Big data centers are getting more and more popular, and it's expected for institutions to use them. Are they necessary for banks? David shares his view on this actual topic. There is a need for a data acquisition tool that can connect to external systems without centralizing data. The speaker outlines three key outcomes for effective data management: dashboards, graphical reporting, and targeted marketing lists. The episode concludes by urging banks to focus on outcomes that drive business success and improve customer experience, rather than getting caught up in the pursuit of big data solutions.
Banks should be good stewards of their data and not be embarrassed or afraid to use it.
Notes:
🤔 Banks shouldn't be chasing a solution that fixes a nonexistent problem.
00:55🟫 Bankers have several types of data like financial, customer, and transaction data: there's an idea to create a new repository that extracts from all the existing data sources into some single composite database.
02:40😵💫 Even if you get all the data extracted and normalized but gets dated: daily update of all data from every source.
04:08✅ There are three categories of data management outcomes - creating dashboards, graphical reporting, and marketing lists: deliver value beyond the cost of acquisition of the chosen management tool.
05:21👉 The tools you're looking for should specifically address how you accessed third-party databases without pulling all of that into a consolidated new database.
08:16❗ Tools you choose should perform the outcomes that you want: smart bankers are the ones who force vendors to show specific outcomes.
09:31🤩 There are big payoffs for the banks that can get their arms around their data: improve the gross margin, internal efficiencies within their institutions, and customer satisfaction.
12:16
Links:
Email David: david@davidpeterson.com
Episode 51
