Pub. 3 2013-2014 Issue 5

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S March • April 2014 11 surrounded by lots of questions, to a mechanism for redefining the playing field. Financial institutions can leverage this new technology and its advanced analytics and predictive marketing tools to capi- talize on big data, craft superior customer experiences and gain the competitive edge. Toward that end, automated solutions are emerging to help financial institutions draw powerful insight from their masses of customer data. Using such robust features as customizable dashboards and reporting functions, cross- application research capabilities, trend analyses and historical views, banks can gain a 360˚ view of their landscape and better predict which products, services and decisions will have themost positive effect on their bottom line. With big data solutions, the customer information is better organized and accessible, allowing users to analyze informa- tion—across functions and transactions, products and services— in anymanner they choose. These tailored analytics can be saved, shared and accessed daily. In addition, dashboards provide at-a-glance views of an in- stitution’s daily andmonthly activities through trending reports and charts—and can even provide “what if” illustrations. For example, a bank could determine how its bottom line would be affected if 10 percent of its loans defaulted. But don’t expect these dashboards and analyses alone to increase profitability. Institutions must implement them to their fullest potential and act upon the vital information gained to efficiently derive answers and make decisions that not only drive profitability, but also reduce costs. For instance, you can perform an analysis of your branches to determine when teller lines are busiest, and staff your branches accordingly. Or analyze whether a certain type of loan is likely to help—or hurt—your cost-to-income ratios. Big data can be your friend, or your foe. This year will set the tone for which institutions successfully examine their volumes of information to attract, retain and better serve customers—and rise above the competition. n Jason Young serves as product manager for CSI NuPoint. He is responsible for oversee- ing CSI’s robust suite of business intelligence solutions, including Financial Dashboard and Relationship Pricing. Jason holds a diverse banking background, having served as a credit analyst/underwriter as well as a commercial relationship manager prior to joining CSI. His experience gives him a unique perspective on the impact data and technology can have on profitability and success. Minimize your risk with CHFA’s Cash Collateral Support program. Banks that use the CCS program will receive cash deposits as collateral for a business loan when the business cannot meet the collateral requirements. Close the deal with more customers. Contact CHFA Community Development today. look out for your small business clients 800.877. chfa (2432) www.chfainfo.com financing the places where people live and work