Power BI is a product by Microsoft developed to help with business analytics. Power BI is an effective tool for banks to track KPIs and streamline their services. This blog elaborates on the role of Power BI in the banking industry. Let’s see how consultants help banks use Power BI.
With the various technology solutions available and implemented in the banking industry, a lot of staple tasks are already eased with them. Banks are always bustling with activity. Customers come to deposit money, withdraw money, apply for loans, and so on. The multitudes of transactions per day are a part of the process. The yearly balance sheet with profit and loss is one way to measure a bank’s success. However, it’s not enough. Banks need to know what and how their customers feel.
How is the bank’s performance when measured against the KPIs? Are the procedures easy for customers to follow? How can a bank identify where the problem lies? Business analytics is the answer to these questions. Power BI is an effective data analysis tool developed by Microsoft. Banks can collect data from multiple sources and measure their performance using a single platform. Power BI consulting partners assist banks in using this effective tool to track KPIs and analyze the success of their financial operations.
Table of Contents
What is Power BI?
Power BI is a collection of software, apps, and connectors that gather data from multiple sources, convert it to a readable format and derive insights through data analysis. The insights help make the right decisions to boost the business and increase customer satisfaction.
It is a well-known product of Microsoft and has three major components:
- Power BI Desktop- A desktop application with a dashboard to measure and track KPIs
- Power BI Service- An online SaaS solution used through the cloud platforms
- Power BI Mobile- Apps used on mobile phones (Windows, iOS, and Android) to access data from any location
