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Beyond the "Big Data" Buzzword

Do you have the ability to mine real-time insights on end users and immediately put those insights to use?

KPMG says, "Banks that develop an infrastructure allowing them to analyze data quickly, that staff up to do that work, and that make revenue-oriented analytics part of their culture, are the banks most likely to grow their top lines."

Watch this recorded webinar to learn how to use data and anlytics to rethink the digital experience, and reap the benefits.

Here are a few highlights:

“At TD, we are working with third parties to gather a lot of the market intelligence as to how the customer is spreading their assets across various financial institutions. We constantly track that. We are also starting to look at how prospects are bouncing between our website and other banks’ websites so we can figure out what customers are considering as our peer set.”

— Parin Kothari, SVP-USA Digital Channels, TD Bank

“It’s all about making sure you have the right personnel and the right leadership in place. They need to understand the risks around data and have right controls in place. On a smaller scale we do that on a regular basis, making sure that any time the data is shared or exchanged internally or with a vendor, we have the right controls and mechanisms in place to stop any harmful data from leaking or getting out.”

— John Dougherty, Director of Data Management, Orrstown Bank

“I’ve spent a large part of my career working in the area between structured and unstructured data, and a key design criteria is, ‘How can you take unstructured data and add some kind of structure to it?’ You can’t really work with data unless you’ve at least cataloged it. Additionally you need to index it. And of course the front-end data management of extract transform load, or other ways to add value onto the data is extremely important. So in the end you don’t have unstructured data anymore. You have some kind of semi-structured data.”

— Bob Gourley, Editor, CTOVision

“We have the ability to look at where people shop and then marry that data together with financial product usage. When we identify the relationship between those two events, we create targeted marketing opportunities. A real simple example is life-change behavior. So a first-time baby store purchase might be an indication of something happening in the house, and then boom, that sets off a marketing campaign.”

— Paul Leavell, Senior Marketing Analyst, Charlotte Metro FCU

“A key to establishing a good partnership between analytics and marketing is to first clearly delineate the roles and responsibilities of each party. A fundamental question for every organization is, ‘Who owns the data?’ Typically people say that IT owns the data, which is not quite necessarily true. If you look at data ownership, you can see it’s a two-fold ownership. There’s a business ownership aspect and a technical ownership aspect. The business owners need to be in the driver’s seat to start data infrastructure initiatives, and IT will come up with the solution to make it happen.”

— Zhongcai Zhang, Chief Analytics Officer, NYCB

Topics: Webinars