Pub. 3 2024 Issue 3

TECHNOLOGIES AND TECHNIQUES Tools for data analysis come in many forms. They vary in cost and sophistication and can be conducted internally or by an external third party. Here are several examples: • Surveys: Simple customer surveys provide immediate feedback about how to better serve customers. “Surveys are an efficient and cost-effective way for banks to identify policies and practices that may need adjustment,” says Meghan Crawford-Hamlin, institutional division president for BHG Financial. • Open-Source Software: Open-source analytics provide universal and often free access to a product’s design, and can be a cost-effective way for smaller banks to launch new products and services quickly. Several popular open-source software tools offer data analysis applications for banks. • AI: AI can synthesize large volumes of data faster than most tools. It identifies non-obvious patterns and inconsistencies, making it ideal for loan underwriting and fraud mitigation. A growing number of open-source AI platforms are available for smaller banks. • Third-Party Specialists: Partnering with a specialized third-party provider can be a cost-effective strategy for banks limited by technology and employee capacity constraints. STARTING SMALL AND OTHER CONSIDERATIONS Experts advise smaller banks to begin data analysis slowly. Take small steps and learn from them. Let one success lead to another and use those victories to fund future efforts. Along the way, weigh these considerations: • Consider hiring a data analyst or data scientist to start analyzing data. • Decide whether to keep data analytics in-house or outsource it. • Consider aggregation tools that combine data from different systems for better insights. • Map out current data sources and systems to understand gaps and opportunities. Consider roles like chief data officer to oversee data strategy and execution. Community banks have a unique opportunity to thrive by combining local expertise and personalized service with data-driven insights and automation. This combination can help level the playing field against larger competitors. INDEPENDENT REPORT | 11 SOCIAL ENGINEERING NETWORK MONITORING BY COMMUNITY BANKERS FORCOMMUNITY BANKS CivITas Bank Solutions was born from the needs voiced by community banks for affordable real-world technology and information security solutions. Anne Benigsen President David Philippi VP - Business Development Chris Tuzeneu VP – Information Security PENETRATION TESTING VULNERABILITY SCANS info@acivitas.com www.acivitas.com

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