4 superpowers you can have with data analytics for banking

Ryan C. Luttenton
The superpower source isn’t a secret. It’s data analytics for banking

Many banks view internal audit (IA) as a necessary expense – and that’s it. Banks might believe internal audit can help the organization make small, incremental improvements to processes, but the work mainly is about setting more controls and reducing risk. Internal audit teams tend to check the same boxes year after year, and repeating this same process can be deflating.

It doesn’t have to be this way. The IA team can feel energized and integral to the mission of the organization because its members know their work has significant impact. Internal audit team members can be the heroes. But how?

Data analytics for banking is at the center of the transformation. When the IA team has access to the right data analytics for banking, it’s like having superpowers. The team is made up of the same people, but their abilities are leaps and bounds ahead of where they used to be. 

The superpower source isn’t a secret. It’s data analytics for banking.

What is data analytics for banking? You might think of data analytics for banking as dashboards and reports. That’s true, but it’s much more than that. Data analytics for banking can support decision-making by organizing data in a meaningful way so that you can see trends clearly and drill down on specifics.

Here are just some of the superpowers your IA team can have with data analytics for banking:

  • Big-picture vision. Access a new perspective. Use dashboards to get a big picture and see trends more clearly. Data analytics can help you identify areas of the organization that are going well and focus on places where there might be concerns.
  • Forward-looking insights. When you have more insight because you have more data, you can be smarter about how you scope and sample. Instead of taking a broad approach, you can be more focused and can be more efficient when tackling problems. 
  • Timely knowledge. Data analytics for banking can help you stay informed. When you have information and can review it ahead of time, you have insight into what makes the business tick. 
  • Speed. If you're not using a data analytics for banking solution, you might have to track down information through phone calls, emails, or chats. When you have robust data dashboards, you can work faster because all the information is right there.

This looks like a job for internal audit!

Data analytics for banking can unleash the potential in your internal audit team. It’s more than reports – it’s what gives internal audit the potential to move from being merely a cost center to saving the day

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Ryan Luttenton
Ryan C. Luttenton
Partner, Financial Services Consulting