What does 'business intelligence' refer to in banking?

'Business intelligence' in banking primarily refers to the technologies and tools that enable the analysis of business data to support decision-making processes. This involves collecting, processing, and analyzing vast amounts of data to turn it into actionable insights. In the context of banking, this could include assessing customer behavior, improving operational efficiency, and identifying market trends, which ultimately helps banks make informed strategic decisions.

The focus on technologies emphasizes the role of data analytics, reporting tools, and visualization software that help banks interpret complex datasets, track key performance indicators, and forecast future trends. By implementing robust business intelligence systems, banks can enhance their competitive advantage and better serve their customers.

In contrast, while strategies to improve customer service and insights gained from customer feedback are important, they are components of the broader framework of business intelligence rather than its definition. Additionally, auditing financial transactions is a separate function associated with compliance and accuracy in financial reporting, which also falls outside the typical scope of business intelligence.