Defn. ~
(time sensitive definition: as at 2009)

Business Intelligence in Banking | BI for Banking -

The term Business Intelligence (BI) is used to describe computer-based techniques used in identifying, mining or digging out, and analysing key items of business data - such as sales revenue by product, within department, and linked to associated expenses and incomes. BI refers to the skills, processes, technologies, applications and practices used to support business decision making. BI applications include the activities of decision support systems, query and reporting, online analytical processing (OLAP), statistical analysis, forecasting, and data mining. BI software takes the volumes of data an organization collects and stores, and turns it into meaningful information to provide insight into the performance of the enterprise.

BI solutions are being designed and/or tailored to meet the needs of the finance industry, especially driven by, and in relation to, government-mandated oversight. Banking data analysis, and business intelligence in banking, includes and refers to the general functionality of business intelligence (BI) but is focused on the needs of the banking and financial services sector. With changes and increases in government regulations, complete timely and accurate information is a key component for any financial institution to fulfil its statutory and regulatory compliance requirements. Likewise, such information is critical for the industry's decision makers to make the best decisions and choose the best course of action to manage their business performance.