Measurable goals and easily deciphered reports are key to an effective data analytics program

by. Brandon Bogler

Community banks and credit unions understand information is increasingly becoming the key to success. Although this idea has been reinforced in the past, the consequences of not using data as a guide are becoming more widely known.

An ever-growing cache of available information powers today’s digital world, as nearly every activity completed on a smartphone, tablet or computer leaves a data trail.

By gathering and analyzing these pieces of information, financial institutions (FIs) can create viable predictions of future consumer behavior, generate increased revenue, develop more effective consumer engagement efforts and build strategies to boost customer service initiatives.

Yet, to truly establish a successful data analytics effort, FIs should first ask themselves what they hope to accomplish. In addition, they should identify why this goal is important and how they will determine if the goal has been achieved.

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