QlikView is a Business Intelligence and Data Visualization tool used for getting relevant, actionable, and timely data that help companies in taking the right decisions. Other competitor tools are Tableau, SAP Business Objects, Microsoft Power BI, and IBM Cognos Analytics.
Amid uncertain economic conditions, changing dynamics, and a crisis of confidence in the financial markets, customer focus and risk management continue to be key drivers for profitability in banking.
The urgent need for information to help address these priorities compels banks to attempt complex data integration and warehouse initiatives.QlikView in-memory analysis helps in faster data integration of data coming from disparate data sources and provides analytical capabilities to business users.
The use of the Qlikview tool for financial data analytics is explained below:
1 Day On Day Variance:
The data analytics team within the Finance department needs to do DoD, Month-over-month, Quarter-over-Quarter, YTD, and MTD analysis of financial data. Qlikview helps in doing the same with ease of visualization using its Dashboards. It also shows if any limits are getting breached. Accordingly, Qlikview can send reports of the limit breach via mail automatically.
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| Source: Qlik.com |
2 Trend Analysis:
The data analytics team within the Finance department needs to showcase the trend of data points in financial data to the Management Board and key decision-makers.
3 Financial Data discovery:
Business user-led financial data exploration:
- Search: Locate financial data in structured and unstructured fields
- Association: Find financial data relationships through built-in association logic
- Drill down: Identify trouble spots and drill down to transaction-level details
4 Financial Reporting:
Build simple or complex, interactive financial reports. These reports created in Qlikview can be exported in Excel, PDF, or CSV format as required for internal and external reporting purposes.
5 Ad-hoc analysis:
Create custom reports from scratch. Ad-hoc reports can be easily created over the top of the standard template.
6 Financial data aggregation:
Leverage in-memory storage to pull together multiple disparate sources at low levels of detail
7 Mobile consumption:
Deploy risk content to iPads, iPhones, Android, etc
8 Regulatory inquiries:
Quickly answer questions and minimize manual effort.
Qlikview helps in quick data decisions amid an ever-changing market. It provides data at your fingertips (with the use of mobile devices) which gives 360 degrees view of clients and allows better business outcomes.
Amlgo Labs is an advanced data analytics and decision sciences company based out in Gurgaon and Bangalore, India. We help our clients in different areas of data solutions including the design/development of end-to-end solutions (Cloud, Big Data, UI/UX, Data Engineering, Advanced Analytics, and Data Sciences) with a focus on improving businesses and providing insights to make intelligent data-driven decisions across verticals. We have another vertical of business that we call – Financial Regulatory Reporting for (MAS, APRA, HKMA, EBA, FED, RBI, etc) all major regulators in the world and our team is specialized in commonly used regulatory tools across the globe (AxiomSL Controller View, OneSumX Development, Moody’s Risk, IBM Open Pages, etc). We build innovative concepts and then solutions to give an extra edge to the business outcomes and help to visualize and execute effective decision strategies. We are among the top 10 Data Analytics Start-ups in India, in 2019 and 2020.