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by James Robert Lay on November 14, 2022
Brief Summary of Episode #246
Financial institutions have more readily available information about their clients than at any time in history.
And yet, only 30% of financial institutions have a long-term data strategy.
Instead of snapping up the opportunity to empower their customers through data, many banks and credit unions see a data strategy as a money sink.
Anne Legg, Founder of Thrive Strategic Services, believes that’s a losing mentality.
“I want credit unions and financial brands to think about the cost of inaction,” she argued. “The cost of standing still is a defined cost.”
These institutions are setting themselves up for failure by neglecting a data strategy.
“If you stay the status quo, you are missing opportunity,” Anne added. “You are losing that space.”
By doing nothing, financial brands stand to lose everything. Someone else is always waiting to grab the momentum they let slip away.
“It is going backward,” Anne told us. “Who’s going to crawl into that opportunity? That’s the other cost.”
With a clear data strategy, financial brands can move the ball forward and help their clients escape financial stress.
Key Insights and Takeaways
- The typical timeline for implementing a successful data strategy (14:27)
- Benchmarking institutional data culture and consumption (20:19)
- Cost of action versus inaction when budgeting a data strategy (27:44)