Independent Banker - February 2023 - 24

Next: Overdraft fees update 
with data points will support the
right combination of data and
personal connection.
" If all you do is study the data,
you will develop confi rmation
bias, " King says. " You automatically
assume that you know what
customers need, as opposed to
using that data to open up and have
great conversations with them.
We avoid that by using the data
upfront to guide who we're going
to talk to and what we're going to
talk to them about, and then have a
good conversation. "
Where to start
Today, only 14% of banks report
having a data scientist on staff ,
which means most community
banks need to be considering where
they can fi nd support. Resources exist
to provide varying degrees of data
review, starting with core providers
and other third-party partners,
including fi ntechs that specialize
in data analytics and industry
consultants who are familiar with
both banking and data analysis.
QUICK STAT
14%
of banks have a data scientist
on staff
Source: Bank Director
" If a bank has access to its data
through a data warehouse, ad
hoc reporting is the fastest way to
access the data. " Giorgio says. " If
the bank does not operate in a data
warehouse environment, there are
providers who will 'scrape' the data
from existing reports. "
And no matter what steps
community banks take to get there,
harnessing data for greater insights
will help them in identifying next
steps for deepening customer
engagement and launching new
products and services.
" The data tells the story, " King
says. " The question is, 'Are you
going to do something with it?' "
Colleen Morrison is a writer
in Maryland.
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Independent Banker - February 2023

Table of Contents for the Digital Edition of Independent Banker - February 2023

Table of Contents
Independent Banker - February 2023 - Cover1
Independent Banker - February 2023 - Cover2
Independent Banker - February 2023 - Table of Contents
Independent Banker - February 2023 - 2
Independent Banker - February 2023 - 3
Independent Banker - February 2023 - 4
Independent Banker - February 2023 - 5
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Independent Banker - February 2023 - Cover3
Independent Banker - February 2023 - Cover4
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https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
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https://www.nxtbook.com/mspc/independentbanker/august2017
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