Wealth Access Report FINAL - Flipbook - Page 14
Do you believe your bank effectively uses data analytics in the following
areas of the bank?
Yes
No
Unsure
37%
36%
57%
61%
19%
45%
51%
68%
6%
Operations
48%
14%
4%
Marketing
46%
8%
Human resources
Regulatory
compliance
4%
Risk
Source: Bank Director’s 2024 Technology Survey
Fargo, North Dakota-based Choice Financial decided that
dashboards from various data sources. Business intelligence
data validation checks would occur when the data is created
platforms are data visualization tools that are layered on
or comes into the $5.6 billion bank from an external fintech
top of wherever the data is stored; popular providers include
partner. Chief Technology Officer Shikhar Singh says it’s like
Power BI from Microsoft Corp., Tableau and Domo. Maxim
air passing through a filter before entering the house.
says tech employees may have familiarity with some of these
platforms. That may help an institution decide which one
“You want to catch that when it’s entering,” he says.
“Otherwise, it’s more expensive to catch later. It’s almost
impossible. We were very conscious about that.”
Other governance issues that Choice Financial’s governance
group addressed included defining data quality as well as
determining the data sources it wanted to capture. They
decided that the group that owned the data would define
data quality standards, meaning the business line that would
ultimately work with it.
they want to use. Wealth Access’ platform includes prebuilt
analytics that provide clients with high-level insights from
their data, which can be a good option for smaller institutions that lack technical skills.
Jovia Financial FCU opted to license two different data visualization platforms that serve different purposes, Klemenz
says. Microsoft’s Power BI is an entry-level, easy-to-use
software program that many employees can leverage in
their daily work. The other program, Looker from Alphabet’s
Google, is more of a data “excavator” and only a few people
at the credit union who have been trained receive access to
What Will Your Bank Do With the Data?
it, he says.
Once an institution decides where the data will live, how it
will be fed and its initial use cases, executives can decide on
what modeling or visualization tools are appropriate.
Community banks and credit unions are increasingly considering using data analytics tools to help with their data
initiatives.
“I often joke there’s a fine line
between building a data lake and
a data swamp.”
To push its data initiative along, East Lansing, Michiganbased MSU FCU hired someone to oversee business intelligence, leveraging a platform that could create reports and
12 | FINXTECH INTELLIGENCE REPORT
Arjun Sud, RSM US
