What Fintech Operators Should Check When Buying a Business Intelligence Software?

Decision-making becomes better and easier when you use your data intelligently. A typical Business Intelligence (BI) reporting tool can do this job but most such programs require trained staff. They are not easy to understand and use, causing delays in implementing projects. It means information within your organization has many layers and moves slowly. Decision-makers are unable to access the required data quickly even after BI tools have undergone lots of improvements in recent years. Use the following guide to select the right BI embedded analytics program.

Why use a BI embedded analytics program?

This tool helps you improve your fintech product. You can create visualisations and dashboards without knowing and writing any code. You will get best results out of your data. You can check your data source in real-time. The BI analytics tool helps fintech operators improve their risk management and fraud detection.

The Cost of Business Intelligence Software

Determine your budget for this software based on how much value it will add to your business. See if it can be scaled up or down based on your specific needs. You should be able to integrate it with your applications, workflows and webpages. The pricing must be transparent without any hidden cost.

Safety and Security

These aspects are very important when you are handling data of others in a commercial setup. Choose a provider that offers safe backend capable of keeping the data of your clients secure.

Easy to Use and Self-Serve BI Software

The program should be easy to use and implement. It should not require you to undergo several weeks of training or technical knowledge. An easy-to-use software lets you prepare visualisations, reports, charts and prediction models quickly without assistance from technical experts.

Embedding a BI Tool into Your Own Software Stack

This is great for boosting your brand value. The embedded analytics tool should be customizable so you can embed it inside your own software. Look for a white label BI tool that lets you do this.

Easy to Integrate the BI Product in Your Platform

Look for a BI solution that can be embedded into your platform easily.

Customer Service

Even if the software is easy to understand and use, you may still require some technical support. Check the customer service record of the BI software tool vendor. Such reviews can be found online easily but be careful when reading these reviews as most of them come from the users not satisfied with the product.

Business intelligence embedded analytics programs offer lots of benefits provided you select the right tool. You will get maximum value out of your data and it will improve your revenue in the long term.

The article was authored by Bahaa Abdul Hussein and has been published by the editorial board of the Fintekdiary. For more information please visit www.fintekdiary.com.

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