There are many considerations when it comes to the development and operation of a business intelligence (BI) program, especially when it is specific to certain sectors of the financial industry like wealth management. Nonetheless, there are several fundamental beliefs wealth management firms should embrace as they pursue their BI efforts:
- BI is a powerful tool that enables operational efficiency, regulatory compliance, and better management decisions.
- A BI program can be comprehensive (covering the whole firm) or tactical (addressing a specific business need).
- The quality of BI is directly dependent on the quality of source data.
- A data quality program that continually monitors and improves the completeness and accuracy of the source data is a foundational step.
- The assignment of data stewards who are empowered and incentivized to take ownership of enterprise data can help BI programs succeed.
- It is critical to engage a consulting partner that understands both BI technologies and the challenges that wealth management firms face.
In our newest financial services guide, we discuss many aspects of BI, particularly in wealth management:
- Benefits of BI
- Challenges of BI user adoption
- Characteristics of an ideal BI candidate
- Getting started with BI
- Client success story
To learn more, download the guide here.