Independent Banker - August 2021 - 25

PORTFOLIO
◎FOCUS PROFITABILITY
Uncover revenue
opportunities
with data
Community banks are sitting on years of institutional data about
their customers. Experts say putting that data to use can help
community bankers make strategic decisions to better tailor their
services and boost profitability. By Colleen Morrison
ata is the new currency, at least
according to industry experts like
Ankit Maharaj Singh.
" Driving growth and profi tability for
any organization purely relies on how
successfully you can strategize your
product placement, and all of that is
based on how much scrubbing and
analysis and deep thought is placed
on data, " says Singh, vice president at
Quinte Financial Technologies, a New
York City-based data analytics and
process automation fi rm focused on
converting data into useful intelligence
for community banks.
In reality, banks have a lot of data
on which to act, and if leveraged
properly, that data can boost profi ts.
According to a November 2020 report
from Capgemini, a Paris-based tech
fi rm, organizations that use data
masterfully will see up to 22% higher
profi tability and 70% higher revenue
per employee. In addition, 54% of
banking business leaders agree that
by activating data in their processes,
they are able to create a sustained
competitive advantage.
Data alone does not a strategy make.
In fact, experts agree that data should
be leveraged to support a strategy-
whether it's identifying and targeting
a new market, seeking cross-selling
opportunities or supporting another
business objective-not defi ne it.
" A lot of people skip to the end and
expect the data to give the strategic
answer, " says Greg Johnson, chief
operating offi cer at Cortera, a Moody's
Analytics company in Boca Raton,
Fla. " It's not going to give you the
strategic answer, you still have to have
a strategy to lead you, but then you
can use data to inform or predict the
opportunity there. "
3 steps to leveraging data
While strategically leveraged data
does drive revenue-60% of bankers
D
independentbanker.org Q 25
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Independent Banker - August 2021

Table of Contents for the Digital Edition of Independent Banker - August 2021

Table of Contents
Independent Banker - August 2021 - Intro
Independent Banker - August 2021 - Cover1
Independent Banker - August 2021 - Cover2
Independent Banker - August 2021 - Table of Contents
Independent Banker - August 2021 - 2
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Independent Banker - August 2021 - Cover3
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