It’s no longer a secret that personalization is key to improving your customers’ experience. Whether it’s supporting existing clients, cross-selling and upselling to them or sourcing new ones, the more you know about them the better you’re able to reach them. In the financial industry, however, much of the available data comes in sets accessed via analytical tools that operate in silos.
Here’s how to find a tailored system that helps you get the most out of your analytics by giving you the specific information you need, when you need it.
Analytics products aren’t all created equal, and most core system vendors offer fixed solutions that consist of the analytics they believe will be most useful to your financial institution. In many instances they are correct, but for institutions offering a range of products with unique attributes like yours, fixed solutions often miss the mark on the data you need. Look for a flexible solution such as JOHO OneSource™, which pulls data from across departments to build a customer profile focused on the questions you need to have answered at the time.
Skip the Silos
Financial and purchase data is typically stored in silos, which means the average analytics deliver information based on those same silos. To get banking analytics tailored to your business’s primary activities, you need to sidestep the silo trap. Avoid buying core and ancillary system tools with a single analytics focus, which could eventually result in your needing five different analytics tools to cover various focus areas. Implement a tool with a single-source analytics platform that draws data from multiple sources, combines it, and produces intelligence that’s usable and interpretable for your specific purposes.
Minimize and Simplify
To remain competitive, modern financial institutions need business information for marketing, reporting and regulatory purposes. Just as having a lot of data can become overwhelming and render the intelligence useless, having too many analytics tools can end with reverting to manual processes (such as Excel) to check for delinquencies and other issues.
You can overcome the conundrum of “too much useless information” by installing a simple, cross-system platform that functions as a data warehouse. This type of system incorporates information from multiple sources, performs complex queries, and delivers reports based on a single source of truth. It also eliminates the need to have several specialists who each pull data from a particular tool, simplifies deployment, and reduces the training requirements for users across the institution.
Take a Consultative Approach
Instead of settling for a standard analytics package that provides information the vendor thinks you need, look for a system based on a consultative approach. Find an expert in enterprise systems who listens to your pain points, helps you to ask the right questions and find the right answers.
At JOHO, we take the time to get to know your business needs and goals, develop a solution to meet them, and help you assess whether you’re ready to implement it.