Whether it’s compliance with forthcoming regulations or simply giving your customers an enjoyable experience, banks are realizing that one thing is central to achieving successful results across their operations.
Data management and governance has become a central element for banks positioning themselves for the future in a digital-first world and as new credit reporting requirements, like the current expected credit loss (CECL) provisions, are put into effect.
Banks that embrace and establish a robust data governance process will be better positioned to accomplish its strategic initiatives, whether they be in customer acquisition or relationship management, or with efficiently meeting the new accounting standards.
How Banks Can Make Use of Data-Driven Customer Insight
Most are familiar with the algorithms and machine learning employed by big tech companies like Google, Netflix and Amazon. Banks are beginning to employ similar strategies as the competition for new customers and new deposits remains high.
From CRM to CECL: Why Improved Data Governance Is Imperative for Your Bank
Banks know they have mountains of data about their customers that can help deliver attractive experiences on a variety of platforms. But data governance is not only about controlling large volumes of data, it’s about creating trust in the quality of data.
Poor data governance practices can lead to poor decision making by bank management, which is a risk no institution can afford.
No matter what lies ahead for your bank, how your institution manages and utilizes data will be an essential piece to its strategic initiatives and goals.