In a banking business environment characterized by a battle for the customer, where the need to grow in volume has given way to selective growth strategies (rather than messages about a slowing of new business), an undeniable competitive advantage is provided by robust, reliable and useful systems for measuring customer profitability or value, both current and potential, in connection with budgeting and pricing methodologies. This is due both to their capacity to identify where to generate value and to the capacity to direct the actions of branches and sales staff, identifying the real profitability of each customer in order to focus on those making the greatest contribution to the margin while at the same time that working on the profitability of those who at present contribute less.
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European Scientific Journal
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In this digital age organizations depend upon the technologies to provide customer-centric solutions by understanding well about their customers' behaviour and continuously improving business process of the organization. Business intelligence (BI) applications will play a vital role at this stage by discovering the knowledge hidden in internal as well as external sources. On the other hand, Knowledge Management (KM) will enhance the organisations performance by providing collaborative tools to learn, create and share the knowledge among the employees. The main intention of the BI is to enhance the employees' knowledge with information that allows them to make decisions to achieve its organisational strategies. However only twenty percent of data exist in structured form, majority of banks knowledge is in unstructured or minds of its employees. Organizations are needed to integrate KM with Knowledge which is discovered from data and information. The purpose of this paper is to discuss the need of business insiders in the process of knowledge discovery and distribution, to make BI more relevant to business of the bank. We have also discussed about the BI/KM applications in banking industry and provided a framework to integrate BI and KM in banking industry.
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… Technology Interfaces, 2007. …
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