[Video] A Strategic Approach to Data in Banking Technology

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Data has become paramount in the way banks create new products and services for their customers, with a key focus on ensuring customer satisfaction. As banking procedures continue to undergo digital transformation, IT professionals face the growing responsibility of handling larger volumes of data and extracting deeper insights regarding user behavior. Banking CIOs and CTOs must adopt a strategic mindset toward collecting and analyzing the available data.

The fact is very few banking transactions are performed in person anymore. Most customers prefer using ATMs or online banking apps to conduct most of their business rather than walking up to a teller. This trend offers a wealth of data about customer behavior and should be leveraged to improve the customer experience.

The data generated from these digital transactions give banks insight into how their customers engage with them. This data also offers clues that help the bank develop new products and services that these customers want and identify where improvements can be made to existing products.

The problem: too much data

There is an abundance of data available. In fact, there is so much data that many organizations cannot gather it all, let alone extract meaningful insights from it. For these organizations, data is collected haphazardly, and any insights gleaned are based on incomplete information. In this type of environment, each group within the organization creates a new project to gather information for one purpose without considering how that data can be applied to other groups, resulting in data silos and duplicated efforts.

Where to begin: a centralized data strategy

These organizations would be better served by understanding the data sources they already have and developing a data-centric strategy to apply that information. By collecting data in a central location, each group or department has access to all the data available to the organization. New projects can make use of that data for their particular purposes as well as make use of similar projects that have come before.

Watch this video and see how Zenus Bank has applied a data-centric approach and revolutionized how it delivers its products and services.

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