Unlock actionable data insights for a competitive edge

Understanding the needs and behaviors of account holders is crucial for staying ahead of the competition. Data analytics in banking has become an essential tool for uncovering actionable insights, driving innovation, and optimizing services to meet evolving demands. By using clean, tagged data, data insights provide a comprehensive understanding of account holders, enabling personalized banking experiences, increasing deposits,improving card utilization and more.

The challenge of data analytics in banking

For the most part, regional and community financial institutions do not have data scientists on staff. For the choice few that do, one of the biggest challenges data scientists face is data preparation and cleansing. Studies indicate that data scientists spend about 40% of their time aggregating, standardizing, cleansing and categorizing data to prepare it for analysis, leaving less time for generating valuable insights. This is where Alkami’s patented artificial intelligence-driven analytics come into play. Data analytics combines transaction insights with product adoption and usage data, offering financial institutions a deeper understanding of their account holders without the exhaustive time investment in data preparation.

 

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