The need to become a data-driven organization has been covered in interviews, books, websites, articles, blogs (including ours!) since the early days of the internet. Why are we still talking about it? Because, while the vast majority of organizations understand the need to let data drive decision-making, a successfully data-driven mindset still eludes many organizations.
There are many factors that get in the way for FIs on a quest to master their data and put it to work for them, not the least of which is the constant evolution of consumer data tracking matched by a simultaneous growth in data volumes, matched only by new concerns over privacy. While the end goal never changes, the target is constantly moving due to the leaps and bounds of technological advancements in the last decade.
However, the hurdle to overcome that haves nothing to do with data or the technology that tracks it are leadership and corporate culture. A main differentiator between the FIs achieving success versus those that are not is their ability to lead and adapt. Adapting communication, services, and platforms were a necessity in the early days of Covid-19, but many organizations did just enough to survive without harnessing the power of their data or digital presence. Noteworthy is that while pandemic protocols lessened, consumer preferences did not. The reality today is that there’s a new normal for digital banking, and it is up to banks and credit unions to meet their consumers where they are in their financial journey.
Becoming data-driven is about organizations and their leadership being willing to lead the change. FIs that have been successful for generations are facing rapid shifts in technology and consumer preferences at a pace never before seen. As Harvard Business Review points out, “While companies may have paid lip service to the importance of data before, the case that good data is essential to making informed, prudent, and judicious business decisions has been made crystal clear over the past two years.”
Becoming data-driven means a shift in mindset: data is good. Utilizing the data that you already possess provides deep insights that allows you to understand what a customer/member wants and needs as (or perhaps even before) they do.
FI leadership needs to align their priorities with actionable digital strategies and just aim to get started. Today, technologies exist that can simplify the execution of your digital strategies (isn’t that what technology is supposed to do?). Depending on your scale, you don’t need to be thinking about large investments in data officers or digital analysts to get started. These organizations may find that the best way to navigate their data in a way that offers strategic insights is to deploy a technology solution that helps capture and utilize their data in a way that benefits their customers on their unique financial journey.
DeepTarget is an award-winning fintech that deploys patented technologies to help financial institutions grow by simplifying digital marketing to deliver amazing experiences that result in up to 10X more sales and lasting relationships with their digital users.
