Gartner defines business intelligence (BI) as
an umbrella term that spans the people, processes and applications/tools to
organize information, enable access to it and analyze it to improve decisions
and manage performance. Today’s banking world is changing; it is changing as customer
is changing dynamically. For years banks have relied on internal insight they have
on their customer to manage risk fraud and also decide on product development,
marketing strategy and customer communication. Banking has also changed from personalized to
virtual banking where customers are more relying on various online channels
like ATM, Internet etc rather than visiting tellers or relationship managers. However
the availability of vast pool of structured and unstructured “BIG DATA” allows for real time analysis
and decision making that can help save money and also increase revenue.
“There
were 5 exabytes of information created by the entire world between the dawn of
civilization and 2003. Now that same amount is created every two days.”
– Eric Schmidt, CEO/Google
– Eric Schmidt, CEO/Google
With majority of the Tier 1 and Tier 2 Banks have fully
implemented IT system there is vast pool
of customer and transactional data is available in the central system for analysis.
BIG Data has become a new buzz word for most of the Banking Product Companies
who are seeing depleting revenues in CBS sales. There is lot of white papers
available on the web with reference to new products, tool for BI and DW with
new jargon for Big Data. There are also lots of white paper for comparative analysis
of Open Source and Proprietary system sponsored by Big Players with emphasis on
why not use Open Source. Open source solutions has always been an earning opportunity
to the big proprietary players and failure to large bank that have tried
implementing open source solutions themselves, but have always used product
built by proprietary player using open source. Lack of proper documentation and highly
technical implementation meant only for the Geeks are one of the major reasons
for not acceptance of open source solutions.
BI open source components available are
1.
Reporting : Use of open report systems like
Jasper, BIRT etc
2.
MULTIDIMENSIONAL ANALYSIS (OLAP): Use of Jpivot/Mondrian, JPalo/Mondrian, JPXMLA to
provide multi dimensional cube and cube charts These tool allows the
multidimensional analysis through flexible and user-friendly OLAP engines.
Users can monitor the data on different detail levels and from different
perspectives, through drill-down, drill-across, slice-and-dice, drill-through
processes.
Charts : JFreeChart allows to develop single ready-to-use
graphical widgets (such as histograms, pie graphs, bar graphs, area graphs,
scatter diagrams, line graphs, bubble graphs, dispersion graphs) and
interactive ones (temporal sliders, add/delete series), to be used separately,
by choosing the properties to be included into the reports for a richer data
view.
Data Mining and ETL : Tools like WEKA, QBE engine and Talend allows advanced data analysis, thanks to Data
Mining processes aiming to find out hidden information patterns among a great
amount of data.
Combining these tools together Banks can built dashboards,
interactive cockpits, KPI, Adhoc
Reporting
There are many open source BI framework solution available
Open source free products
·
SpagoBI
·
R
·
KNIME
·
TACTIC
·
Jaspersoft: Reporting,
Dashboards, Data Analysis, and Data Integration
·
Palo (OLAP
database): OLAP Server, Worksheet Server and ETL Server
·
Pentaho: Reporting, analysis, dashboard, data
mining and workflow capabilities
·
TACTIC: Reporting, analysis, dashboard, data
mining and integration, workflow capabilities
Proprietary free products
Proprietary free products
·
InetSoft
·
QlikTech
·
QlikView
And Large range of Proprietary products
·
ApeSoft
·
Birst
·
BOARD
·
ComArch
·
Grapheur, implementing the reactive
business intelligence (RBI)
approach[2]
·
IDV Solutions Visual Fusion
·
InetSoft
·
InfoZoom
·
Izenda
·
Jackbe
·
JReport (from
Jinfonet Software)
·
LogiXML
·
myDIALS
·
Oracle
·
Pentaho
·
PRELYTIS
·
QlikView
·
SAS
·
Teradata
·
XLCubed
·
Zoho Reports (as part of the Zoho Office Suite
SpagoBI
is the only entirely Open Source Business Intelligence suite. It covers all the
analytical areas of Business Intelligence projects, with innovative themes and
engines. SpagoBI offers a wide range of analytical tools, as follows.
SpagoBI
analytical engines full list, by Module and Analytical Area.
REPORTING
4 engines: JasperReport, BIRT, Accessible report, BO
SpagoBI allows to realize structured reports, using structured information views (e.g. lists, tables, crosstabs, reports) and to export them using several formats (HTML, PDF, XLS, XML, TXT, CSV, RTF). |
MULTIDIMENSIONALANALYSIS(OLAP)
3 engines: Jpivot/Mondrian, JPalo/Mondrian, JPXMLA SpagoBI allows the multidimensional analysis through flexible and user-friendly OLAP engines. Users can monitor the data on different detail levels and from different perspectives, through drill-down, drill-across, slice-and-dice, drill-through processes. |
CHARTS
3 engines: JFreeChart, HChart, ExtChart SpagoBI offers a specific graphics engine, based on JFreeChart, which allows to develop single ready-to-use graphical widgets (such as histograms, pie graphs, bar graphs, area graphs, scatter diagrams, line graphs, bubble graphs, dispersion graphs) and interactive ones (temporal sliders, add/delete series), to be used separately, by choosing the properties to be included into the reports for a richer data view. |
KPI
1 engine: KPI SpagoBI offers all the necessary tools to create, manage, view and browse KPI hierarchical models, through different methods, calculation rules, thresholds and alarm rules. |
2 engines: composed document, in-memory (1) SpagoBI allows users to aggregate several documents into a single view and to interact with them in an dynamic and intuitive way. |
AD-HOC REPORTING
1 engine: Worksheet SpagoBI allows end-users to freely create their own multi-sheet reports, including simple tables, cross-tables and different chart types in the document layout. |
LOCATION INTELLIGENCE
2 engines: GEO, GIS SpagoBI offers two geographical engines allowing to set run-time connections between geographical data and business data stored in the data warehouse:
·
a GEO engine, which uses a static catalogue in order to
display data, allowing users to dynamically re-aggregate the information,
according to geographical hierarchies (ex. nation, country, city). This
engine can also be used out of the geographical "context" in the
strict sense of the word: the indicators distribution can be displayed
through any graphical structure (ex. process flow charts, topological schemes
of hardware infrastructures)
·
a GIS engine, which interacts with real spatial systems,
according to the WFS/WMS scheme.
|
FREE INQUIRY (Driven Data Selection)
2 engines: QbE, Smart Filter SpagoBI offers a QbE (Query by Example) engine, which is suitable for those cases in which the free inquiry of data and the extraction of data are more important than their graphical structure and structural layout. Users can build queries through an entirely graphical and web-based interface. They can also execute queries, check the results, export them, save them for future use and generate reporting templates. |
DATA MINING
2 engines: Weka, R (1) SpagoBI allows advanced data analysis, thanks to Data Mining processes aiming to find out hidden information patterns among a great amount of data. |
REAL TIME DASHBOARDS AND CONSOLE
2 engines: Dash, Console SpagoBI offers a specific engine allowing to produce real-time monitoring consoles, to be used in Business, applicative or BAM processes. |
COLLABORATION
1 engine: Analytical Dossier SpagoBI offers a specific engine allowing to automatically create organized report dossiers, enriched with the attending notes and information, posted by users to comment data. A collaborative workflow manages the dossier components to be sent to users in order to receive their notes. |
OFFICE AUTOMATION
1 engine: Office SpagoBI offers a specific engine for the publication of personal documents in BI environments, realized through common Office tools (Open Office or MS Office). |
ETL
1 engine: Talend SpagoBI allows to load data into the data warehouse and manage it. SpagoBI ETL engine integrates the open source product TOS (Talend Open Studio). |
MOBILE
4 engines: Table, Chart, Cockpit, KPI (1) SpagoBI offers specialized components based on the common touch-screen interaction paradigm, to efficiently combine BI with mobility. |
EXTERNAL PROCESSES
1 engine: CommonJ SpagoBI offers a component that allows to manage customized processes, running in the background and/or starting at a scheduled time. |
MASTER DATA MANAGEMENT
1 engine: Registry (QbE) SpagoBI offers a component that allows users to take advantage of write-back functionalities on the database. It allows them to modify the table data through a highly intuitive user interface, whose behavior can be set by means of simple configuration parameters, using pre-defined models available within the platform. |
