Big or Small, Data is Key

BIG DATA. It’s a hot topic these days. Jim Marous has an excellent piece over at The Financial Brand on the topic, and however you define “Big Data”, Jim makes a great point:

…understanding the value of data being created today allows a bank to understand their businesses, customers, channels and the marketplace dynamics, including new sales and service opportunities.

My thoughts? It all boils down to knowing your customers (and prospects). What is important to them? What products and services are a good fit? Data that resides in silos doesn’t provide you with that big picture view you need – you need to know how your bank touches your customer base to know how to best serve them. Without the right information, you can’t make the right decisions.

I wish I could find the piece to cite, but the other day I read an anecdote about one of the ultimate missed opportunities in customer service. A man is at a very nice hotel for a three night stay. First night he requests a wake-up call for the next morning. Would you like a newspaper tomorrow? Coffee? Wall Street Journal, and tea please. Second night: Would you like a newspaper tomorrow? Coffee? Wall Street Journal, and tea please. Third night: Would you like a newspaper tomorrow? Coffee? Wall Street Journal, and tea please. The hotel offered all these great little perks, but in having to request it each time, the “specialness”, the knowledge of who that customer is, is lost.

Data – big, small, or in-between – can help your bank know your customer – and treat them like you know them too.

You’ll find another “Big Data” piece from Jeff Marsico here.

Buyers and sellers can’t agree on price in bank M&A. Results of the 2013 Bank Director/Crowe Horwath Bank M&A Survey.

Town & Country Bank of Springfield, IL has overhauled its image.

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3 Comments

  1. Yes! Data is the key. Oh, and how to use it.

    I copied the following from my comments on Jim Marous’ article at The Financial Brand:

    “The focus should be on data and and how to use it period. Big data is just hype. Move on and focus on the task at hand…using data.”

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