Journey to Becoming Data-Driven in the Financial Sector
This article is based on a recent podcast. Listen to it here.
Data is all around us and serves as an invaluable tool to provide relevant information we can use to develop business plans, policies and ultimately strategies for both product and market.
In fact, data is one of the greatest assets you can have according to senior vice president of Dime Community Bank, Gavriel Giloni. Whether it’s utilized to understand customer base, financial reporting, fraudulent transactions and more, data serves as a way to improve, engage and employ the best practices and techniques for your particular industry.
However access to data can be challenging Giloni says. “In the banking world, tech companies especially, often don’t want to relinquish data to an institution such as ours, making it all the more valuable once we have it.”
“It’s about not having my team spend time making reports, it’s about them spending time analyzing them. That’s what I love about my data scientists and analysts, they have the technical skills but they also have the business skills which can offer unique insights on a [multitude] of levels.”
It is in the multi-dimensional analysis of these findings that gives Dime Bank the opportunity to make powerful shifts from things like moving away from antiquated business mindsets, finding creative ways to connect with new customers and providing tactics to give a higher caliber experience tailored to the specific needs of their users.
In the banking world, data is a useful tool that not only helps to improve the customer journey and infiltrate new opportunities, but also to understand your business better and create the change you need to propel your success into the future.