In the late 1960s, the automated teller machine – a.k.a. the ATM – was introduced to the financial industry. During the adoption phase, banks realized their importance, but some were hesitant about buying ATMs, citing fears that they would negatively impact their business. Today, none of us would think twice about the impact those machines had on banking.
Now, in the age of information, there seems to be a number of financial services agencies – especially community banks – again resisting the adoption of new technologies—especially those technologies related to data mining and management. With so much data pouring in daily, many banks struggle to keep up with the analysis and snap-second decision-making required for success in the financial services space.
Dashboards provide a simple, visual solution to banks looking to efficiently embrace the latest and greatest technology, and use it to the extent of its ability. The benefits of dashboards in banking can be applied to just about any firm – big or small – to help them understand and make critical business decisions with their data.
Here are some of the ways dashboards can help your bank:
Simplicity
Unlike spreadsheets, which require time and manpower to adjust the terabytes of data that come in each day, dashboards provide a simple user interface in which the data is visualized and automatically updated.
With dashboards, you can feel confident knowing your data is correct, and infer insightful analysis that will help you understand what to do with that data.
Efficiency
With dashboards, you don’t need to invest heavily in IT support to make them work. The data may be complicated, but data visualization tools are easy to use and can be implemented in just five days.
Opportunity
Imagine providing a customized dashboard summarizing your firm’s current status for every audience: executives, stock analysts, employees, regulators and even customers.
Dashboards not only help maximize operational efficiencies, but they also help spot cost-saving opportunities which never would have seen before. Data visualization also helps track trends throughout the organization, so you can make changes and alterations that eliminate problems before they even present themselves.
Dashboards have long been developed specifically for CEOs and CFOs. But now, managers at all levels are calling for individualized dashboards to help complete day-to-day tasks.
Thanks to our patented, easy-to-use interface, any business user can quickly create customized dashboards in just hours, providing time-critical information that can make an immediate difference. Try iDashboards today, and see the immediate difference it can make in your financial organization.
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