What is a business analyst?

Business analysts (BAs) are responsible for bridging the gap between IT and the business using data
analytics to assess processes, determine requirements, and deliver data-driven recommendations and
reports to executives and stakeholders.

BAs engage with business leaders and users to understand how data-driven changes to process,
products, services, software, and hardware can improve efficiencies and add value. They must
articulate those ideas but also balance them against what’s technologically feasible and financially and
functionally reasonable. Depending on the role, a business analyst might work with data sets to
improve products, hardware, tools, software, services, or process.

The International Institute of Business Analysis (IIBA), a nonprofit professional association, considers
the business analyst “an agent of change,” writing that business analysis “is a disciplined approach for
introducing and managing change to organizations, whether they are for-profit businesses,
governments, or non-profits.”

Business analyst job description

BAs are responsible for creating new models that support business decisions by working closely with
finance and IT teams to establish initiatives and strategies aimed at improving revenue and/or
optimizing costs. Business analysts need a “strong understanding of regulatory and reporting
requirements as well as plenty of experience in forecasting, budgeting, and financial analysis combined
with understanding of key performance indicators,” according to Robert Half Technology.

According to Robert Half, a business analyst’s job description typically includes the following
responsibilities:

 Creating a detailed business analysis in an effort to outline problems, opportunities, and solutions for a
business

 Budgeting and forecasting

 Planning and monitoring

 Variance analysis

 Pricing

 Reporting

 Defining business requirements and reporting them back to stakeholders

 Business analysts are tasked with prioritizing technical and functional requirements, identifying what
clients want, and determining what is feasible to deliver. It requires a deep understanding of systems,
how they function, who will need to be involved, and the necessary steps to get everyone on board.

The role of a business analyst is constantly evolving and changing — especially as companies rely more
on data to advise business operations. Every company has different issues that a business analyst can
address, whether it’s dealing with outdated legacy systems, changing technologies, broken processes,
poor client or customer satisfaction, or siloed large organizations.

Business analyst skills

The business analyst position requires both hard skills and soft skills. Business analysts need to know
how to pull, analyze and report data trends, share that information with others, and apply it to
business goals and needs. Not all business analysts need a background in IT if they have a general
understanding of how systems, products, and tools work. Alternatively, some business analysts have a
strong IT background and less experience in business but are interested in shifting away from IT into
this hybrid role. The role often acts as a communicator between the business and IT sides of the
organization, so having extensive experience in either area can be beneficial for business analysts.

According to the IIBA, some of the most important skills and experience for a business analyst are:

 Oral and written communication skills

 Interpersonal and consultative skills

 Facilitation skills

 Analytical thinking and problem solving

 Being detail-oriented and capable of delivering a high level of accuracy

 Organizational skills

 Knowledge of business structure

 Stakeholder analysis

 Requirements engineering

 Cost-benefit analysis

 Processes modeling

 Understanding of networks, databases, and other technology

What is the role of a Business Analyst in the banking sector?

In this guide, we will be talking about the role of a Business Analyst in the banking sector. Yes, you
read that right. You must be wondering about what a business analyst has to do in the banking
domain. But, a business analyst plays a crucial role in the banking domain, which is what we are
going to be discussing in this guide.

Let’s first understand the role of a Banking Business analyst.

Table of Contents

 1. Role of a Banking Business Analyst

 2. Banking Business Analyst skills requirements
 3. Business Analyst Certification
 4. More BA Certifications
 5. Business Analyst education and training in banking
 6. Banking Business Analyst job description
 7. Banking Business Analyst salary outlook
 8. Facing Business Analyst Interviews
 9. Conclusion

Role of a Banking Business Analyst

Financial analysis is the main responsibility of banking business analysts, who present reports based
on the information gathered to guarantee that everything is running well at their bank. Numerous of
their reports deal with urgent issues including loans, credit lines, and account setup.
The majority of their work is gathering data. They analyze all kinds of transactions and use the data
to enhance bank operations or build prognostic financial models. They lead or provide advice on
financial projects in addition to performing financial analyses. As it is their duty to evaluate the risk
to the bank, they are essential in establishing the creditworthiness of those seeking loans or lines of
credit.

People also want to know What Are The Roles & Responsibilities of A Business Analyst?

Banking Business Analyst skills requirements

What are the basic skills required to become a banking business analyst? Techcanvass has
formulated a CRAFT framework to show the requisite skills for an entry-level business analyst. Here
are some skills of a banking business analyst:
1. Communication skills: A banking business analyst must have strong communication skills. Both
written and oral communication skills are important as a BA needs to interact with customers,
clients, or other banking professionals.
2. Decision-making abilities: Banking business analysts frequently work with little supervision and
must make quick, autonomous decisions regarding approving loans and credit applications.
3. Functional/domain skills: Understanding the business domain is a definite advantage for every
business analyst. Banking and financial services are one of the domains (Referred to as BFSI) and are
the leading sector outsourcing IT projects. So if you are strong in that domain, your movement to a
BA role is easier. As you have a retail baking background, you have a definite advantage.
4. Financial management expertise: Banking business analysts need to be familiar with a variety of
financial and accounting concepts and principles, from creating financial statements to completing
tax return reviews.
5. Time management: Banking business analysts are expected to routinely fulfill deadlines and
manage their time for loan closures and daily transaction reports.
6. Computer proficiency: It is crucial for banking business analysts to be knowledgeable about
particular accounting and other financial applications as well as Microsoft Office programmes.
7. Problem-solving abilities: Banking business analysts must come up with innovative answers for
customers who have money problems that are affecting their ability to get loans or credit.

Business Analyst Certification

Certifications don’t guarantee a job but it plays an important role in getting your resume shortlisted.
If you don’t have any experience in a particular profile (in the BA profile), you need to have a
certification in your resume.

Business analysis certification can boost your overall performance, reduce risk, and open up new
market prospects. A certified business analyst has better clarity and understanding of the business
analysis methodologies and procedures. It also demonstrates dedication, as studying for these
certificates and passing the exams is no easy task. Moreover, gaining a business analysis credential
also offers several benefits such as global recognition, more salary, and so on.