Data Analytics Empowers a Competitive Advantage
Business intelligence. Big data. Predictive analytics. Historically, these terms have not been associated with the community banking industry. However, with the changing landscape of the financial industry today, these concepts certainly apply. Financial institutions have the power to take the data at their fingertips and turn it into a competitive advantage. The data is already there; it is just a matter of harnessing its power.
What is the future of business intelligence in banking?
More than ever, financial institutions are faced with the challenges of high customer acquisition costs and attrition. Therefore, their major organizational strategies are often growth and retention. A recent Banker’s Toolbox study indicated that Marketing Customer Information Files (MCIF) may be better at collecting demographic data than giving suggestions on how to add value. This white paper discusses the survey results as well as a new trend in leveraging transactional data in business intelligence.