Framework to Integrate Business Intelligence and Knowledge Management in Banking Industry

TL;DR

This paper presents a framework for integrating Business Intelligence and Knowledge Management to enhance decision-making and performance in the banking industry by leveraging both structured data and unstructured knowledge.

Contribution

It introduces a novel framework that combines BI and KM specifically tailored for banking, addressing the challenge of unstructured data and employee knowledge.

Findings

Framework facilitates better knowledge discovery in banks.

Integration improves decision-making and organizational performance.

Addresses unstructured data challenges in banking industry.

Abstract

In this digital age organizations depend upon the technologies to provide customer-centric solutions by understanding well about their customers' behaviour and continuously improving business process of the organization. Business intelligence (BI) applications will play a vital role at this stage by discovering the knowledge hidden in internal as well as external sources. On the other hand, Knowledge Management (KM) will enhance the organisations performance by providing collaborative tools to learn, create and share the knowledge among the employees. The main intention of the BI is to enhance the employees' knowledge with information that allows them to make decisions to achieve its organisational strategies. However only twenty percent of data exist in structured form, majority of banks knowledge is in unstructured or minds of its employees. Organizations are needed to integrate KM with Knowledge which is discovered from data and information. The purpose of this paper is to discuss the need of business insiders in the process of knowledge discovery and distribution, to make BI more relevant to business of the bank. We have also discussed about the BI/KM applications in banking industry and provided a framework to integrate BI and KM in banking industry.