Doing everything online is a trend we all follow. In fact, the banking industry has been leading the trend since 1998 when the ICIC bank first introduced internet banking in the country. Today, in a bid to serve customers better, banks across the world have made themselves accessible online through websites as well as mobile apps. The challenge now lies in managing the entire customer data collected from various sources. And this is where IT professionals with Microsoft Certification and Power BI Learning can act as game changers.
Why Is Power BI Learning Important?
As we all know, data and technology are keys to your banking institution’s growth. This data helps the bank understand its customer’s needs and develop services that meet these needs. There is no dearth of data available. Customers interact with the bank and share this data through in-person meetings with bank officials, through interactions on the bank’s app and website and conversations with customer care executives.
Power BI is the ideal Business Intelligence tool to consolidate data from all the different sources, make connections between it and visualize the data to gain deeper insights. Here are 5 ways it can be help your bank improve its customer service.
- Visualize Data For Easier Understanding
Understanding and interpreting KPIs in the right way is pivotal to success and Power BI can be used to measure multiple KPIs across the company. It can be used at all centers to track service levels, call volumes, call times and customer demographics. When it comes to data from mobile and internet banking, it creates reports on the types of transactions most commonly conducted, volumes, etc.
This information can be difficult to understand if it were only in the form of tables across excel sheets. But, Power BI presents this data in visual forms that are easy to see, understand and share.
- Simplify Collaboration
Team work is essential to successes and the same goes true for banks too. For a bank to grow, employees must be able to collaborate on projects and share information. Today, employees with Power BI Certification Training can enter data with Power Apps and store it in a SQL Database or Common Data Service. This data is loaded into Power BI through dataflows to derive insights that can be shared with users and teams through dashboards and Power BI reports.
To ensure that the information is accessed by the relevant employees, banks can also implement a notification and reminder process through Power Automate. For example, a team member may be notified when the information they shared has been seen or when a project summary is required. Thus, everyone stays in sync.
- Plan Workloads And Staffing
Human resource is the backbone of every organization when managed in the right way. It is a challenge for the banking sector as they must manage human resources not only across different branches but also across their backend customer service team who service customers through telebanking and internet banking. That said, simply having a full staff 24×7 may not be cost-effective for the bank.
With Power BI, banks can accurately assess customer volume across different mediums at different times of the day and identify peak activity times. They can then use this information to plan their staff shifts and workloads. This system ensures that customers remain satisfied and the bank’s operating costs are optimized.
- Track And Improve Customer Service
In an age where you are competing not only with other banks but also with payment providers and online virtual banks, customer service is one of the key differentiators to build loyalty. This is another area where Power BI learning for employees can be beneficial. Power BI helps banks track customer complaints across different mediums. The dashboard can provide key metrics such as the different departments involved, where the complaint came from, how long it took to be resolved, etc. You can then use these insights and analysis to improve your services.
- Forecast Future Demand
Simply tracking existing data and understanding how projects are being handled is not enough for your bank to grow. You must be able to make predictions on future demand and prepare for the same. This is where Power BI’s Machine Learning Capabilities come in.
Analysts can create Machine Learning models within Power BI that use historical and real-time dataflows to predict and forecast demand. Once the model is trained, it can be invoked on all new and updated data to generate reports. In turn, this gives your bank the ability to make data-driven decisions for its future.
How To Get The Right Power BI Certification Training
Power BI can be the difference between banks that find their way into the future and those that do not. By simplifying the process of data collection, analysis and visualization, it reduces dependency on ‘gut feeling’ and allows you to make decisions based on historical and real-time data as well as projected demand.
The platform is fairly easy to integrate into your existing setup and use but with training and Microsoft Certification, your employees can maximize its potential. The certification course does not take more than a few days so what are you waiting for? It’s time to take your bank’s services to the next level.