For all the diversity and natural wonder our world presents, it’s primarily powered by financials at the end of the day. For the institutions whose successes hinge on the state of financial markets, it’s essential to stay abreast of all day-to-day changes.
While data has always served a critical role in how financial institutions evaluate performance, a new breed of financial analytics tools allows for ad-hoc querying to assess risk and make better decisions.
Let’s examine how ad-hoc insights are streamlining financial analytics for companies ranging from commercial banks and insurance companies to stock brokerages and asset-management firms.
Example #1: Commercial Bank Manager
A commercial bank manager wants to gauge the health of the bank’s business loans and weigh it against forecasted economic turmoil.
Using ThoughtSpot, they could search for “all overdue business loans” for a high-level picture. They could also get more granular with queries like “overdue loans by business type” or “overdue loans by business type by days overdue.” Since ThoughtSpot generates instant insights (and through detailed visualizations) for each query, the bank manager has everything they need to know.
Example #2: Insurance Underwriter
Insurance underwriters are responsible for writing fair, but risk-averse insurance policies. These roles have always had access to date; it’d be impossible to write an accurate policy without it. However, a search-driven analytics platform speeds up the underwriting process drastically.
If an auto insurance underwriter wanted to know how to analyze roadside assistance and its financial impact on the firm, they could search something like, “average roadside assistances used per insuree 2017.” They could then add to their search by typing, “average roadside assistances used per insuree 2017 by insurance type” to understand which types of auto coverages (e.g., RV, auto, motorcycle) are more likely to use roadside assistance.
Example #3: Brokerage Stock Trader
The stock market is still one of the safer and better-performing ways to invest money, at least on a long-term level. But the ebbs and flows make it difficult for even experts to keep pace.
ThoughtSpot incorporates all of a brokerage’s data sources to give traders instant information on everything they need to know about the stock market. For example, a broker analyzing a significant trade for the firm could search things like, “firm assets by type” to get a quick overview of the firm’s holdings. To gauge the volatility of the stock, they could type, “stock symbol volatility lifespan.” Or “stock symbol volatility vs. existing assets” to weigh the amount of risk added to the firm.
Of course, these examples merely scratch the surface of ThoughtSpot’s capabilities. For financial institutions that need instant knowledge, an AI-driven, ad-hoc data analytics search platform saves time and improves business outcomes.
Get a firsthand glimpse into how ThoughtSpot’s financial analytics tool works. Watch our finance demo today.Watch demo