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. NICB ENDORSED PARTNERS • Bankers Compliance Consulting — Dave Dickenson • Barret Graduate School of Banking — Memphis, Tennessee • Community Bankers Webinar Network — Financial Ed • Dell Computers • ICBA Securities — Jim Reber • ICBA Bancard • NICB-CBAK Liquidity Program • SHAZAM — presented last year at Area Meetings • Spectrum Financial — Fee Income with Credit Insurance Products/ Services, Identity Theft Program, Flood Determinations — Scott Votava • Travelers Insurance • UNICO Group — Diana Poquette • The Advantage Network • BancMac • Bankers’ Bank of the West • Bankers Compliance Consulting • Bankers Healthcare Group • Barret Graduate School of Banking • Bell Banks • BKD LLP • John E. Cederberg, CPA • Central States Health & Life Co. • CivITas Bank Solutions • Computer Services Inc. (CSI) • Cross Financial • D.A. Davidson & Co. • FIPCO — Compliance • Federal Reserve Bank of K.C. (complimentary) • FHLBank Topeka • FNB Omaha Correspondent Banking • FIPCO • First National Capital Markets • FPS Gold (Core) • ICBA Bancard & TCM Bank • ICBA Securities • ICBA • ITPAC Consulting LLC (IT audits) • Kirk Gross Company • Labenz & Assoc. LLC (CPAs) • Maple Street Inc. • Midwest Independent BankersBank • Modern Banking Systems • Money Handling Machines Inc. • NFP Executive Benefits • Perry, Guthery, Haase & Gessford PC LLO • Purple Wave Auction • QwickRate • RESULTS Technology • Scantron Technology Solutions • SHAZAM • Spectrum Financial • Taylor and Martin Appraisal Services • Travelers Companies Inc. • UMB Bank N.A. • UNICO Group • United Bankers’ Bank ASSOCIATE MEMBERS 2024 18 NEBRASKA INDEPENDENT BANKER
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