The financial crisis of 2007–2011 is driving widespread changes in the U.S regulatory system. Dodd-Frank Act addresses “too big to fail” problem by tightening capital requirements and supervision of large financial firms and hedge funds. It also creates an “orderly liquidation authority” so the government can wind down a failing institution without market chaos.
Financial institutions will be spending billions to strengthen, streamline and automate their recordkeeping, risk management KPIs and dashboard systems. The implications on Data Retention and Archiving, Disaster Recovery and Continuity Planning have been well covered. But leveraging Business Analytics to proactively and reactively manage/monitor risk and compliance is an emerging frontier.
We believe that Business Analytics and real-time data management are poised to play a huge role in regulating the next generation of risk and compliance management in Financial Services industry (FSI). in this posting, we are going to examine the strategic and structural challenges, the dashboards and KPIs of interest that provide feedback, and what an effective execution roadmap needs to be for every organization.
Who doesn’t want to achieve faster “time-to-information” and shorter “time-to-decision” for executives and managers with mobile BI? Who doesn’t want to disseminate insights or KPIs to front-line employees, such as field sales representatives, line of business managers, and field service employees?
The question is not whether Mobile BI is a good idea but how to execute this program in a low-cost way? How to design and deploy eye-popping “wow” apps? How to support, maintain and enhance these apps which are constantly changing? What technology and infrastructure to put in for a national or global deployment? Who is going to fund all this plumbing – corporate, LoB or IT?
Business Analytics solutions for “always-on” 3/4G enabled mobile devices – iPads, iPhones, tablets, smart phones – are becoming prevalent as the form factor becomes appropriate for BI. We are increasingly seeing firms build state-of-the-art dashboard solutions for iPads. The “post-desktop” apps provide senior management with intuitive interactive access to the company’s most important business KPIs and dealing with data overload.
Tablets, 4G Wireless and next gen displays (+gesture based, verbal interfaces) have enabled new productivity improvements and better ways to consume information, perform ad-hoc querying and scenario planning. Dashboard, heatmaps and scorecards on the iPad, iPhones and Androids are intuitive, attractive, powerful, available at any time and any place: a perfect mix for top managers, sales teams and even customers.
BI (and Information Management) is a natural fit for mobile devices. Managers, blue and white workers spend a majority of their time away from their desks. Most are traveling, walking about or driving from site to site. And it’s these mobile workers who need the most up-to-date information. They need mobile BI to retrieve data to make on-the-spot decisions, monitor operational processes and review KPI, and work-in-process dashboards.