It is a fact that nowadays all organizations need data and analytics to drive operational excellence and build better customer relations, in addition to developing outstanding services. Technologies and insights enable these organizations to take a step further either in the way it will set up its strategy or come up with new and innovative business models, or services.
A data-driven Bank is a Bank where they capture and reinforce the value of their data by constantly surrounding it with context, describing its source, who has access to it, and how it has been and being used at the current time. These Banks empower their people by giving employees direct access to data, in a secure and safe manner, as well as providing interactive dashboards and data visualizations for better Data interaction. In a data-driven organization, data analysts, and IT staff, and business managers collaborate clearly and more efficiently, which in turn brings remarkable benefits to the entire organization.
We have below a list to be considered to capitalise on your bank’s data and drive the bank’s success and growth, most successful Data Drive Banks have:
- Organized and centralised their data.
- Maintained recent and relevant data that was not limited to internal sources but expanded their resources to external channels.
- Have chosen not to overload their servers with useless data – using data filtration.
- Controlled the data flow into their pool in order to get the desired benefits of the investment.
- Have a data governance policy in place to prevent data deterioration and guarantee data quality
- Identified which type of data each person within the bank needs to have access to. Not everyone can access everything.
- Integrated analytical Data Driven Banks tend to use the most innovative analytics models functionalities. They are also embedded into existing tools, making them more likely to be used. Competitive advantages arise from analytics models that allow users to predict and act upon business insights and thereby optimize outcomes.
Moreover, the intelligent Bank has the advantage of time reduction in making decisions based on facts and real-time data, which drive engagement. Banks’ Customers’ can analyze the relevant data gathered several times, and then they proceed with the decision making phase.
The importance of consistency, longevity, awareness, responsiveness, feedback, can build a data-driven bank that ensures customer retention and market share.
Identifying the relevant data source, understanding customer behavior and needs, and updating the platforms which will substantially impact the way people do work and reflect on the company’s Crucial Numbers, this will keep your bank’s customers happy and satisfied with the outstanding services provided.
Author: Mahfooz Khrawish
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Co-author: Ghazal Malhas
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