What are the most common challenges in EFT performance analytics?

2 Data integration

Another challenge in EFT performance analytics is integrating the data from different sources and systems into a unified and coherent view. EFT data can be fragmented and siloed across various platforms, applications, and databases, making it difficult to access, combine, and analyze. Furthermore, EFT data can be complex and multidimensional, involving various attributes, such as transaction types, amounts, currencies, fees, dates, times, locations, channels, and parties. To overcome this challenge, financial service providers need to use advanced data integration tools and techniques, such as data warehousing, data lakes, data pipelines, and data APIs, to consolidate and harmonize their EFT data and enable seamless and secure data exchange and sharing.

3 Data analysis

A third challenge in EFT performance analytics is conducting meaningful and actionable data analysis that can provide insights and value for the business. EFT data can be voluminous and dynamic, requiring sophisticated and scalable data analysis methods and tools to handle and process. Moreover, EFT data can be ambiguous and nuanced, requiring domain knowledge and expertise to interpret and contextualize. Additionally, EFT data can be diverse and heterogeneous, requiring multiple and complementary data analysis approaches and techniques, such as descriptive, diagnostic, predictive, and prescriptive analytics, to capture and leverage the full potential of the data. To tackle this challenge, financial service providers need to employ advanced data analysis technologies and frameworks, such as artificial intelligence, machine learning, big data analytics, and business intelligence, to transform their EFT data into meaningful and actionable insights and recommendations.

4 Data visualization

A fourth challenge in EFT performance analytics is presenting and communicating the data analysis results in a clear and effective way. EFT data analysis can produce complex and abstract findings that can be hard to understand and convey. Moreover, EFT data analysis can involve multiple and varied stakeholders, such as managers, regulators, auditors, partners, and customers, who may have different needs, preferences, and expectations for data visualization. Furthermore, EFT data visualization can have multiple and diverse purposes, such as reporting, monitoring, auditing, decision making, and customer service, that may require different data visualization formats, styles, and features. To address this challenge, financial service providers need to use appropriate and professional data visualization tools and techniques, such as dashboards, charts, graphs, maps, and tables, to present and communicate their EFT data analysis results in a clear and effective way.

5 Data security

A fifth challenge in EFT performance analytics is ensuring the security and privacy of the data that is collected, processed, and analyzed. EFT data can be sensitive and confidential, containing personal and financial information that can be vulnerable to cyberattacks, data breaches, and identity theft. Moreover, EFT data can be subject to various legal and regulatory requirements, such as GDPR, PCI DSS, and PSD2, that can impose strict and complex rules and obligations for data protection and compliance. Additionally, EFT data can be subject to ethical and social considerations, such as trust, consent, and transparency, that can affect the reputation and relationship of the financial service provider with its customers and partners. To overcome this challenge, financial service providers need to implement rigorous and comprehensive data security and privacy practices, such as encryption, authentication, authorization, auditing, and anonymization, to ensure that their EFT data is secure and private.

6 Data culture

A sixth challenge in EFT performance analytics is fostering a data-driven culture that can support and enhance the EFT performance analytics process and outcomes. EFT performance analytics can be a complex and challenging endeavor that can require significant investment, commitment, and collaboration from the financial service provider and its stakeholders. Moreover, EFT performance analytics can be a continuous and iterative process that can require constant learning, improvement, and innovation from the financial service provider and its stakeholders. Furthermore, EFT performance analytics can be a strategic and competitive advantage that can require alignment, integration, and coordination from the financial service provider and its stakeholders. To tackle this challenge, financial service providers need to foster a data-driven culture that can promote and enable the EFT performance analytics process and outcomes, such as by establishing a clear vision, strategy, and governance for EFT performance analytics, by building the skills, capabilities, and resources for EFT performance analytics, and by creating the incentives, rewards, and recognition for EFT performance analytics.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?