Emerging Trends in Business Analysis in the Banking Sector and the Role of End-User Computing

Agile business analysis

Traditional waterfall methodologies are being replaced by Agile practices emphasizing collaboration, adaptability, and iterative development. Agile business analysis enables banks to respond quickly to market changes, test new ideas, and deliver value to customers faster.¹

Data-driven decision-making

The banking sector generates vast amounts of data, and business analysis professionals are increasingly utilizing analytics tools and techniques to extract insights that drive informed decision-making. Predictive analytics, data visualization, and machine learning algorithms are being employed to identify patterns, detect fraud, personalize customer experiences, and optimize business processes.²

A customer-centric approach

As banks adopt a customer-centric approach, business analysis professionals will continue to play a pivotal role in understanding customer needs, preferences, and pain points.

Through techniques like user journey mapping and persona development, business analysis professionals help banks design customer-centric products and services that enhance satisfaction and loyalty.³

The Role of End-User Computing in Banking

End-user computing refers to the use of software applications, tools, and technologies by non-technical users to perform tasks and make decisions. In the banking sector, end-user computing is vital in empowering employees and customers, enhancing operational efficiency, and fostering innovation.

Here are some noteworthy trends in end-user computing in the banking sector.

Self-service applications

These may be available online or in person at a bank branch. Omni-channel banking offers different means of communication and uses of banking services such as via the phone, on a mobile app, online, or in person.

Business analysis professionals are critical in defining requirements for these applications, ensuring a consistent user experience across channels, and integrating them with existing banking systems.^{4 5}

Robotic Process Automation (RPA)

RPA is revolutionizing banking operations by automating repetitive tasks, reducing errors, and improving efficiency. Business analysis professionals identify processes suitable for automation, define requirements, and collaborate with technology teams to implement RPA solutions that free up employees' time for more value-added activities.⁶

Open banking

Open banking, a transformative financial innovation, has reshaped the traditional banking landscape. This innovation permits third-party developers to access and employ a customer's financial data, contingent upon the customer's explicit consent, by using Application Programming Interfaces (APIs).

This shift has fostered increased competition and innovation within the financial sector, resulting in improved services, customized financial advice, and heightened convenience for end users. At the same time, the end-user computing trend has gained significant traction, propelled by the proliferation of potent mobile devices and the widespread adoption of remote work practices.

Consequently, end users are increasingly relying on their own devices and software applications to accomplish tasks. This phenomenon has bolstered productivity but simultaneously poses security concerns for organizations.

As these trends evolve, they start to intersect within the fintech domain. Here, end users require seamless, secure access to their financial information across myriad computing devices. This convergence of open banking and the end-user computing trend is poised to exert a profound influence on the future landscape of financial services, placing a premium on user experience and data security.

Challenges and Considerations

While these trends hold immense potential, they also present challenges that need to be addressed for successful implementation. Let’s explore some of the key challenges and considerations.

Security and privacy

As banks rely increasingly on technology and data, security and privacy become paramount concerns in business analysis and end-user computing initiatives. Business analysis professionals must collaborate closely with cybersecurity experts to identify and mitigate risks, ensure compliance with regulations, and protect sensitive customer information.⁷

Skill sets and talent

As the banking sector undergoes digital transformation, there is a growing demand for business analysis professionals with expertise in emerging technologies, such as data analytics, artificial intelligence, and user experience design.

Banks must invest in upskilling their workforce and recruiting top talent to leverage the latest business analysis developments.⁸

Regulatory compliance

As the banking sector is subject to stringent regulations, business analysis professionals must ensure the solutions they develop align with regulatory requirements.

Compliance with regulations such as KYC (Know Your Customer), AML (Anti-Money Laundering), and the GDPR (General Data Protection Regulation) is critical to maintaining trust and avoiding legal ramifications.⁹