Community banks can take advantage of big data just like larger institutions by leveraging personal financial management platforms.
For some community bankers, big data brings to mind stacks of customer data pasted together like a kindergarten art project. Yes, your customer relationship management (CRM) system captures lots of information, but that information oftentimes sits unused. Is it important that you know Mary Smith comes into the bank at least once a week to deposit a check? Yes. Does it help to know that she uses mobile banking to check her balance? Yes. Is it valuable to know that she is carrying a high interest rate auto loan with your competitor? This is invaluable.
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