Changing business landscapes and stiff competition has made Mortgage banks embrace technology to leverage the large database of client information which ranges from demographic data to migratory patterns. Business Intelligence tools are the latest addition to the arsenal of technological tools to augment decision making process for mortgage banks.
Importance of Business Intelligence tools
Measuring KPIs: Business Intelligence Tools delve deep into the past data to come up with accurate review of Key performance Indicators (KPI) which are ratios that indicate the health of the Mortgage Bank. These KPIs include Seller Risk Administration, Pre-Purchase Quality Control, Mortgage Pull through rate and many other factors.
Benchmarking: Business Intelligence Tools gives an accurate indication of where the mortgage bank stands by comparing with the standard industry benchmarks.
Better reporting: One of the most important applications of Business Intelligence Tools is create standard reports as and when required. These reports go a long way in helping mortgage banks to prepare better strategies for the future aimed at increasing revenue, reducing costs and bringing more stability.
Data Mining: Discovering the common patterns and trends help the mortgage banks to develop new investment strategies and reduce risks.
Top Business Intelligence Tools in 2018
Mortgage banks have at their dispersal many BI tools to choose from. Though most of these tools have all the essential functions of a BI tool, it is those additional features that distinguish them from each other.
Motivity is a Business Intelligence Tool designed exclusively for mortgage banks and has helped the mortgage banks to enhance overall reporting capabilities. Motivity delivers real time, powerful analytics enabling mortgage banks to proactively monitor, manage, and automate manual processes across their enterprise.
Power BI dashboards provide a 360-degree view for business users with their most important metrics in one place, updated in real time, and available on all of their devices. With one click, users can explore the data behind their dashboard using intuitive tools that make finding answers easy. In the near future of mobile centric business world, Power BI is predicted to overthrow all other competitors off the edge.
Tableau is one of the main market leaders which have dominated BI reporting tools industry for a long time. The main feature of Tableau is the large data sets they support. Tableau has the ability to process real time data. Its features also include a rich dashboard user interface and a good set of tools for data visualization.
What make Qlik View to stand apart from other BI tools are its additional features of associative User Interface and In-memory data processing technology.
Roosboard is a search driven analytics platform that makes decision makers to analyze with self and make better decisions faster. This self-service analytics combines the power of search engines with intuitive visuals and creation of dashboards. Its standalone feature is its ease of use for even a non technical person.
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