Stop Guessing: Unlock the Power of Data, and Put It To Work

by La Macchia Group

Published: Wednesday, August 10th, 2022

“By 2025, smart workflows and seamless interactions among humans and machines will likely be as standard as the corporate balance sheet, and most employees will use data to optimize nearly every aspect of their work.” (McKinsey, 2022). 

While still offering a competitive edge now when harnessed correctly, the future of data-driven decision making is less of a differentiator and more of a given. Organizations that crack the code on how to make data work for them now, are much more likely to continue that evolution at a faster pace than peers well into the future. 

How do you build that momentum? Right now, many financial institutions are sitting on a treasure trove of data that, when activated appropriately, can help target and maximize growth efforts. With AI-powered data solutions, data works for you instead of sitting unused in a system collecting proverbial dust. Data drives action, offering valuable insight into consumer behaviors, preferences and needs. Maximizing and mobilizing data starts when you stop guessing and start knowing. Begin by asking the right questions:

  • How can you achieve higher market value in the most efficient way?
  • How can you attract and meet the near-and-future-term needs of consumers without alienating customers who have put their trust in you for decades?
  • What questions do you have about consumer behaviors? How can you turn data-driven insights about those behaviors into actionable intel to inform future initiatives?

Making Data-Driven Decisions

Data powers the creation of target demographic profiles, which can be used to create dynamic content that resonates with your audience. Data solutions provide valuable insight into your customers’ behaviors, preferences and needs, allowing you to meet them exactly where they are and invite them on a unique journey you’ve crafted just for them.

We’ve seen organizations like Landmark Credit Union have great success by integrating intelligent sensors with their cash management systems, allowing financial institutions to obtain demographic information about people coming in and out of their branch space. That information, like a person’s age and gender, is then mined through camera feeds installed in a digital display kiosk, allowing them to capture real-time feedback on consumer experiences and adapt to meet their evolving needs.

Data in Action

Data fuels interactive brand experiences, which serve to educate, entertain and engage your consumers. Informed by data, the creation of custom content placed in interactive displays and kiosks throughout your branch can offer something for everyone, including:

  • Opportunities to be playful: Entertain children and adults alike with fun, interactive games and experiences that bring your brand to life. 
  • Showcase your story: History / local news walls invite visitors to be a part of your story with branded interactive walls that signify rich roots and demonstrate a connection to the community. 
  • Give a warm welcome: Welcome visitors and capture necessary information in a modern, interactive way with digital check-in stations.

Virginia-based C&F Bank is a great example of a financial institution that went all in on data to turn transactions into interactions. By prioritizing an intensive market study, C&F Bank was able to transform its branch network of over 30 locations, providing unique content deployments to serve different markets in rural and urban communities that each had substantial socioeconomic variances. 

 

Resource: Are you maximizing your data? Get worksheet here.

 

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