Synopsis: With new-age financial institutions gaining access to alternate sources of data and leveraging AI/ML models to dExeliver personalized financial services, the utility of accessing real-time banking insights for decision-making has never been more conspicuous. Below, we discuss the role played by data analytics in empowering your financial management. 

Over the years, traditional banks and financial institutions have been allocating significant capital to transforming their digital processes and deploying advanced analytics capabilities to provide seamless financial services to their customers, just like new-age fintechs. 

With their access to real-time data and technology growing, financial companies have managed to deliver actionable financial insights to their customers at an enviable scale and speed. Drawing on the insights gleaned from banking and bureau data analytics, they provide differentiated, contextualized customer journeys across the financial planning value chain. 

So, what are real-time banking insights, and how can they aid you in controlling your finances better? 

Understanding real-time banking insights 

Traditionally, when applying for a loan, one had to wait for several weeks, going up to a few months, before getting the final approval, if at all. But with financial institutions operating AI and ML-based models, month-long waits have become a thing of the past, with credit approvals becoming almost instantaneous thanks to the availability of real-time financial insights. 

So, “real-time banking insights” refer to the almost immediate accessibility and processing of data that has been provided to the bank. New age financial institutions rely on these insights to offer tailored services to their clients, such as easy loans, whereas customers benefit from the enhanced speed, better access, and smart financial tips that improve their financial planning. 

What are the benefits of real-time banking insights? 

The availability of instantaneous, actionable financial insights facilitates customers in improving their financial planning and management in multiple ways. 

1. Make decisions with ease at speed 

As new age financial institutions have simplified the onboarding procedures and deployed ML algorithms to process the data shared by customers, their clients can now avail of time-critical financial services with ease. For instance, you can be assured of quick loan approvals even with a thin credit file, provided you have furnished the requisite data that provides a holistic view of your financial position and repayment capacity. 

2. Simplify and consolidate your debt 

Access to actionable financial insights spurs customers who are grappling with multiple loans to consolidate them at the best terms. For example, some financial companies enable their customers to optimize their credit scores by providing insights about which loans or credit card bills to pay off first based on their expected future income and expenses. 

3. Improve your budgeting 

Based on your past transaction data and spending patterns, financial institutions often send out reminders about periodic payments, like a monthly credit card bill or EMI payment. They also aid financial decision-making by alerting you about the payments already made towards a particular expense. To illustrate, if you have budgeted a certain amount for fuel, a reminder may be sent out when you have used up 80% of your budget. 

4. Access more options 

With a consent-based data-sharing framework in place, financial institutions can now access alternate sources of data, including repayment history, current financial position, and much more. This does away with the sole reliance on credit scores while determining creditworthiness, enhancing access to several loan options that were previously closed to new-to-credit (N2C) clients. 

An Experian study found that over 20% of customers with poor documentation could access loans after providing their utility bill data. 

5. Benefit from personalized recommendations 

By analyzing your transaction history, financial institutions provide customized recommendations that aid in better financial management. For instance, they may highlight high bill payments and recommend suitable actions to negotiate for more competitive pricing. Alternatively, they may also offer tailored loan offers to tide over emergencies without unduly straining your credit scores. 

6. Undertake long-term planning 

Financial companies generate a holistic view of their customers’ profiles by analyzing the furnished data, especially cash inflows and cash outflows. This data is then used to offer advice for balancing spending with capital accumulation goals. Recommendations may also be given to improve collections, thus putting in place better cash management cycles. 

How does the protium app help with actionable insights? 

When fully integrated into the system, banking data analytics reveal a comprehensive picture of a customer’s financial position, providing personalized, intelligent insights that will strengthen their financial decision-making further, and Protium app’s financial expert, ProGenie, has taken it a step further. 

Below, we highlight some of the best Protium app features that are sure to meet all your financial planning needs. 

1. Access our cash flow analyzer 

Instead of struggling with cash flow mismanagement, you can use ProGenie analyzer to streamline your cash flow. Our cash flow analysis helps you determine your working capital needs and spotlights areas for improvement for enhanced financial management. 

2. Know your credit scores for free 

Your credit score speaks volumes about your repayment capacity and past repayment record, highlighting your creditworthiness. Lenders often rely on your credit scores when processing loan applications. Protium ProGenie lets you check your credit scores without impacting them, at no additional cost. It also serves as a financial expert that suggests changes in spending to improve your rating further. 

3. Get access to smart financial tips 

Protium ProGenie arms you with actionable financial insights and tips to improve your financial decision-making after taking a holistic view of your profile. It also enables you to stay on track with your loan payments and recommends ways to achieve financial stability. 

4. Receive exclusive pre-approved loan offers 

You can further expand your business and improve your cash flow by availing exclusive pre-qualified loans on the Protium app that are tailored to your requirements. 

Strengthen your decision-making with the Protium app 

The key to effective financial control lies in looking at your finances holistically rather than in a piecemeal fashion. The Protium app offers you a well-rounded view of your financial position and offers intelligent, customized banking and financial insights through its intuitive and seamless interface. 

By speedily acting on the recommended tips, the Protium app offers the best-in-class experience, putting you on the road to achieving long-term success. So, go ahead and download the Protium app and learn how to better control your finances.