Wealth Access Report FINAL - Flipbook - Page 9
“A uniquely American challenge, I would say, is our
banking architecture and systems are archaic relative to
our peers in other jurisdictions.”
Mohammad Nasar, Crowe
iterative maintenance. Data breeds more questions, and all
a data strategy is artificial intelligence. Financial institu-
questions need more data, jokes Dennis Klemenz, chief tech-
tions interested in leveraging AI should first have “a strong
nology officer at Westbury, New York-based Jovia Financial
understanding and catalog” of their data, Klemenz writes in
Federal Credit Union, which has $4.5 billion in assets.
a follow-up email. Without those, institutions may reach the
limits of their potential AI use cases or use it ineffectively.
“Where are we on our data journey? I think we’re marching
along,” he says. “I would say nobody’s ever done on their
“Data warehousing may seem like a 1990s project,” he
journey.”
adds. “But the data from that warehouse is what your AI
and machine learning models will use for training.”
Wayne Gniewkowski, a principal in Crowe’s financial services
consulting practice who focuses on business process, risk and
The imperative of AI driving data analytics projects speaks
controls, advises clients and prospects about the long time-
to the uncertain technological and operating future that
line that comes with data and analytics projects — especial-
financial institutions face. The pace of technology and inno-
ly if the institution isn’t familiar with its data. These projects
vation is accelerating. Creating and executing a data strategy
are time-consuming and expensive, especially as datasets
today allows executives to be more prepared for an uncertain
grow. They can become exponentially more complicated if an
future.
institution has a complex business line, like sponsor banking,
or has engaged in mergers and acquisitions. That’s all the
more reason for institutions to get started now, or to be
more diligent in making progress on ongoing projects.
Ultimately, data strategy is about executives defining an
institution’s future and setting it up for success. Institutions
already on this journey can use this report to gauge their
progress, make refinements and think about future use cases.
“I’m not saying you have to go supersonic speed with your
And institutions that haven’t started, or are in their earliest
data, but the longer you wait just to get started, you’re going
stages, can use it to inform or bolster these efforts. But they
to find out pretty quickly it’s a bigger lift than most organi-
need to start — soon, if not today.
zations realize,” he says.
“The hardest part is getting started — gaining an underBack at Sonata Bank, Rhoads highlights the importance of
standing of your data, the talent you have, or don’t have,
small early wins that came from effectively using data ana-
in your organization, and the technology you have or will
lytics and visualizations to build a coalition of stakeholders
need,” Gniewkowski says. “There is a lot to assess enter-
across the institution. He says the bank’s data projects save
prise-wide.”
employees numerous hours a month that would’ve been spent
pulling information and creating reports — important but
tedious tasks that aren’t related to deepening customer rela-
Kiah Lau Haslett is the banking & fintech editor for
Bank Director.
tionships or growing the bank.
Another catalyst behind the urgency to craft and execute
EFFECTIVE DATA MANAGEMENT: CRAFTING YOUR DATA STRATEGY | 7
