extract value from any type of data, including structured and unstructured. In the finance industry, it’s often used for extracting business insights from e-commerce transaction data and credit card transactions.
RapidMiner also has support for text files, spreadsheets, databases, and email messages. The tool can be used in Hadoop clusters or on-premise installations with Oracle or IBM DB2 or Microsoft SQL Server databases.
OpenRefine
OpenRefine is an open-source, web-based data editor with a focus on the needs of data scientists and analysts. It lets you clean, validate and make sense of your data in seconds.
You can import from CSV and Excel files, as well as from other databases such as PostgreSQL or MySQL. The interface is very user-friendly, making it easy to understand how to use the various tools available within the application.
OpenRefine includes many useful features that are not included in other data editors such as:
- Importing and exporting from multiple file formats including JSON, CSV, and XLSX.
- Batch processing for large volumes of data (importing several files at once).
- Clean up duplicate rows in tables using regular expressions or custom rules.
- Dedupe duplicates across multiple tables by analyzing each column individually.
- Summarize numeric columns along with categorical columns using pivot tables or spreadsheet formulas.
Conclusion
Many banks and established finance firms are wary of working with FinTech companies, but that doesn’t mean that there aren’t some incredible options out there for business intelligence. Not only can these tools help you and your company grow, but they can also provide you with more insight into the marketplace. So, if you’re ready to take your business to the next level, now is a great time to look into data analytics and business intelligence tools.
