Monitoring Cryptocurrency News Using Self-service Business Intelligence Tools – Future business opportunities after compliance with FinCEN’s travel rules are enormous. Compliance with the FATF travel rules provides the most significant opportunity for virtual assets to be widely accepted in everyday use cases. Cryptocurrency companies that follow suit have better access to traditional banks and easier access to institutional investors. They can also give their customers more clarity and confidence in every transaction.
KYC is the process of identifying customers and verifying their details and is subject to anti-money laundering and anti-terrorist financing laws. The primary purpose of the KYC process in encryption is to prevent individuals or companies from using the asset class to commit financial crimes.
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KYC is the process by which VASPs identify their customers and verify that their details comply with global regulations before allowing them to use their platform. The Travel Rule goes a step further and requires two VASPs who are already KYCed to transfer and store PII on transactions above a certain threshold.
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Know Your Customer (KYC) is not only secure, but also essential for securing crypto transactions. Without KYC, it is impossible to avoid fraud due to the authentication and anonymity of the parties involved. Although not directly providing KYC, our Wallet ID widget is an integral part of the KYC picture.
VASPs and their end users benefit from anti-money laundering (AML) and know-your-customer (KYC) enforcement. Unlike cryptocurrencies, virtual currencies as an asset class do not have a robust regulatory framework. Some bad actors take advantage of the opportunity to divert and hide the origin and destination of financial transactions. Standardization of regulatory practices and KYC and AML checks help reduce money laundering, terrorist financing and illicit financing.
VASPs and financial institutions seeking to comply with travel rules can use the market-leading FATF Travel Rules solution to identify virtual asset accounts, conduct mandatory VASP due diligence, and manage regulatory and counterparty risk across the board.
KYC is not specifically mentioned. However, wallet identification is part of the KYC process. When an originator client tries to send a transaction through a travel rule restriction, our wallet identification widget checks whether the beneficiary is a VASP or an unsupervised wallet. Additionally, the Counterparty Wallet ID plugin allows founding VASPs to verify non-secret wallet ownership.
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By clicking “Accept,” you agree to store cookies on your device, improve site navigation, analyze site usage, and assist with our marketing efforts. See our privacy policy for more information. Business intelligence is the driving force behind good business decisions. However, traditional BI solutions require technical experts to produce insights. Fortunately, self-service BI allows non-technical users to access and analyze data.
According to a report by Wealthy Business Insights, the global business intelligence (BI) market size will grow from $29.422 billion in 2023 to $54.27 billion by 2030.
This significant growth reinforces the recognition of the value of business intelligence to organizations, enabling them to make informed decisions, optimize various operations and adapt to market changes. However, traditional BI requires data analysts and other technical experts to interpret the data, leading to barriers to decision-making.
To alleviate this problem, companies are starting to use self-service BI tools. They enable non-technical experts to explore and mine data without relying on IT teams. In this way, self-service BI makes it easier for businesses to explore data and subsequently enhance the decision-making process.
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Read on to learn about the key benefits and features of self-service business intelligence, how it complements traditional BI, and how you can integrate this technology into your business operations.
Self-service BI allows users to access, analyze, and understand data without relying on data experts. It drives data-driven decision making in various roles in an organization.
Additionally, as some data analysis tasks are outsourced to other specialists, data engineers can focus on more complex data-related challenges such as optimizing data infrastructure and ensuring data quality.
With self-service BI tools, users have access to real-time or real-time data, which enables faster decision-making and enables organizations to respond immediately to market trends and make timely strategic choices.
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Because self-service business intelligence encourages individuals from different roles and professional backgrounds to access data, they can look at it from a new perspective and spot potential business opportunities or challenges.
With a self-service BI solution, each department or specialist can customize their reports and dashboards to what works best for them, rather than relying on one-size-fits-all reports.
This way, the data is presented in the most clear and understandable way for a particular audience. This reduces the chance of misinterpretation or misunderstanding, which can lead to costly mistakes.
Self-service BI tools simplify the sharing of reports and dashboards, encouraging teamwork and cross-departmental collaboration. This ensures everyone is working on the same, most relevant data, improving organizational consistency and efficiency.
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While self-service BI can significantly impact business processes, it should not be viewed as a replacement for traditional BI, but as a complement.
Combining these methods creates a powerful, flexible and data-driven business environment that meets an organization’s standards and customized analytics needs.
Traditional business intelligence is primarily designed to generate standard, routine reports and perform complex analyzes that serve the entire organization. On the other hand, self-service BI is equipped to handle automated queries and provide insights specific to individual departments.
Traditional BI typically implements strong data management and quality control measures. Self-service BI can leverage this existing structure to ensure users can access and analyze high-quality, consistent data.
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Not everyone in an organization is good at data management and analytics. Traditional BI ensures that complex analytics are handled by professionals, while self-service BI allows individuals with basic BI to generate insights without requiring advanced skills.
While self-service business intelligence tools aim for agility, traditional BI systems are often designed with scalability in mind. The infrastructure provided by traditional BI can support the growth of self-service BI, and as more users come on board, the system remains stable and functional.
Traditional BI provides a macro view of the organization’s performance, while self-service BI can dig into micro-level details. When used together, they ensure that decision makers at all levels have a complete, 360-degree view of the business.
A self-service business intelligence tool has several key features that allow users to effectively manage data. These are:
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There are several self-service business intelligence tools you can use to make decisions in your organization.
It addresses a range of business needs, from reporting and creating interactive dashboards to predictive analytics and evaluating business performance.
One of Tableau’s key features is its intuitive drag-and-drop interface, which allows users to create visualizations and dashboards without requiring advanced technical skills.
Tableau integrates with Microsoft Excel, Dropbox, Google Sheets, MongoDB, MySQL, Salesforce, and many other data sources. It gives users access to a wide and diverse range of data, allowing them to work with a large amount of information.
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Power BI is Microsoft’s data analytics platform that provides both self-service and traditional business intelligence capabilities. It is a versatile tool for a variety of business needs, from data visualization to complex data modeling and analysis.
Power BI seamlessly integrates with multiple Microsoft products, including Excel, Azure, and Dynamics 365, as well as third-party applications and platforms. These businesses consolidate data from disparate systems to provide a holistic view of their operations.
The platform offers strong security features to ensure sensitive data is protected and accessible only to authorized individuals.
Power BI also has Copilot – a natural language processing AI that asks users questions about their data in a conversational way. CoPilot interprets these questions and instantly generates relevant descriptions and data as answers.
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Moreover, after generating reports or visualizations in response to user questions, CoPilot can suggest additional information that can enrich the overall experience.
Form or power? Which tool is right for your business needs? We can make a decision based on a detailed comparison of the two solutions
Sicense is a cloud-based business intelligence in plant business intelligence solution. This makes it effective for both technical professionals and non-technical users.
Thanks to its intuitive drag-and-drop interface, reports and dashboards can be created and analyzed for users. In addition, Sisters is customizable, allowing users to select Visual Themes and install custom plugins, ensuring businesses can configure the platform for their specific purposes.
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Sisense supports a wide range of data sources including SQL Server, Mysql, Oracle, Oracore, Oraceforce, Google Analytics, and Zendesk.
In addition, the tool can embed analytics directly into their applications or websites. This means that users can access statistics without leaving their primary work environment.
Our data industry suggests that self-service business intelligence is all about achieving more tangible results:
Review your organization’s current data management practices. This assessment helps to understand the current state of data management, data analysis techniques and overall level of usage.
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