How Banks and Finance Departments Can Benefit from Real-Time Data

How Banks and Finance Departments Can Benefit from Real-Time Data

In the age of instant gratification, people have come to expect real-time results, including when they’re managing their finances. Gone are the days when people were content to wait a month or more to see updated account balances; now, they want to know their bank balance at any given moment. The same is true for businesses. To make sound financial decisions, treasurers and finance departments need access to real-time data. Here’s a closer look at the role of real-time dashboards, custom reporting, and data integration within existing workflows.

Real-Time Dashboards

Real-time dashboards give users quick and easy access to the most up-to-date data possible. This is accomplished by automatically refreshing the data at regular intervals—usually every few seconds or minutes—so that users always have the latest information at their fingertips. Real-time dashboards can be customised to display only the most relevant data to the user, making them an efficient way to get an overview of a particular situation.

Custom Reporting

Custom reporting goes hand-in-hand with real-time dashboards; together, they provide users with a complete picture of what’s happening in their world. These reports are designed to meet the user’s specific needs, which means they can be as simple or complex as necessary. For example, a company working with international users may utilise a custom report to track money spent per region in the last month. The finance department can identify areas where balances can be leveraged more efficiently or where some business units need more buffer to pay their suppliers within the contracted time limits. Or it might also track regular unpaid invoices over time so that the finance department can predict new models of yearly repayment rather than apply systematic monthly regular payments over 12 months.

Data Integration

For banks and Treasury departments to use real-time data of their Corporate or Retail users, it must be integrated into existing workflows. Data integration ensures that data flows smoothly between different applications and systems—such as accounting software, customer relationship management (CRM) software, and enterprise resource planning (ERP) software—so that users always have access to the most up-to-date information possible. Data integration can be accomplished using various methods, such as application programming interfaces (APIs), extract-transform-load (ETL) tools, or web services.

Our Solutions

Banks and Treasury departments need quick and easy access to accurate data to make sound decisions. Real-time dashboards, custom reporting, and data integration are all critical components of achieving this goal. By utilising these tools, bankers and treasurers can stay ahead of the curve and make informed decisions that will help them grow and prosper.

Fennech’s and its F³ Platform can integrate and automate all of this for you. F³ is versatile; you only need to define the Settlement Rules and embed them into the platform. The rest runs by itself, thanks to Machine Learning and AI developments. Whether you serve Retail or Corporate Users, the protocol works the same way and provides a comprehensive understanding of your client’s working behaviour.

For more information on how your organisation can benefit from real-time data, get in touch with a member of the Fennech Financial team.

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