Unlocking Insights for the New Year

Unlocking Banking Insights and Trends for the New Year: What’s your Competitive Advantage?

The discussion of data has gone from being a “hot topic” to one that is now commonplace – a topic that impacts trends, business decisions, and even sparks conversations around new ways for financial institutions to leverage it across the enterprise. At the same time, customers and members have come to expect a new level of service – inclusive of personalized experiences, product offerings specific to their financial situations, and unique messaging based on habits and lifestyles. 

Although not a simple task, making sense of historic information trapped in internal silos, in combination with day-forward data, is important to gain a big-picture view of the institution. Volumes are rapidly increasing and according to Statista, there will be more than 180 zettabytes of data created and consumed worldwide by 2025, making the phrase “big data” sound like an understatement. 

If not already in place, a strategy must be implemented – including an investment in data reporting and visualization tools that make it easily and quickly consumable. Leveraging smart capabilities like AI, machine learning, and deep search offer an added competitive advantage where everyone wins – from customers and members who benefit from improved user journeys and better products, to executive management and line of business teams who gain quick access to granular data that affects all aspects of internal and external efficiencies, including: 

  • Optimized Products and Services: Unlock access to user engagement stats and identify which channels perform more successfully than others. Gain a better understanding of how your products and services are utilized, and make more precise, informed decisions about product enhancements, sunset strategies, channel-focused marketing, and more. Even identify dissatisfaction, drop-off points, and areas of potential improvement.
  • Enhanced User Journeys and Personalization: Meeting the needs of your customers or members is always a key priority. Uncover user behavior data that can be applied to personalized messages for increased engagement, focused trainings and financial education, or identify new opportunities based on an account holder's financial journey or spending habits.
  • Mitigated Risks: The first step in preventing fraud is understanding where, when, and how it is occurring. Leverage business intelligence software to uncover fraudulent behavior trends, as well as mitigate future risks by honing in on details like vulnerable channels, geographic locations, or even granular details like a specific branch or device-type of concern. 
  • Smoother Operations for Employees: Fully customizable access based on personas and permission-based visual dashboards allow employees to easily locate the data they need for their specific roles. A holistic view of the institution provides enterprise-wide insights and eliminates pain points associated with siloed data – speeding access to mission-critical information for faster remediation.
  • Sustainable Success: Deliver effective, differentiated services with real-time, actionable insights at your fingertips and save time and money spent trying to tabulate manually. Putting idle data to work for your bank or credit union increases operational efficiencies and keeps you ahead of the competition, while your account holders remain engaged through personalized services.

AWARE, Alogent’s data analytics and reporting platform, drives actionable business intelligence and personalized service offerings across the institution, including its digital banking, content and information management, and payment and transaction processing platforms. By quickly identifying key trends and making the large volumes of data actionable, employees are armed with the business intelligence they need to succeed, including easy-to-understand reports and dashboards based on roles and permissions.

Click here to connect with Alogent’s product experts and transform your data into your bank's or credit union's greatest resource in 2022.  

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