Wilmington, NC (May 12, 2025) |
Apiture, a leading provider of digital banking solutions, today unveiled new research in partnership with Cornerstone Advisors about financial institutions’ ability to manage data effectively. Improving Your Financial Institution’s Data IQ establishes a new framework — Data IQ — to help banks and credit unions assess and improve their use of data against industry standards. The report is based on a March 2025 online survey of nearly 130 senior executives from U.S. financial institutions.
While the importance of data has been emphasized for decades, the stakes are now higher than ever as AI continues to transform core banking operations, customer service, and risk management frameworks. This report explores the challenges financial institutions face in data management, including technological limitations, governance issues, security concerns, and the rising demand for real-time analytics.
“While AI promises significant efficiency gains and competitive advantages, many financial institutions find it challenging to bridge the gap between their existing data infrastructure and the complex demands of modern AI systems,” said Ron Shevlin, Chief Research Officer at Cornerstone Advisors. “To overcome these hurdles, institutions need to prioritize the right tools, thoughtful design, disciplined processes, and clear business outcomes. Those institutions with a high Data IQ score understand this and, in turn, are already reaping the benefits.”
Data IQ reflects institutions’ effectiveness in their use of data, evaluating 50 attributes in five key categories: customer data, market data, transaction data, operational data, and data governance. The research findings reveal that most institutions are operating at half of their Data IQ potential, with few bankers considering their institutions very effective at data governance, strategy, or quality. What’s more, even fewer respondents view their organizations as effectively using data to enhance operational efficiency or the customer experience, with more than a third rating their bank or credit union as not effective at all in these areas.
The report highlights several best practices for building a high Data IQ, including:
- Designing from desired outcomes. Institutions should first determine the key needs for improving performance and customer delivery, designing solutions and processes to achieve them.
- Making data integrity and data strategy a company habit. Every employee should be held accountable for data integrity and should be responsible for maintaining accurate, consistent data across channels.
- Using external expertise for efficiency. The right partner can be vital in helping to make the journey to achieving a high Data IQ.
“Data is one of the most powerful assets an institution has, yet most banks and credit unions are only scratching the surface of its potential,” said Apiture CEO Chris Babcock. “This research confirms that although institutions recognize the importance of their data, they often lack the structure, governance, and guidance needed to use it effectively. The new Data IQ framework helps banks and credit unions better understand the reasons institutions struggle with data management and offers insights to help them maximize their investment in data initiatives.”
Shevlin will share additional insights from the report at Apiture Accelerate, the company’s client conference, May 13-15 in New Orleans. Additionally, he will join Apiture Chief Product Officer Daniel Haisley for a webinar on June 4 where the two will discuss effective data strategy, its role in creating tailored experiences, and tips for how financial institutions can improve their data maturity. Please visit the event's landing page to register today.
To learn more about the Data IQ framework and current industry benchmarks, download the full report.