Financial sector needs more intelligence, says Business Objects

Business Objects is expecting to see increased demand for business intelligence solutions from the financial sector, as companies look to meet regulatory requirements and maximize the return from their core banking data.

Andy Hirst, senior director of financial services industry marketing at Business Objects said that while many companies in the region are still at the stage of consolidating their data, the market leaders are beginning to understand the potential for improving their business reporting and analysis, particularly with regard to meeting international regulatory standards.

"The Middle East is a little bit behind, but compliance is something that organizations have to do if they want to sell into global markets. Business Objects solutions are very good at helping banks to become compliant, The reports that Business Objects provides are a great tool for assessing their credit risk and operational risk, and for enhancing productivity," Hirst said.

Most banks begin with using business intelligence to analyse core banking processes, compliance and customer relations, Hirst said, while insurance companies monitor claims management and sales processes.

In developed financial markets, business intelligence solutions are typically available to at least 50% of all employees in financial organizations, but in the Middle East, this figure is closer to 5%, according to Hirst, although he said that financial institutions tend to be quick to embrace business intelligence once they make an initial deployment."Once organizations have put their toe in the water, business intelligence tends to spread naturally through the organization from department to department. Lots of banks and insurers come back to us once they have deployed solutions to ask how they can extend the applications to other areas of their business," Hirst said.