Brief Summary of Episode #282
Data and analytics have become banner buzzwords for what many financial brands perceive as digital transformation.
So much so that some banking leaders think data and analytics are strictly IT issues.
“I think the perception is that data is cold [and] impersonal,” Rich Carlton, President at Aunalytics suggested.
But as Rich points out, that’s an outdated mode of thinking, as many of these institutions are still trying to meld old service models with innovative concepts.
“Many times, we ask our banking customers, ‘Hey, why are customers at your bank?’ Overwhelmingly, you will get, ‘It’s [how] we treat our customers! It’s our culture! It’s our brand!” Rich said. “Rarely does somebody say, ‘Our core technology is better than anybody else’s.’”
Simply having a warehouse full of data isn’t enough. These financial leaders need a plan, and they need to get everyone on board.
And that starts with a shared vision of transformation.
“Start with, ‘What’s my why?’” Rich said. “How do I create that personal experience that I’ve had and extend it to my digital experience?”
By harnessing data and analytics to their full potential, your financial brand can move forward in solving the human experience.
Key Insights and Takeaways
- The need to build a data pipeline early in the transformation process (1:48)
- The dangers in spending too much time building instead of acting (15:17)
- Competitive advantage in owning versus renting data capabilities (23:13)
Notable Quotables to Share
How to Connect With Rich Carlton
LinkedIn | Website
