Wealth Access Report FINAL - Flipbook - Page 7
Use Case:
Start With a Problem
“Start with a single problem,” says Dennis Klemenz,
Shikhar Singh, chief technology officer at Fargo,
chief technology officer at Westbury, New York-based
North Dakota-based Choice Financial Group, agrees
Jovia Financial Federal Credit Union. “Identify the data
with that approach and stresses that executives should
that you need to solve that problem, get that data into
avoid “boiling the ocean” with their data initiatives.
your warehouse and then solve the problem.”
Knocking out a defined use case helps executives notch
a win while building momentum for future initiatives.
Klemenz argues this narrow approach — tackling one
Executives can then take the lessons learned from
defined use case at a time — produces better results
addressing the previous use case and apply them to the
compared with building out a data warehouse and populating it with every data element a company has before
next one. This approach pushes the institution’s data initiative forward a little bit each time.
applying it to a use case.
“People like to understand the ‘why’ behind everything
“If people focus on just one problem at a time, they’ll
and what it means to them,” Singh says. “Our oppor-
be astonished at how much they can achieve over a very,
very short period of time,” he says.
tunity, when we go deep vertically, is to link everybody
together to make them understand what the story is.”
Wealth Access allow institutions to analyze data faster and
successful data projects, which creates a playbook for other
more broadly, meaning executives can make decisions that
institutions.
are more responsive, predictive and dynamic.
Shikhar Singh saw this firsthand when he left JPMorgan
At the same time, there are risks that come from sharing bank
Chase & Co. as an executive director and joined Fargo,
or customer data with third parties. Executives will need to
North Dakota-based Choice Financial Group as chief tech-
grapple with issues like data governance, customer privacy and
nology officer. Big banks like JPMorgan have a significant
cybersecurity when outsourcing technology services.
regulatory burden that requires large amounts of data. Over
the years, they’ve invested resources and talent toward data
governance, storage and analytics, and now benefit from a
For an overview of the parts that make up a data
strategy, go to page 10.
flywheel that has spun off applications and use cases.
In contrast, small banks may have historically relied on
knowledge gathered through interactions with tellers and
Thankfully, smaller financial institutions aren’t wading into
being involved in the community to understand their market
uncharted waters. Many financial institutions have executed
and customers, with less of a focus on incorporating data
EFFECTIVE DATA MANAGEMENT: CRAFTING YOUR DATA STRATEGY | 5
