Leveraging Big Data for Community Banks

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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Leveraging regulatory data to improve customer experience

We’re in the “Age of the Customer” –which means increasing challenges to meet evolving consumer demands, resolve problems rapidly, and comply with a changing regulatory environment. Customer experience is more important than ever to compete effectively and win business.

In a recent article published by DataInformed, Beyond the Arc CEO Steven Ramirez highlighted how companies can gain a big advantage by tapping into valuable sources of publically available customer feedback data, such as social media and the Consumer Financial Protection Bureau (CFPB) customer complaint database.
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10 Thesen zur Veränderung durch Digitalisierung und Social Media

Social Media sind eine der größten Quellen geschäftsrelevanter Daten und einer der wichtigsten Treiber der Digitalisierung. Sie bieten Unternehmen die Chance, das eigene Ergebnis nachhaltig zu verbessern.

How To Convert Data Without “Breaking the Bank”

Whether it’s a merger/acquisition, or replacing a legacy archive system with new technology, it’s no secret that data conversion can be costly.  To extract millions of images from one legacy system and migrate to another is a labor-intensive exercise, and you may get billed accordingly!

But when you compare those costs with the continued expense (and risk) of keeping the legacy system running, it always pays to convert in the long run.

But you don’t have to “break the bank” doing it.  Here are some ways to cut down on data conversion costs:
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Banken machen kleine Schritte mit Big Data

Banken verfügen über ein enormes Potential an Kundendaten, was die Nutzung von Big Data anbelangt. Dennoch sind sie noch in einer sehr frühen Phase der Nutzung von Big Data als Mittel für die Erzielung von Wettbewerbsvorteilen.
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