Data as a Catalyst: How Financial Institutions Are Reimagining Consumer Outcomes

Inflation pressure, shifting digital habits, and the sheer quantity of available financial products have fundamentally changed how people manage money. In this crowded market, financial institutions are striving to grow deposits, deepen engagement, and prove relevance against digital-first competitors.

The financial institutions that will thrive are the ones that use data not just to understand their customers, but to meaningfully improve their financial lives.

That theme emerged repeatedly during a recent panel at the Money Experience Summit, where industry leaders explored how banks and credit unions can deliver better consumer outcomes through the intelligent use of data.

Rethinking Financial Health: A Definition That Refuses to Stand Still

Although nearly all financial institutions claim to prioritize financial wellness, the industry still lacks a shared definition. Jana Manley, Chief Growth Officer at Suncoast Credit Union, noted that everyone struggles with figuring out what financial health really means. What one person considers healthy might look completely different to someone else. 

Without a consistent definition, many institutions default to fragmented approaches — education here, product initiatives there — without a cohesive strategy for driving impact and measuring progress.

The panel agreed that financial health must be defined holistically and personally. And, initiatives to build financial health that are not rooted in the specific needs of diverse communities and households will fail to move the needle.

As Freda Amir, Head of Marketing at California Coast Credit Union, put it:

“Financial health isn’t one-size-fits-all. It’s unique across demographics, generations, income levels, and communities. Personalization is the only way to meet those needs meaningfully.”

Community-Focused Institutions Lean Into Human Impact

A point of emphasis for the panel was how community banks and credit unions often have unique insights into populations that are frequently overlooked by larger institutions. Because these organizations have closer, more nuanced relationships with their members and customers, they’re often the first to notice emerging needs or cultural dynamics.

Jason Lazzerini, Chief Digital Officer at Central Pacific Bank, shared how local demographic realities shape financial behavior in ways large national banks rarely account for with their customers. He explained that, when institutions find underserved communities and tailor solutions around their specific needs, the result is a win-win: improved financial health and stronger customer loyalty.

This community-centered approach can be a differentiator in an increasingly commoditized industry, but it comes with its own pressures. Regional institutions must balance community commitments with profitability. Credit unions must balance member needs with operational scalability. 

As Manley noted, mission-driven institutions increasingly focus less on ROI and instead ask “what does this do for the person on the other end?” That shift reflects a broader industry reorientation toward human-centered value.

Financial Wellbeing and Financial Performance Are Not Opposites

The panel continually came back to the idea that supporting consumer financial health directly aligns with improving institutional performance. Healthier customers stay longer, consolidate more of their financial lives with one institution, and rely more deeply on institutions that support their day-to-day stability.

The panel underscored the compounding nature of this value — a happy member is a long-term member. This means institutions should focus on building relationships that span decades, not selling one-off products.

That said, the only way to generate these types of long-term relationships in a digital ecosystem is to leverage consumer-permissioned data to drive better experiences and provide specific, actionable and personalized insights. 

The Future: Data as a Strategic Differentiator

Data is the bridge between institutional performance and genuine consumer wellbeing. When used thoughtfully, consumer-permissioned data transforms broad intentions into precise, timely actions. This helps institutions understand consumer needs more clearly, engage them more effectively, and support their financial stability in ways that truly matter.

Across banks and credit unions, data is the foundation for delivering meaningful outcomes — both for institutions and the people they serve.