INNOVATION STATION THE POWERFUL ROLE OF DATA IN COMMUNITY BANK INNOVATION By Charles E. Potts, Executive Vice President and Chief Innovation Officer, ICBA Data is king. Everyone — from Big Tech to retailers to systems providers — prioritizes data for its ability to deliver on revenue expectations. Looking to improve the customer experience? Data tells a story. Want to strengthen fraud prevention? Data provides protections. Striving to prioritize the projects on your to-do list? Data leads the way. For these reasons and more, the overarching narrative for community banks in 2024 will center on all things data: how to uncover, understand, mine and activate the data you have for the benefit of the customers you serve. From our experiences with the PPP, we’ve learned the importance of identifying a need and reporting on the outsized role community banks play in servicing small businesses in their hour of need. But now the charge is to make sure we’re retaining those valued 17 The CommunityBanker
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