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Self-service Business Intelligence Tools For Handling Cryptocurrency Danger
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Received: 20 January 2023 / Revised: 16 February 2023 / Accepted: 20 February 2023 / Published: 23 February 2023
The purpose of the study is to investigate the impact of business intelligence on the bank’s operational efficiency and profitability. The study is based on 259 responses from 27 commercial bank branches, using a simple random sampling technique. This research uses partial structural equation modeling (PLS-SEM) to test the hypothesis. The study confirms the construct reliability and construct validity of the measurement model, and tests the fit of the structural model. The study found that business intelligence is positively related to operational efficiency and profitability. In addition, research shows that operational efficiency through business intelligence positively affects bank profitability. Based on the competitive theory, this research states that business intelligence allows a manufacturing organization to produce superior margins compared to its competitors in the market. Thus, banks can offer cheaper options than their rivals and thereby secure a competitive advantage. Further, based on the resource-based perspective, the study argues that business intelligence as a strategic resource can provide the basis for developing banking capabilities that can lead to superior performance over time. Therefore, the study applies to the application of business intelligence in banking companies and helps the decision-making effectiveness of bank management, academics, and policy makers.
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The banking and financial industry is undergoing change as a result of technological advances [1, 2, 3]. Financial institutions are now facing increased competition, evolving customer needs, and strict control and risk management requirements in a highly dynamic market. At the same time, technology has enabled the development of modern business intelligence tools [4]. There are technologies that banks and the financial industry can use to take advantage of customer data to get insights that can lead to smarter management practices and business decisions [5, 6, 7]. To that end, there are a number of ways banks and financial organizations are leveraging Business Intelligence (BI) technology to increase profitability, reduce risk, and gain a competitive edge. Business intelligence enables banks to react to changing economic conditions in both normal and turbulent economic times [8].
Globally, business intelligence (BI) systems and technologies help banks better understand their operations, customers, and prospects. Additionally, BI can pave the way for efficiencies by revealing areas ripe for cost reduction efforts, new business opportunities, and more. Banking business intelligence helps users integrate many different systems to present dynamic visual data dashboards that are unable to communicate across platforms in the absence of banking business intelligence [9, 10]. Compiling that bank information is a daunting task that requires many employees to spend several weeks each month to complete. That is the current situation for most banks that are trying to implement business intelligence in banking. Consider installing a software layer on top of all the different banking services for data storage that all enable them to “live” all the data at the same time. While this may seem as simple as possible, a lot of work has to be done to process the underlying data before it can be effectively used [6, 11].
Banks cannot simply add employees to increase revenue [1, 12, 13, 14]. They should always look for ways to improve the efficiency of their current employees. Banks can use business intelligence tools to analyze operations to help reduce ongoing costs and/or optimize available resources and expertise. Banks can identify ways to improve and enhance the customer experience at the contact point by evaluating the performance of the branch staff working with the customer base. Banks use business intelligence technology to monitor customer, product, and branch profitability [4, 15, 16]. Banks are increasing profitability and seeking improvements through effective discount strategies and efficient business operations. In addition, business intelligence technology is used in predictive analytics to determine which customers may be interested in receiving the product, when, and how (in person, on the web, or by direct mail) [5]. Banks can use this additional data to develop new and enhanced products and services that better meet their needs and increase their market competitiveness. Armed with profitability and customer demographic data, banks will have a better idea of what good prospects look like and will be able to effectively promote them. Sales and up-selling efforts can be more successful if banks know their target customers [3, 17]. In addition, business intelligence systems can be used to analyze developments outside the bank to develop alternative investment plans. Investors can get a unique insight into sentiment and build trade signals by analyzing social media data [18]. With the use of analytics and business intelligence technology, entirely new areas of investment are emerging. Financial institutions must be as lean and efficient as possible in today’s highly competitive industry. By analyzing the operational processes of business intelligence tools, banks can reduce ongoing costs and increase available resources and knowledge [19]. Organizations can identify ways to improve and enhance the customer experience when contacting them by evaluating the performance of customer-facing employees such as sales representatives, tellers, and account managers.
A limited number of business intelligence (BI) studies have been found in Bangladesh [12, 20, 21, 22, 23, 24]. In Tumpa, Saifuzzaman [20] studied BI covering the mental health care sector in Bangladesh; Arefin, Hoque [21] studied organizational culture and BI; Al-Hasan, Aktar [22] introduced the BI model in the textile industry; Babu [12] reported the challenges of artificial intelligence in Bangladesh; Nahar, Naheen [23] studied artificial intelligence and fire detection; and Biswas, Rahman [24] mentioned the roles of emotional intelligence. However, there are differences in the relationship of business intelligence with operational efficiency and profitability perceptions of Bangladeshi banks.
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In addition, only a few studies on business intelligence have been found internationally [17, 18, 25, 26, 27, 28, 29, 30]. Lim, Chen [18] studied business intelligence analysis and operations but did not relate profitability; Ranjan [25] showed the relationship between BI and strategic decision-making; Elbashir, Collier [17] found a relationship between BI and bank performance; Sahay and Ranjan [26] studied BI and supply chain analysis; Nofal and Yusof [27] examine BI and business resource planning; Işık, Jones [28] found a link between BI in environmental decision and operational efficiency; Olszak [29] studied BI application by collecting qualitative data; Yiu, Yeung [31] link BI and profitability; and Lawrence [30] found a link between BI and operational efficiency in hospitals. Thus, there is a gap between BI’s relationship with bank operational efficiency and profitability in the international business intelligence literature.
The study found a lack of business intelligence studies in banking companies at the national (Bangladesh) and international level. In addition, Tumpa, Saifuzzaman [20], Al-Hasan, Aktar [22], Biswas, Rahman [24], Lim, Chen [18], Elbashir, Collier [17], Olszak [29], and Lawrence [30] ] suggested. Further education as BI impacts businesses. In Bangladesh, banking companies are going to implement BI to have a strong business model. Therefore, the study developed a research model (see Figure 1) that links business intelligence with operational efficiency and profitability of banks. Specifically, the study seeks answers to the following questions: “What is the impact of business intelligence on the operational efficiency of banks?” and “What is the impact of business intelligence on bank profitability?” Therefore, the study aims to investigate the impact of business intelligence on operational efficiency and profitability of banks. Figure 1 shows the conceptual framework of the study.
The study uses the responses of 259 general managers, senior officers, general officers, and employees of 27 branches of a commercial bank in Bangladesh, using a simple random sampling technique. This research uses
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