FIS Modern Banking Platform
Advance your bank with a modern core platform.
James Kaster | Data Solutions Group, FIS
November 16, 2020
Data is all around us and there are patterns to be uncovered. How data insights are revealed and shared needs to expand beyond the lens of a line of business’ purview. Data knowledge must take on the optics of an enterprise vision to understand customers better. But today, many FIs are still reporting in silos aligned to either products or organizational hierarchies. One unit’s analysis usually excludes insights from other products or groups, which can create confusing and conflicting customer analysis. This generates problems downstream as those contradictions are distributed to frontline workers, supervisors and managers who regularly engage with your customers.
Recent events have put a spotlight on the value of building 360° views of customers with enterprise data. The personalized and targeted interactions those 360° views enable, provide a distinct and compelling edge in attracting new customers and keeping existing customers loyal. These are the experiences customers expect after receiving years of streamlined engagements from Amazon, Netflix and other data leaders. Getting there requires making a transformation to a data culture.
What is a data culture? Simply put, it’s enabling your enterprise workforce with data-powered decisioning. It’s getting the right data into the right hands. The harder question is: “How do you create a data culture?” First, let’s define what culture is. In an office environment, culture is the manner in which staff execute against goals. It’s the way we do our jobs. It’s learned and shared norms, approaches, beliefs, assumptions and values whether they’re written or verbal. Strategies succeed or fail because of people. Culture influences their behaviors.
Here are four strategies that will help your teams create a data culture and drive success through the discovery of valuable patterns in your data:
Patterns are there and waiting for you to discover them. Look closer and encourage your teams to do the same. Reach across the enterprise and bring insights together. Then talk, strategize, and take action to create more satisfying outcomes for your customers.
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