In this on-demand webinar, Christopher Swift, a principal with Crowe, shares how trends in bank data analytics have a significant impact on the industry. The conversation includes background on how bank data management is currently being handled and projections about how technology will continue to change the industry landscape.
The banking industry is very customer focused. As customers are becoming more particular about what they’re looking for in a banking institution, banks need to adjust their priorities to meet those customers’ needs. Implementing advanced data analytics can greatly improve the customer experience. With increased data, banks can be proactive in features that they roll out, like automation and self-service, to ensure that customers are getting the banking experience that they desire. Actionable data insights will be vital for banks moving forward in order to keep competitors at bay as well as to retain and grow their customer base.
One benefit of using machine learning and artificial intelligence in banking is that it will undoubtedly cut down on expensive man-hours. Machines can now complete the processes of reviewing documents, analyzing bank data, and even engaging in some customer service activities. Technological intelligence is developing quickly as many machines are now able to perform at the same level as humans for numerous tasks. As some banks begin to put AI and machine learning technology into action, others should take note and invest in implementing these tools as well to stay competitive in the industry.
As the focus on technology continues to grow, the ways that organizations manage their data is increasingly important. Proper data management protocols and solutions can help to address security issues, which is a serious concern in the banking industry. Cyber threats will always remain an issue, but choosing a company with smart, sophisticated data governance solutions can minimize the threat and keep your bank’s data secure.
Data is managed in one secure location with Crowe banking data services. If you want your banking organization to stay on the cutting edge of these new technologies, contact Crowe today to learn more about our bank data management and analytics services.