Using big data in banking: Your 5-step guide
Big data in banking has only gotten bigger. Through digital channels, third-party applications and enhancements to core systems, institutions have access to more banking data than ever before. And bankers understand the value of this data availability. According to CSI’s 2021 Banking Priorities Survey, 17% of bankers said efficient usage of customer data was their top strategy to increase market share in 2021. However, most bankers rated themselves mediocre or poor (2.8 out of 5) at utilizing big data in banking today. So, how can bankers maximize the utility of their data?
Read on to learn the five critical steps to maximizing the use of big data at your bank.
Step 1: Find Your Bank’s Big Data Expert
Many financial institutions today view data in a siloed way. Data is segmented by department within the institution, with different leaders analyzing that data in isolation. Loan data is reported by a loan data expert, deposit data is reported by a head of deposit operations, etc. But data from these silos only tell part of the customer story. The value of your institution’s data is immediately maximized when you can see the whole picture. The natural question is, how do you connect disparate banking data, and who owns that initiative?
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