Best Financial Analytics Tools
Financial analytics is the process of applying analytical techniques to financial data to gain insights, make informed decisions, and improve financial performance. It involves collecting, cleaning, and analyzing financial data from various sources, such as financial statements, market data, and economic indicators. Financial analytics software carries out robust data analysis on investment-related data sets. Investment managers use these solutions to pull all investment portfolio data and then query and manipulate it to answer investment-related questions.
Investment and fund managers leverage financial analytics software to build reports, identify potential investment opportunities, and vet those opportunities. Financial analytics tools often offers customizable tagging features that allow users to tag and store data in whichever way they need. Investment professionals use solutions in this category to evaluate past investment decisions, monitor current holdings, and strategize future investments.
Financial analytics software is a part of the financial services software ecosystem. These applications often import investment data from third-party sources. Additionally, financial analytics software can be integrated with other financial services software, such as portfolio management systems and trading platforms, to create a seamless workflow.
To qualify for inclusion in the Financial Analytics category, a product must:
Best Financial Analytics Software At A Glance
G2 takes pride in showing unbiased reviews on user satisfaction in our ratings and reports. We do not allow paid placements in any of our ratings, rankings, or reports. Learn about our scoring methodologies.
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- User Satisfaction
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- Financial Services
- Computer Software
- 43% Small-Business
- 33% Mid-Market
2,229,471 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
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eMoney is a comprehensive financial planning platform designed to empower financial professionals to build stronger client relationships, streamline business operations, and drive practice growth. Wit
- Financial Services
- 75% Small-Business
- 14% Mid-Market
13,916 Twitter followers
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- User Satisfaction
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Koyfin is a modern and cost-effective financial analytics platform used by over 30,000 financial advisors and wealth managers. It provides tools to create model portfolios, analyze client portfolios,
- Financial Services
- Investment Management
- 88% Small-Business
- 8% Mid-Market
66,542 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
Spreadsheet Server is a centralized reporting and automation solution that connects to an ERP database to pull live information into the native spreadsheet environment. Using a pre-configured add-in f
- Construction
- Accounting
- 108% Mid-Market
- 29% Enterprise
798 Twitter followers
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- User Satisfaction
- Seller Details
TradingView is an innovative venture by a group of developers and traders with experience of building trading software, who share a vision that trading technology should be easy, powerful and accessib
- Software Engineer
- Financial Services
- Investment Management
- 73% Small-Business
- 25% Mid-Market
852,285 Twitter followers
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- User Satisfaction
- Seller Details
Founded by Certified Financial Planning Practitioner H. Adam Holt in 2013, Asset-Map is on a mission to elevate the financial health of millions of people. Unlike traditional software tools, Asset-Map
- Financial Advisor
- Financial Planner
- Financial Services
- Investment Management
- 85% Small-Business
- 12% Enterprise
2,758 Twitter followers
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- User Satisfaction
- Seller Details
FactSet's integrated multi-asset class portfolio analytics and official performance solutions let you spend more time finding answers and less time managing data. With sophisticated next generation po
- 50% Mid-Market
- 30% Small-Business
119,076 Twitter followers
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- User Satisfaction
- Seller Details
Founded in 2015, RightCapital is the fastest-growing financial planning software with the highest user satisfaction among advisors. Our modern, intuitive features make the financial planning process a
- Financial Services
- 85% Small-Business
- 15% Mid-Market
2,903 Twitter followers
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- User Satisfaction
- Seller Details
Aumni's mission is to empower leaders in the private capital markets to make data-based investment decisions. We use the latest technology to discover, analyze, and deliver investment insights previou
- Venture Capital & Private Equity
- 74% Small-Business
- 22% Mid-Market
1,863 Twitter followers
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- User Satisfaction
- Seller Details
Named the top choice of financial planning software for eight straight years, according to Financial Planning Magazine's annual survey. Why? We make financial planning engaging for the client.
- Financial Services
- 83% Small-Business
- 13% Mid-Market
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- User Satisfaction
- Seller Details
Equisoft/plan is an intuitive and effective financial planning solution providing comprehensive financial portraits.
- Financial Services
- 67% Small-Business
- 8% Mid-Market
412 Twitter followers
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- User Satisfaction
- Seller Details
Irwin is an investor relations and capital markets solution for innovative public companies and their advisors built by a team of passionate entrepreneurs who know the challenges and opportunities tha
- Investor Relations
- Mining & Metals
- Financial Services
- 75% Small-Business
- 18% Mid-Market
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- Pros and Cons
- User Satisfaction
- Seller Details
Company Watch is a comprehensive financial risk management software solution designed to empower businesses of all sizes to identify, assess, and mitigate financial risks. This software falls under
- 44% Enterprise
- 31% Small-Business
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- User Satisfaction
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Identify trends, generate and test hypotheses, and develop viewpoints and research. Loaded with 70 years of information, Datastream is the world’s most comprehensive financial time series database.
- 63% Enterprise
- 38% Mid-Market
- Overview
- User Satisfaction
- Seller Details
IntraAlpha is platform designed to help option traders make better trades. IntraAlpha revolutionizes option trading with its cutting-edge software, empowering traders to make informed decisions. Lever
- Accounting
- 43% Mid-Market
- 43% Small-Business
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- User Satisfaction
- Seller Details
Moneytree Advise is an easy, effective solution for busy financial advisors. This software simplifies client onboarding and provides an interactive experience for financial planning. The software focu
- 57% Mid-Market
- 43% Small-Business
259 Twitter followers
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- User Satisfaction
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Nasdaq eVestment™ brings transparency and efficiency to the global institutional market, equipping managers, asset owners and consultants to make data-driven decisions, deploy their resources more pro
- Financial Services
- 45% Enterprise
- 36% Small-Business
147,050 Twitter followers
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- User Satisfaction
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Synaptic helps investors and decision-makers get company insights from a wide spectrum of alternative data on a no-code platform. We unify data from proprietary and custom sources layered with a rich
- 50% Small-Business
- 40% Mid-Market
869 Twitter followers
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- User Satisfaction
- Seller Details
Wise Tradr provides a way for stock market traders to easily track and manage trading performance. Stock traders use our platform to gain insights on risk, organize trades, view trading stats, discove
- 71% Small-Business
- 29% Mid-Market
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- User Satisfaction
- Seller Details
Equisoft/analyze for advisors is a comprehensive asset allocation and wealth analysis tool.
- 57% Small-Business
412 Twitter followers
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- User Satisfaction
- Seller Details
The FactSet Workstation is a dynamic platform designed to empower financial professionals with seamless data access, advanced analytics, and intuitive technology. Integrating over 800 data sources acr
- Financial Services
- Investment Management
- 47% Small-Business
- 38% Enterprise
119,076 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
Altvia empowers GPs to deliver a best-in-class LP experience. Altvia has become a trusted partner for firms looking to optimize processes and stand out in the competitive market. Founded in 2006 a
- Financial Services
- Venture Capital & Private Equity
- 79% Small-Business
- 14% Mid-Market
314 Twitter followers
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- User Satisfaction
- Seller Details
StatPro Revolution is an integrated, cloud-based performance and risk platform designed to increase productivity and lower costs
- 50% Enterprise
- 33% Mid-Market
- Overview
- Pros and Cons
- User Satisfaction
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Navigate dynamic markets, tell your best story, build stronger engagement, and establish new relationships to drive long-term valuation. With Nasdaq IR Insight, investor relations (IR) teams can emplo
- 43% Enterprise
- 43% Small-Business
147,050 Twitter followers
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- User Satisfaction
- Seller Details
Pepper is a cloud-native investment data platform that powers investment managers' decision-making infrastructure. It has a full suite of functionality that enables investment managers to create a sin
- 40% Mid-Market
- 40% Small-Business
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- Seller Details
Surveyor is a post trade surveillance tool designed to detect and eliminate market manipulation. Surveyor minimizes false positives and provides the most accurate alerts in the world by leveraging ful
- 40% Small-Business
- 40% Enterprise
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- User Satisfaction
- Seller Details
9fin uses artificial intelligence to automatically extract key information from bond & loan documentation. By making data easy to search, filter and analyse, 9fin helps fixed income professionals
- 50% Small-Business
- 25% Enterprise
3,420 Twitter followers
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- User Satisfaction
- Seller Details
TraderXL Pro is a financial risk management software, and includes features such as portfolio management.
- 33% Enterprise
- 33% Mid-Market
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- User Satisfaction
- Seller Details
AI technology that assesses probabilities as trades take place. Giving our subscribers an unparalleled advantage navigating today's volatile market. Trade-Ideas provides real-time decision support an
- 33% Enterprise
- 33% Mid-Market
7,528 Twitter followers
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- User Satisfaction
- Seller Details
Uprise offers comprehensive personal financial planning, matching you with a financial advisor who looks at your whole financial picture and tells you exactly where to optimize. You will receive a per
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Integrated Capital Engine is a web-based software that analyses portfolios, generates proposals, makes up theoretical illustrations.
- 50% Mid-Market
- 50% Small-Business
1,259 Twitter followers
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Bud Financial (“Bud”) enriches financial data, identifying the likes of merchant, category, location and regularity of transactions, to provide actionable insights and readable inputs for LLMs in the
- 50% Small-Business
- 50% Mid-Market
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Fintellect is a streamlined finances platform for professional service firms: design studious, IT outsources, consulting firms and other B2B services. It has everything a service company may need to m
- 100% Small-Business
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- User Satisfaction
- Seller Details
A realtime integrated Stock Scanner and Screener designed for momentum traders and those actively looking for stock breakouts.
- 100% Small-Business
2,207 Twitter followers
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- Seller Details
- Overview
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- Seller Details
Welcome to the new end-to-end reporting solution by Hexaview, ReportWa, a real-time report creation and distribution solution that empowers financial advisors with self-service capabilities. ReportWa
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Spider Software is the foremost developer for one of the Best Technical Analysis software, curated exclusively for the stock market traders of India.
- 50% Small-Business
- 50% Mid-Market
7,413 Twitter followers
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- User Satisfaction
- Seller Details
Trendrating is a global leader in the field of advanced analytics and portfolio management technology serving thousands of asset owners worldwide and strategic partners such as Bloomberg, Euronext and
- 50% Small-Business
- 50% Enterprise
286 Twitter followers
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- User Satisfaction
- Seller Details
Founders thrive with Visible by building strong investor relationships, streamlining investor updates, managing capital raises, and tracking key metrics.
- Computer Software
- 91% Small-Business
- 9% Mid-Market
4,033 Twitter followers
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- User Satisfaction
- Seller Details
ABS Suite provides a customizable data architecture that is easily adjusted to accommodate an unlimited number of asset classes, interfaces, and transactions.
- 100% Small-Business
- Overview
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- User Satisfaction
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Powerful data analytics trusted by the world’s financial institutions. Since 2005, ActiveViam has provided the world’s leading financial institutions with its fully flexible data aggregation and ana
- 100% Small-Business
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- User Satisfaction
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Thanks to its computation engine dedicated to performance, risk and ESG analytics, AM-DIS provides asset managers, an integrated solution that automates their business process to support a wide range
- 100% Enterprise
- Overview
- User Satisfaction
- Seller Details
Enabling financial institutions to provide secure, mobile-first experiences for a variety of products.
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Make informed decisions about product development to boost marketing and sales results. Broadridge provides one central source for researching and understanding market trends and opportunities.
- 100% Small-Business
5,976 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
Clearwater Analytics is a global industry-leading SaaS solution for automated investment data aggregation, reconciliation, accounting, compliance, risk, performance and reporting. Each day, the Clearw
- 100% Small-Business
1,417 Twitter followers
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- User Satisfaction
- Seller Details
Deepvue is a powerful, intuitive, and comprehensive trading platform providing cutting-edge tools, advanced financial analytics, visualizations, and resources that empower investors at every level to
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
eFront Portfolio Monitoring (PM) streamlines and automates all portfolio monitoring activities from data collection and standardization all the way to advanced analysis and investor reporting, leverag
- 100% Mid-Market
1,106 Twitter followers
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- User Satisfaction
- Seller Details
FINCAD provides innovative and trusted financial analytics to Asset Management & Hedge Funds firms, Insurance & Pension companies as well as other large organizations worldwide. F3 delivers a
- 100% Enterprise
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- User Satisfaction
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Radically Insightful Transaction-Level Recommendations to Find Money for Consumers
- 100% Small-Business
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- User Satisfaction
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Advisor/Wholesaler focus and time has shifted heavily towards preparing for client engagements at the expense of connecting with all their clients. They have become data analytics professionals as m
- 100% Enterprise
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- User Satisfaction
- Seller Details
The software enables managers, investment analysts, controllers, investors and also production, marketing
- 100% Small-Business
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- User Satisfaction
- Seller Details
Salesforce Consulting and Implementation Practice.
- 100% Enterprise
- 100% Small-Business
807 Twitter followers
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- User Satisfaction
- Seller Details
Modelity unicost brings fragmented, non-unified cost information into full harmonization.
- 100% Small-Business
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- User Satisfaction
- Seller Details
Perform For Private Clients helps you to analyze your portfolio and adapt to an ever changing market. Our powerful portfolio management tool is designed specifically for managers in the private wealth
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Thousands of startup founders use Pro-Forma to quickly and easily create their startup financial model, value their startup, create and negotiate investor term sheets, and confidently sail through fin
- 100% Small-Business
8 Twitter followers
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- User Satisfaction
- Seller Details
Reorg is a global provider of credit intelligence, data and analytics for Investment Bankers, Investment Managers, Legal Professionals, Professional Services, and Corporations .
- 100% Mid-Market
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- User Satisfaction
- Seller Details
Hundreds of the world’s most sophisticated financial firms rely on SOLVE fixed income data, analytics, and tools to transform the way they bring new securities to market, trade on secondary markets, a
- 100% Small-Business
454 Twitter followers
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- User Satisfaction
- Seller Details
StockPulse offers a variety of datasets suitable for a broad range of purposes, e. g. building quantitative models or integration into risk management systems.
- 100% Enterprise
295 Twitter followers
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- User Satisfaction
- Seller Details
Strike is an all-in-one stock market analysis tool that provides accurate and timely insights to help investors maximize profits and minimize risks. Our proprietary indicators and scanners offer advan
- 100% Small-Business
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- User Satisfaction
- Seller Details
Institutional allocators representing over $1.7 trillion in assets leverage our award-winning to perform exposure, risk, liquidity, attribution, and private equity modeling analysis across multi-asset
- 100% Small-Business
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- 100% Mid-Market
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Our sophisticated NLP technology unlocks valuable market insights from the world’s news content, turning unstructured data into actionable trading tools and trading strategies for investors of all lev
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Advisors spend up to 12 hours analyzing clients' portfolios and comparing them to model portfolios. Manual transcription often leads to errors, and pouring over analytics adds time and complexity to t
203 Twitter followers
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Agilis Investment Management is a investment management software offers investment accounting, includes customer management, KYC, risk profiling, model portfolios, performance Mgt, and analytics.
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- Overview
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AltIndex revolutionizes investing with advanced alternative data analytics, AI stock picks, and real-time stock alerts, presented in an easy-to-use dashboard or via API, powered by alternative company
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- Seller Details
Unlike any trading indicator, we’ve built a high-performance trading system using deep learning artificial intelligence and it is able to learn how Market Makers move in both bull and bear markets. Cu
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- User Satisfaction
- Seller Details
Alterest is a data and intelligence provider. We are creating data products with deep analytics for participants in the lending markets, starting with a specific focus on alternative, non-bank lending
150 Twitter followers
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- User Satisfaction
- Seller Details
Amsflow is a modern financial intelligence platform that blends cutting-edge AI, real-time global financial data, and collaborative tools to help financial teams to analyse, monitor, and make decisio
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38,962 Twitter followers
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- User Satisfaction
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ATAS is a professional software for volume and order flow analysis. It combines deep analytical tools with a flexible interface. ATAS helps traders visualize market activity in real-time, uncover hidd
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- User Satisfaction
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Atominvest's next-generation software is revolutionizing asset management, allowing fund managers and their service providers to efficiently manage both their investments and investor base via a singl
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- User Satisfaction
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Attune provides everything you need to demystify financial health data. Our tools and dashboard automate and simplify gathering insights, so you can focus on decision-making and improving financial he
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Autochartist is a leading provider of automated trading solutions, offering advanced technical analysis tools to brokers for traders. Trusted by brokers globally, Autochartist enhances the trading exp
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Baker Hill NextGen® is a single unified platform that streamlines loan origination and portfolio risk management for commercial, small business and consumer lending, delivers sophisticated analytics a
349 Twitter followers
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- User Satisfaction
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We connect you to millions of bank accounts to streamline processes and provide turnkey insights and value - with 1 API. We develop and operate REST-APIs and GUIs all around the topic of finance. As
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Betterfront is a Munich-based fundraising and data analytics platform that helps alternative fund managers attract, engage, and retain institutional investors. Since its founding in 2019 by a team of
- Overview
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- User Satisfaction
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Bigdata.com turns complex financial data into clear, actionable insights. Designed for the finance sector, it powers AI agents with RavenPack’s trusted institutional data, helping investors, analysts,
- 50% Enterprise
- 50% Small-Business
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- User Satisfaction
- Seller Details
Bridgewise's AI-powered investment intelligence platform transforms complex global data into expert-driven, explainable insights, empowering all players in the capital markets to confidently explore a
451 Twitter followers
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- User Satisfaction
- Seller Details
Our award-winning data management and visualization solutions consolidate, reconcile, store and deliver information where, when and how it's needed.
5,976 Twitter followers
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- User Satisfaction
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Empower your advisors with on-demand or periodic performance reporting and investment analytics. With our flexible, scalable Performance Analytics, advisors can easily set and manage performance goals
5,976 Twitter followers
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- User Satisfaction
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Bunker is your Plug & Play Financial Analytics Software with Pivot Ready Excel and Gsheets. Through direct API connections to Xero, Netsuite and QuickBooks, Bunker streamlines the process of acce
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UBQuant’s cloud-based SaaS solution delivers a transformative way for bank UBPR analysis with our award-winning insights engine. Using our intuitive visualizations, compare your custom peers or regula
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- User Satisfaction
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🏆 WealthTech Company of the Year - Africa 2022. 🏆 Best FinTech Solutions Provider - MENA 2022. Capital Quant Agency is an early-stage Fintech start-up specialized in Capital and Financial Markets Tec
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Claira is an AI-powered Deal Intelligence platform designed for financial institutions. It transforms complex financial documents into actionable insights, enabling professionals to make more informed
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Contovista is a Swiss FinTech company with the mission to facilitate the transition to data-driven banking. They specialise in big data analytics, business intelligence and visualisation of financial
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Countercyclical is the definitive investment research and valuation platform built for teams discovering hidden value in the capital markets. Craft insightful valuations, collaborate in real-time, and
90 Twitter followers
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- User Satisfaction
- Seller Details
Credit Pulse, an innovative credit analysis platform that utilizes cutting-edge machine learning algorithms to comprehensively analyze textual information extracted from regulatory filings by efficien
- Overview
- User Satisfaction
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daappa is the data, accounting, and administration platform for private assets. The daappa platform is a combination of software, cloud technology, data management and proactive client servicing de
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- User Satisfaction
- Seller Details
Dealigence company promotes high-tech and venture capital ecosystems.
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- User Satisfaction
- Seller Details
DEF 14 is a hedge fund activism analytics platform designed to address the lack of structured, high-quality, and intuitive activism data. Covering 30 years of activist campaigns, it ensures full trace
- Overview
- User Satisfaction
- Seller Details
Get anytime, anywhere access to your bank or credit union’s financial performance. Get insights into your bank or credit union’s financial performance from anywhere with secure, cloud-based access. Ge
10,480 Twitter followers
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- User Satisfaction
- Seller Details
Deriscope is an Excel Add-In used in financial institutions, such as banks, brokerages, hedge funds, pension funds, but also in other areas relating to capital markets trading, such as corporate and s
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We provide a holistic digital engagement platform with the mission to enable banks of any size globally to implement delightful mobile and web experiences for their customers and provide them with the
58 Twitter followers
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- User Satisfaction
- Seller Details
dxFeed Bookmap is an innovative data visualization tool and offers an advanced interface to monitor the dynamics of Depth of Market (DOM) and the evolution of the order book. dxFeed Bookmap provides
1,063 Twitter followers
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- User Satisfaction
- Seller Details
Dyno Trading is the worlds leading provider of charting software tools that service Prop Trading firms.
- Overview
- User Satisfaction
- Seller Details
Earnix is the premier provider of mission-critical, cloud-based intelligent solutions across pricing, rating, underwriting, and product personalization. These fully integrated solutions provide ultra-
880 Twitter followers
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- User Satisfaction
- Seller Details
Equifax Ignite is a unified environment that combines the best of data and analytics with decisioning execution, providing: - Rapid access to unique, differentiated data for more predictive insights -
- Financial Services
- 64% Small-Business
- 21% Mid-Market
23,960 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Etops is a Swiss WealthTech solution tailored for family offices, wealth managers, banks, asset managers, pension funds, and developers. Focusing on offering wealth data analysis, powerful monitoring
Learn More About Financial Analytics Software
What is Financial Analytics Software?
Financial analytics software helps financial services professionals visualize and extract insights from financial data. These solutions are vital tools for financial professionals, particularly those who manage investment portfolios on behalf of clients. Financial analytics tools typically include robust reporting functionality, analytics dashboards, data visualization features, the ability to ingest data from multiple sources, data tagging capabilities, and investment attribution features. At their core, financial analytics services are used to evaluate data and build investment strategies. Financial analytics solutions differ from financial analysis software, which is software designed for internal finance teams responsible for budget management, cash flow, producing financial statements, managing balance sheets, and general financial management of industry-agnostic businesses.
For example, a financial analyst at a hedge fund is looking to parse historical market data to help a client make the soundest investment in a specific sector. They would use financial analytics tools to help digest the relevant data, manipulate it, visualize it, and analyze it. With the product of the analysis, the financial analyst can provide their client with recommendations on what investments to make. After the investment, the analyst or portfolio manager can utilize the financial analytics platforms to produce reports on investment performance and track gains and losses within specific segments.
What are the Common Features of Financial Analytics Software?
The following are some core features of financial analytics software that can help users:
- Data ingestion: These tools ingest data from a variety of data sources. The data will include market prices, the percentage change in price over various periods, trading volume, and more. The data a given solution ingests and the data sources it uses help traders make better investment decisions and get better at forecasting. These solutions can act as a replacement for Excel documents, which traders have historically used quite heavily.
- Reporting: Financial analytics software produces reports based on investment analysis and market data. These reports can help users shape future investment strategies. Some solutions include strategy-specific tools where users can test specific scenarios to see how they might play out with different market inputs. Users can produce forecast reports using financial analytics services.
- Data tagging: Financial analytics platforms allow users to create tags for and attribute those tags to specific types of data, helping users keep track of them. Data tagging can be used to organize and manipulate data as a given trader wants, allowing the business to automate portions of the process of dealing with historical investment data later on.
- Data visualization: These financial analytics platforms can produce visualizations of real-time and historical data. Most solutions contain pre-built visualization types for users to choose from. If available, users can make use of pattern recognition tools to automate previously manual parts of the process and produce custom visualizations within a financial analytics tool.
- Dashboards: These financial analytics software contain dashboards for users to have a single-pane view of a specific investment type or portfolio. From this dashboard, users can check on the profitability of specific investments. Users can analyze cash flow management within specific publicly traded companies as part of the inputs for their investment strategy if significant positive cash flow is an important indicator for future success for a particular trading strategy.
What are the Benefits of Financial Analytics Software?
The following are the benefits of using the best financial analytics tools.
- Improved investment performance: Financial analytics software can help investment funds and investors improve profitability and introduce more stability to their investment performance.
- Real-time portfolio analysis: Traders use financial analytics solutions to automate portions of their workflows related to portfolio management. Users can streamline a great deal of the grunt work when it comes to analysis, allowing them to get better at financial planning for their customers and focus on improving their decision making.
- Data-driven insights: Financial analytics platforms provide data-driven insights that can help businesses make informed decisions.
- Identifying cost-saving opportunities: By analyzing spending patterns and identifying inefficiencies, businesses can reduce costs.
- Enhanced forecasting: By analyzing historical data and current trends, businesses can make more accurate predictions about future performance.
Who Uses Financial Analytics Tools?
- Financial analysts: Financial analysts use the best finance analytics software to analyze historical data, predict future market movements, keep up to date with market trends and trading-related information, and help with recommendations regarding investment decisions.
- Portfolio managers: Portfolio managers may use financial analytics software to check in on portions of their client's investment performances and help produce sound investment strategies based on data. Typically, portfolio managers will interact with clients via their investment portfolio management solution, which often contains a client portal through which they share vital information.
Challenges with Financial Analytics Software
The best financial analytics software solutions can come with their own set of challenges.
- Data quality: The quality of the analysis that the best financial analytics tools can produce will always be limited by the quality of the data it ingests. Quality, in this case, is two-fold. The first aspect is the actual accuracy of the data. Accurate data is a must. The second aspect of data quality is the variety of data the solution ingests and deals with. A bare-bones financial analytics tool may only be designed to pull data from a few sources. A robust solution may pull in additional data that could be vital indicators of future investment performance, particularly in newer or little-understood markets, driving deeper insights and improved financial performance.
- Depth of analysis: Surface-level analysis is fine for surface-level decision making, but the analysis should contain significant depth for large dollar-amount decisions or investments in emerging markets. Finance analytics software with comprehensive feature sets which allow for large degrees of tinkering and customization will enable users to produce a complete analysis with actionable insights.
Cost of Financial Analytics Tools
The cost of the best financial analytics software can vary significantly depending on several factors, including:
- Software vendor: Different vendors offer different pricing models, ranging from subscription-based to perpetual licenses.
- Features: More advanced features and capabilities often come with higher costs.
- Deployment model: Cloud-based solutions may have lower upfront costs but higher recurring fees, while on-premises solutions may have higher upfront costs but lower ongoing expenses.
- Scalability: The scalability of the software, especially for growing businesses, can impact the overall cost.
- Customization: Customizations and integrations with other systems may incur additional costs.
- Support: Ongoing support and maintenance contracts can add to the total cost of ownership.
Pricing models:
- Subscription-based: A recurring fee based on the number of users or the level of usage. Basic tools can start as low as $10 per user per month. More advanced tools can go up to $1,000 per user per month.
- Perpetual License: A one-time fee for the software license, often with additional fees for maintenance and support.
- Hybrid Models: A combination of subscription and perpetual licensing, offering flexibility and cost control.
Note: To get a more accurate estimate of the cost, it's recommended to contact the specific software vendors and discuss your requirements. They can provide detailed pricing information of the best financial analytics tools and tailored solutions.
How to Buy Financial Analytics Software
Requirements Gathering (RFI/RFP) for Financial Analytics Software
The company should put together a requirements list with the end user in mind and a keen understanding of the business’s existing tech stack and how a given solution will fit in so that the buying committee can make informed decisions. Financial data is particularly valuable to bad actors. Its value makes it vulnerable, so financial analytics solutions which deal with sensitive client data should be particularly secure.
Compare Financial Analytics Software Products
Create a long list
The long list should include all solutions that meet the core functionality that the business requires. Price should not be a factor at this stage unless completely prohibitive for specific budgets.
Create a short list
The short list should include more solutions with nice-to-have functionality and core functionality. This is where the prospective buyer should dive into return on investment (ROI), product adoption, and training strategies.
Conduct demos
The demo process should include all relevant questions from stakeholders. Specific scenarios likely to occur during daily operations should be addressed during the process.
Selection of Financial Analytics Software
Choose a selection team
The selection team should comprise a user, a security stakeholder, an IT person with deep knowledge of the organization’s existing tech stack, a privacy professional to sign off on any data handling or permissions concerns, and representatives for any other personas who will have significant interactions with the tool.
Final decision
The final decision should be made by the consensus of the selection committee. If there is hesitation from any group members, significant strides should be made to address the concerns in full before making a decision.
