For a financial institution dealing with a lot of data – managing, processing, and analyzing it requires efficient & dependable data management services. And to optimize operations, data warehousing can be extremely helpful. It is transforming analytics for the vertical by centralizing data from multiple disparate sources & managing it for productive utilization.
This post will discuss the need for a data warehouse in finance, notable use cases and its benefits.
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A data warehouse is a data storage system that manages financial operations smoothly while tracking crucial data points over time and analyzing them. Today, financial services institutions need to provide customized & customer-centric services to compete with their peers. And, for that, you must have access to historical & current customer data. The right analytics supported by data warehousing can help them create a segmented customer base to channel efforts. This has increased the demand for data analytics & business intelligence (BI) to improve operations & make better financial decisions. A financial data warehouse can help you look for seasonal trends and how they affect your clients’ portfolios. Even investment decisions can be made with a combination of information from the client database and historical data from the data warehouse.
A data warehouse for the Banking, Financial Services & Insurance (BFSI) vertical can help: