Smart Reports 3.0: From Data to Insights to Interactions in Financial Services
Modernizing report generation with digital innovations to drive usage
The banking, financial services and insurance industry generates a variety of reports. Gathering and processing data to create these reports takes up more time and effort than extracting insights from them. Some of these reports are widely used and some others see limited consumption while a few are hardly referred to at all. This can be attributed to mundane, voluminous, data-intensive, and verbose reports that neither yield any insights nor invoke new ideas or guide decision-making.
Moving to smart reports 3.0 by adopting next gen reporting in financial services offers a way out. A next gen platform that drives interaction by incorporating conversational bots for reporting, videos and digital reports with drill-down capabilities, and analytics frameworks that deliver actionable insights can increase usage of reports. Enabling next gen reporting in financial services requires some crucial aspects to be considered:
- Create function-specific data sources or data marts
- Develop multiple digital delivery channels
- Use conversational platforms backed by AI to deliver next gen experience