Wealth Access Report FINAL - Flipbook - Page 3
Dear Reader,
Banks and credit unions are fortunate when it comes to data — at least, in one regard. They have an
abundance of information about their customers at their fingertips. But financial institutions, especially
smaller ones, are unfortunate in another way: Much of this data may be stored in a way that makes it
unusable.
But technology continues to evolve at light speed, and more vendors are providing more products at
increasingly accessible prices. That means even smaller banks and credit unions can access better data
management and analytics tools, allowing them to get more from the information they already have on
hand.
Still, for institutions just beginning to think about how to better utilize their data, the process is almost
certainly overwhelming. This report, sponsored by Wealth Access, serves as a detailed guide aimed to help
financial institutions craft an effective data management strategy. But as the experts in this report advise,
the most important step is picking a straightforward data project and then just getting started.
In addition to that, you’ll learn about the pitfalls banks and credit unions should avoid with their data
management strategies and the governance that is required to ensure high-quality information is being
analyzed.
All of this is incredibly important for community financial institutions looking to compete in today’s world
and remain independent. A good data management strategy can lead to a more efficient enterprise and
stronger financial returns. Real-life examples from banks and credit unions are sprinkled throughout this
report and demonstrate these possibilities. For instance, one credit union used its data to better target
auto loans to members who might be in the market for a new car.
Finally, the report wraps up with a checklist of questions that banks and credit unions can use to guide
their thought process as they embark on their data management journey.
If your institution is early in its data journey, I hope you’ll find the inspiration to launch your own data
management project in the coming months. For those further down the road, I hope this report gives you
ideas of where your institution could go next.
Sincerely,
Jackie Stewart
Executive Editor
Bank Director
Contents
Why Data Management Matters
2
Managing Data Risks With Governance
16
The Secret to Success is Strategy
8
A Data Strategy Checklist
19
The Game Plan
10
