For most organizations, the problem with data isn’t that they don’t have it, it’s that they don’t understand it on a level that can boost their bottom line. For the banking industry, especially community and regional banks, it’s all about understanding your customer trends.
Can you accurately profile your customers? Do you understand their usage or lack thereof across your product lines? Are you maximizing your relationships? So much of what ultimately makes banks successful is driven by having a deeper understanding of their customers.
That said, exactly who understands the customer data and how quickly they can access it is the missing piece of the revenue-boosting puzzle.
Semantify CEO Ashoke Dutt discussed how new decision management technologies are making an impact in an article for Global Banking & Finance Review. Now, everyday business users, not just data analysts, can access and search data to uncover important customer information and trends.
In the article, he shares why traditional data analytic tools fall short for today’s banks, why a “self-service” approach to data analytics makes sense, and how to get the most out of a new technology solution.