Data strategy has become an essential part of community banking. Formal data strategy plans exist precisely because data has become a critical component of business development, risk mitigation and operational efficiencies, playing a role in nearly every facet of the bank.
But data for data’s sake is useless. It only becomes important when we view it through the lens of our business goals. As we evaluate data, we do so with a laser focus on what we’re trying to solve and the answers we’re hoping to find. In that regard, data serves as a resource to propel our business strategies forward by advancing them with the right information.
At the highest level, data is knowledge, reflecting the preferences, actions and behaviors of our customers. Having deeper insights into that information gives us the power to better support them.
Customized data strategy use cases that drive growth, compliance and efficiency
In speaking with community bankers around the country, it stands out to me that there are a variety of different use cases and ways people are thinking about leveraging their data in support of their strategies. Sometimes it’s a deeper investigation of transaction history to identify areas to offer additional support. Other times, the focus is on using the data to help safeguard transactions. And in still other instances, it’s about examining where processes can be streamlined within the bank. And these examples only scratch the surface of the massive potential community bank data holds.
But first you have to be able to access and manipulate the data you have. That’s where the ICBA ThinkTECH Accelerator and its cohorts come into play. Many participating companies offer solutions to help you capitalize on your data. Plus, ICBA Community offers a forum for you to discuss strategy with your peers—and get insights into how others are leveraging their data to advance their goals.
In the end, data strategy is about staying true to our customers and identifying ways we can more effectively and efficiently serve them. We are able to do more than ever before with this granular information, so we want to think big about what’s possible. Let’s use this opportunity to ask ourselves questions about what our customers truly need and find the answers in the information we possess. To me, that sounds like a solid strategy to support the future of community banking.
Where I’ll be this month
I’ll be attending the Bankers’ Bank Council meeting, and ICBA will be hosting a series of meetings with affiliated state associations in our offices in Atlanta.