Today’s financial services organizations need to move at a rapid pace. Innovation and access to key information has got to be a priority to keep up with online providers and other competitors.
Many core banking systems come with an embedded BI platform, and if you are with one of the leading software providers you likely have Cognos Analytics. This cutting edge, AI infused platform has been running leading companies in every industry for years. Chances are though, you are only leveraging the tip of the iceberg of the analytic power you have in the palm of your hands.
Does the following example sound familiar?
A mid-sized community bank has been leveraging the core application as their main enterprise system. The embedded analytics tool has great reporting for customer deposits, loan management, etc. But there is data that is critical to this bank that is just beyond their reach, because the data is not contained in the core application. This bank leverages another system to track collateral for larger business loans, in many cases the collateral may include things like livestock health reports and other elements that are not everyday data attributes in the core system. To adequately service the loan process, data from the collateral system and the loan data in the core need to be merged. The problem? There is a license rule that says the Cognos Analytics tool with the core system can only be used on data contained within it. The bank’s analysts are stuck in the 7th circle of Excel Hell trying to relate and merge the data from the two systems. As a result, home grown processes spring up, there are additional platforms to manage, and skill sets begin to dilute. It takes days to get an answer, and often the opportunity has already passed.
LPA has experience assisting organizations like this with two game changing solutions for Financial Services.
A great option is to implement a non-restricted Cognos instance that coexists with the core system instance. This provides numerous benefits:
- Report Authors and Consumers do not need learn two different tools
- Report components can be shared freely between instances with ease
- The latest version of Cognos Analytics has made both ad-hoc reporting from multiple sources (cloud, database, and even spreadsheet) a simple, straightforward task
If you are looking to wrangle all your data into a cutting-edge data warehouse architecture and design for flexible persistence and reporting, LPA has skilled consultants with financial sector experience that can help. Benefits of centralizing your data into a vendor-neutral standard data model include:
- The ability to truly have a single source of truth
- Application of data quality and cleansing rules to improve your output at the source
- Information governance, including standardized definitions and clear data lineage.
Not only does this make accessing information and creating reports a much simpler effort, it also positions the organization to take the next steps into predictive analytics and AI. There is no need to feel tied down to a single solution. LPA can help you leverage your existing systems and knowledge in a way that improves your organizations information landscape.