Management Information Systems are Being Transformed for Timely, Simplified Access to Comprehensive Data and Insights
As the strategic outlook for Banking evolves, the role of managers extends beyond the roles of traditional management. To participate in strategizing for business, managers at every level need comprehensive data at their fingertips.
However, getting the right data, in the right format, and at the right time is not an easy task. Management Information Systems (MIS), once used majorly for revenue and expense reporting, leaves other teams data-starved today.
Now, fueled by simplified solutions for modernization, new age MIS solutions are transforming the way banks approach data analytics. Mainly, deployment of these systems aid in democratization of data by using data lakes and AI/ML-automation, making data accessible to key stakeholders in the form of detailed reports.
'Democratization' increases the scope of data usage with automated reports for C-Suites, and offers access as and when the need arises.
Building Data-first MIS Systems Requires Strategic System Integration
As the banking sector is digitizing , laying the groundwork for futuristic capabilities is pivotal. Comprehensive feedback from current operations, at every level, helps develop time-critical business strategies. Here, system data from cross-functional teams plays a key role.
Even now, integrated systems are missing from the Legacy System Architecture which is still powering data processes of major Financial Entities.
Legacy systems, today, can majorly be transformed with cloud-based solutions. Banks can now deploy systems quicker, increase scalability, and magnify analytical capabilities cost efficiently. Moreover, where replacing existing systems attract unneeded costs, cloud-based solutions help map system upgradations/integrations to immediate business objectives.
In improving data sourcing and accessibility, new age MIS Systems rightly promote –
Quick Access: Single Data Depository, Data Lake, or Data Mart
Today, implementing a data lake is like renting a storage locker; stuff gradually builds up, and businesses may end up paying for storing unnecessary data. And, yet avoiding it isn’t an option because of the insurmountable uses of data integration.
To optimize data-usage, banks need to create data management strategies and consider data-specific use cases beforehand. Current-day MIS systems excel at utilizing the availability of large quantities of coherent data along with deep learning algorithms to recognize items of interest.
Ultimately, the goal for a single data depository is faster-than-ever data access and real-time decision analytics.
Regulatory Reports Sourced from Comprehensive Company Insights
Since, reporting automation solutions for Automated Data Flow (ADF) already regulate data quality and consistency, coupling the same data for the creation of MIS reports is a new-generation industry practice.
Internal reporting requires 'dynamic visualization' to understand liquidity, profitability, credit risk, and fair value. Moreover, large exposures, solvency, and leverage are factors that need to be closely monitored.
To offer dynamism, modern Banking MIS solutions allow data to be showcased in a number of graphical representations, and allow for these to be easily shared via phones, increasing accessibility of reports. All this while delivering quality insights for regulatory reporting too.
Simplification of Data Sharing and Collaboration for Reports
Along with automating Data Flow to regulators, data needs to be transformed into insights for extensive reports such as Ind AS and IGAAP. Multiple teams collaborate for these reports, which is only possible after sharing data extensively across teams.
Modern MIS solutions allow managers/supervisors to control data quality of submitted regulatory returns, collect key insights quickly, and explain concerns to stakeholders with detailed reports.
Features for MIS solutions helps tackle the sheer complexity of a number of modern-day strategic reports –
Visual Insights as well as balance sheets for complex topics
Multiple data quality checks at every stage of processing
Easy addition of new data quality checks for different reporting
User Acceptance Testing (UAT) of regulatory reporting production
D2K Technologies' Management Information Systems Solution offers banks wholistic system integration for comprehensive reports. The system's data and insights serve multiple purposes including Automated Data Flow (ADF) for Regulatory Reporting.