Today community banks operate in an environment ripe with opportunities, accompanied by challenges. Game-changing technologies, new fintech competitors, regulatory burdens, and increasingly sophisticated members encourage community banks to refine their traditional strategies for success: profitable growth, optimal member service, and a superior member experience. Like many other businesses, many community banks are now struggling with continuous technology adoption and innovation. We live in a world where a strong data and analytics competency is becoming a ‘must have’ for successful companies. Community banks that harness the value of their data are gaining a deeper understanding of their membership’s vital trends and purchasing influences and behavior. This newfound knowledge is leading to improved financial performance, reduced risk, enriched relationships, and greater member loyalty.

Put your data to work

It’s estimated that more than 2.5 quintillion bytes of data are created every day. Collecting and utilizing the data and then transforming it into small, actionable, decision-making data creates the opportunity to harvest rich sources of information. Community banks depend on core and related support systems to run their business, with each system locking up a tremendous amount of member, financial, and marketing data from which impactful insights can be distilled.

The impact of data-driven transformation for community banks tend to fall within four main categories:

1. Customer intelligence-Improve customer experience and increase Lifetime Value

2. Reimagined processes-Optimize every aspect of business for efficiency and productivity

3. New business opportunities-develop new products, services and, revenue streams

4. Balanced risk-Get insight into internal and external factors to make faster, smarter decisions around risk.

Are community banks ready to leverage data analytics?

While financial institutions spend billions of dollars on marketing analytics, many community banks have yet to seize the opportunity of huge untapped potential to leverage member data and analytics. So why are community banks so late, or reticent, to participate in the analytics revolution?

Most existing analytical solutions aren’t designed with community bank needs in mind. Traditional enterprise-scale solutions are also generalized, not tailored for community banks use, too expensive, and complicated. Visualization tools may provide a quick start but can’t meet the longer-term strategic needs of the credit union. How can community banks overcome this challenge? Most community banks have vast amounts of data about their members, but they have trouble sorting through it all to make meaningful decisions. By investing in the right advanced analytics tools and data science consultants, in combination with deep member relationships, your bank competes and rise above the large, more analytically advanced financial institutions.

With real-time data and advanced analytics, the business will move to the beat of a new digital drum, accelerating the evolution of your Community Banks.

And here’s the good news. This capability is no longer the exclusive right of the largest corporations. New cutting-edge technology, wielded by capable partners on your behalf, now places the same power in your hands.

At Insight Consultants, combining the power of data and analytics we can help you anticipate the next right moves to satisfy a member’s unique needs and preferences.

We offer

1. AI-driven predictive models to create targeted member persona

2. Data Analytics techniques to extract valuable insights

3. Through predictive analytics identify and forecast a loan default

4. Targeted member retention using predictive analytics.

Those data-centric community banks that are adopting predictive analytics are turning detailed information on each member into more comprehensive insights.

The result…

They have gained a foothold in the market by offering fewer but more relevant products to their members. Plus, these community banks are strengthening relationships, improving retention, offering even better service, driving new business, and boosting revenue. It’s a win-win that needs to be part of the overall strategic direction.

So, if you are looking for ways to harness the power of data analytics or would just like to know more,  reach out to us by filling Contact Us form.