Relization Of Importance Of Operation Analytics In Financial Sector

Banking sector has evolved a lot with time across the world

. With baking sector evolvement the importance of operational efficiency has increased tremendously. Today, in this world of extreme competition where customers have more than one options banks cant sustain with low operational efficiency. Banks needs to streamline their operational to 100% efficiency as slight delay can lead to great customer distress and thus leading to attrition. Operational efficiency greatly help in improving customer satisfaction, cost optimization and production efficiency.

With the tremendous requirement of improvement in operational efficiency, Operational Analytics has grown a lot. Today, banks have realized that they cant sustain without focusing on operational analytics. Operations analytics mainly follows continuous tracking of process, finding pain points in the process and continuous improvement in the process.

Moreover, tracking of each and every service like service rejections, other rejections, department productivity is like life and blood of financial sector. Operations analytics has played a great role in automated tracking of all the process. SAS and other statistical tools helps a lot in creation of automateddaily, monthly and other time period tracking and exception reports. The automated tracking help a lot to senior management by pin pointing the loopholes and pain points for customers and as well as banks. Daily senior management comes in the morning and able to have a 360 degree view of the respective process and thus able to take business decisions accordingly to improve the process. As in the role of senior management multiple roles needs to be handled by them. Thus, SAS automated reports helps them a lot by providing direct actionable.

For illustration, suppose a customer has raised a request for debit card and the same has been delayed a lot. So continuous tracking will help in identifying the aging of the requests. This will help us to take action as we will be able to identify aging of the requests.As in Operational analytics we track each and every segment of service, tremendously helps in improving customer satisfaction thus profitability of bank.

As data size for a bank is huge, analytics helps a lot in handling the data and taking out meaningful information. Operational analytics helps in dissection of data to generate fruitful insights and helps in improving operations. Today each and every bank is focusing in operations as importance of customer satisfaction has growna lot with competition in this sector. Today SAS, SPSS and other tools has grown a lot to automate and send scheduled reports at various levels. They are able to generate exception reports which gives direct actionable.

Analytics helps to drill down to each and every part of the service from broader level to the most granular level.Vendor Management system is most important part of Operational Analytics. It helps in analysing the performance of vendors, which helps in penalizing them for service issues. This continuous tracking further helps in identifying the bad performing vendors and taking serious actions on the same. It also includes analysing the employee productivity. Operational Analytics gives the first answer on WHAT IS HAPPENING.Once you get an answer on what is happening , then the senior management can take actions such as why it is happening and subsequently take steps to eradicate the problem.

Thus, banks today realize the importance and thus there is no financial entity which is not doing operations analytics as of now.

by: Business: Marketing and Advertising: Market Research

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