IIARD International Institute of Academic Research and Development

IIARD INTERNATIONAL JOURNAL OF BANKING AND FINANCE RESEARCH (IJBFR )

E-ISSN 2695-1886
P-ISSN 2672-4979
VOL. 10 NO. 7 2024
DOI: 10.56201/ijbfr.v10.no7.2024.pg31.47

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Application of Business Analytics Tools in Improving Banking Operations in London

Sholokwu, Boniface Monday

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Abstract

The integration of Business Analytics tools into banking operations has emerged as a pivotal strategy for financial institutions seeking to enhance efficiency, customer service, and overall performance. This study delves into the application of business analytics tools in improving banking operations within the dynamic financial landscape of London. As the banking sector increasingly relies on data-driven insights, this research investigates how these analytics technologies influence customer service, staff motivation, and cost management. Through an exploration of London's financial institutions, the study provides valuable insights into how business analytics influences operational processes, customer interactions, and strategic decision-making. Secondary data collection was used as the technique of data collection for this investigation and using data provided through review of financial institution reports and other studies. The chosen data analysis method for this study was a thematic analysis and spearman’s rank order correlation coefficient. The study revealed that: employing Business Analytics tools have significantly increased the banking operations in London through customer service delivery, protection of the customer's investments, staff productivity and motivation. It was recommended that banks should invest in Advanced analytics technology to improve customer service delivery, Quality assurance & data governance to protect client investments and data, Skill development and continuous staff training to improve productivity, Customer-centric analytics to improve customer service delivery, Collaboration and knowledge sharing to reduce bank spending.

keywords:

Business Analytics, Cost Management Customer Service, Financial Institutions

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