Data at many financial institutions (FIs) is stored in silos, making a complete view of a user’s banking relationship difficult for executives to perceive. Users are subject to the negative repercussions of siloed data when the personalized banking experience they expect becomes fragmented and/or provides out of date information.
FIs can’t provide the tailored digital experiences their users want without the ability to extract insights from their data. The solution: data transformation that allows for learning end user behavior and extracting real-time insights. This blog explores solutions and digital banking platform features FIs need to execute such data-driven activities.
FIs continue to capture a vast amount of information on how their users behave and interact every day, but face many challenges in putting that data to work. Meanwhile, today’s users from Gen X to Gen Z expect personalized, proactive services from their FI. This expectation comes from social media and consumer apps that employ user data to anticipate actions.
Extracting real-time insight from data to meet users’ expectations is difficult, but is made even harder when data is stored in silos, and analytics solutions and models used to interpret all of it are outdated. Once an FI devises a way to gather the data, it’s usually delivered from silos in a non-uniform way, setting another roadblock to gaining clear insights from clean data. FIs will need to establish a single source of truth for both internal and third-party data before fully realizing their data strategy.
A single digital banking platform with integrations that make meaning from various data sources can serve as that source of truth. On a data-centered platform, FIs can optimize user journeys with powerful marketing and analytics tools that allow for the ability to identify patterns and take action on opportunities data reveals.
Whether through deeply integrated third-party solutions or natively built platform features, the right digital banking platform should help FIs utilize their online banking data to segment and proactively identify user needs well into the future. This allows FIs to effectively market new products and services to their users as their needs change and as new products become available. With clear insights from their data, FIs can configure user lists that aid in prioritizing messaging and personalizing engaging marketing content. Automation of the process ensures delivery of the most up to date and relevant content. Pairing data and automation for targeted marketing can match an FI’s users’ financial needs with the right solutions when they’re needed.
User expectations can also be met with artificial intelligence (AI) solutions. AI creates an opportunity to enhance the analytics process and obtain greater, real-time insight into a user’s financial needs. With a digital banking platform that leverages AI and machine learning, FIs can maximize their data-driven activities to deliver truly personalized, future-focused experiences for their users.
While raw data is useful, the real power of data is unlocked when it is connected to a flexible analytics system. With a data analytics tool paired with a modern digital banking platform, FIs can leverage their data in a number of ways, including gaining deep insights into end user behavior to comprehensively identify marketing segments.
A data analytics tool isn’t just about canned marketing reports; it should provide a 360-degree view of users, their online behaviors, and their banking behaviors. For instance, Alkami’s data analytics tool provides rich visual data discovery opportunities with several analytics dashboards that expose trends, exceptions, and insights through interactive visualizations customized for each dashboard. Each dashboard provides a unique view of the relevant data and matches it to corresponding end users through demographics, types of accounts held (and not held), and proprietary scores such as user relationship score.
Dashboards help FIs stay competitive and accurately attribute ROI with visibility into KPIs and performance of a digital banking platform.
A content management system (CMS) built into an FI’s digital banking platform makes it easy to meet users where they are with the right message at the right time. Content can be promotional, educational, or informational, and it can consist of system alerts, context-sensitive help information, disclosure forms, or acceptance of disclosures. A CMS blends responsive design with ease of use so FIs can optimize efficiency by building a piece of content that can be reused across multiple touch points on their mobile banking app.
Data analytics solutions aren’t just for the benefit of users. FIs can make these solutions a central part of their revenue growth strategies. However and wherever banks or credit unions see data in their roadmap, it’s undeniable that it plays a significant role in the future of an institution’s success.
