By Nancy Feig
BenchMark Consulting International launches industry's first online business intelligence program with peer comparisonAtlanta-based BenchMark Consulting International, a financial services management-consulting firm, has launched Business Intelligence Powered by BenchMark, the first tool for financial institutions that enables timely comparison and best practices for consumer and automotive lending. Program subscribers can compare their core process performance to peers at the local, regional, national and international levels. The program is the first of its kind that offers institutions almost real-time data on performance metrics.
Delivered as a dashboard interface, the program works through a secure, Web-based delivery system. Users can view historical/seasonal trends and cyclical patterns; segment for multibusiness lines and multisite performance; monitor tracking for pre- and post-implementation performance of products, processes and systems; compare collateral type, specific portfolios, origination sources, business units; and more. All of this intelligence can then be analyzed against the performance of industry peers.
"The timeliness and integrity of this intelligence alone makes it invaluable. Yet the addition of peer comparison makes it an imperative tool for executives looking to improve performance and achieve competitive advantage," said BenchMark President Walter Cunningham. "The interest in the Business Intelligence offering is significant, and within the last few months, three of the top 10 U.S. banks have signed with BenchMark."
Cunningham adds that, given the importance of data credibility and the highly confidential nature of the information, the program is protected by the most stringent, comprehensive security provisions available. "The integrity of this intelligence is the key to its success, so in addition to comprehensive security, BenchMark has implemented intense validation and quality controls to ensure secure delivery of accurate and credible data."
"Institutions often invest in enterprise dashboards that require internal IT development and support," said Brian King, senior vice president of consumer and retail practice. "The Business Intelligence Dashboard produces a higher return on investment because the program utilizes fewer internal resources, delivers more timely metrics and incorporates credible peer data for actionable comparison."