Data analytics in business process improvement: Enhancing decision-making and operational efficiency in financial institutions
1 Texas A&M University-Commerce, Texas, USA.
2 Independent Researcher, Abuja, Nigeria.
3 Independent Researcher, United Kingdom.
4 Guaranty Trust Bank (Nigeria) Limited.
5 Independent Researcher, Texas, USA.
Review
Open Access Research Journal of Multidisciplinary Studies, 2024, 08(02), 126-134.
Article DOI: 10.53022/oarjms.2024.8.2.0073
Publication history:
Received on 14 November 2024; revised on 22 December 2024; accepted on 24 December 2024
Abstract:
This review paper examines the pivotal role of data analytics in enhancing decision-making and operational efficiency within financial institutions. The research highlights how data analytics tools and techniques optimize business processes, streamline operations, and improve resource allocation. Key areas such as risk assessment, customer segmentation, and fraud detection are explored to demonstrate the practical applications of data-driven decision-making. Additionally, the paper discusses the challenges financial institutions face in implementing data analytics, including issues related to data quality, system integration, and resistance to change. The paper concludes with recommendations for financial institutions to leverage data analytics effectively and suggests avenues for future research, particularly in emerging trends like artificial intelligence and machine learning.
Keywords:
Data Analytics; Business Process Improvement; Financial Institutions; Decision-Making; Operational Efficiency; Risk Management
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0