HOW BANKS CAN REFINE DATA INTO ACTIONABLE INSIGHTS By Jay Kenney, SVP & Southwest Regional Manager, PCBB Community banks have a lot of untapped data at their fingertips. When used with the right tools and expertise, the vast amount of data at a bank’s disposal offers significant opportunities to boost performance. However, the financial services industry faces numerous issues due to the variety and large volume of complex data it handles. For example, data teams need to effectively communicate data insights with stakeholders and decision-makers, as clear and understandable data is critical for achieving strategic objectives. Unfortunately, it’s not a straightforward task, particularly when some organizations are still reliant on legacy infrastructure with data stored on multiple systems across several departments. These challenges can make it difficult to see the whole picture at once and gain real-time insights into customer trends and patterns. What’s more, explaining and sharing data findings with non-specialists can be onerous and an inefficient use of data experts’ time, diverting them from key duties. Data Challenges for Decisionmakers Every aspect of the banking industry, from customer transactions and lending decisions to fraud prevention, depends on data-driven insights to guide informed decision-making. As the digital landscape evolves with the emergence of cloud computing, artificial intelligence and machine learning, banking decision-makers are acutely conscious of the urgent need to modernize as they aim to redefine operational efficiencies and customer experience. For instance, legacy systems are labor-intensive and open to human error, so community banks are seeking new systems that will integrate with the old platforms. As they invest in new platforms, they need to be confident that insights and decisions will be driven by high-quality data and analysis will be delivered in accessible formats. Innovative, Data-Driven, Tailored Solutions To navigate these challenges, community banks are increasingly turning to data-driven platforms that not only integrate with legacy systems but also enhance their decision-making processes. As they invest in these new technologies, the focus shifts to ensuring that data analytics will drive insights and decisions, providing high-quality, actionable information. Data analytics is revolutionizing the banking industry, transforming everything from customer profiling and segmentation to fraud detection, lending decisions, cybersecurity, risk management, compliance and client support. Decision-makers want formats that are user-friendly and easy to access and interpret. A platform that can be used by stakeholders, regardless of skill set, will help to improve productivity and the communication of data, allowing data teams to concentrate on their key roles. When considering the adoption of new data-driven platforms, it’s essential to focus on several key factors to ensure successful integration and maximized value for your organization: • Prioritize User-Friendly Platforms: Invest in data analytics platforms that are intuitive and accessible to all stakeholders,
RkJQdWJsaXNoZXIy ODQxMjUw