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Banks Want to Learn More About Customers to Make Budget Decisions

SourceMedia Research surveyed CIOs at credit unions, banks and financial institutions and asked what their goals and priorities were in 2017 and how this related to their plans for technology. They cited the need to learn more about their customers in order to make budget decisions.

An article on American Banker cited“About 40% said they plan to spend more on data analytics. That is perhaps a smart move, particularly for the smaller banks in the bunch, as larger organizations are pouring resources into finding the best ways to use their data — ranging from compliance solutions that pick up abnormalities to marketing solutions that help big banks show customers they know them, which encroaches on community banks’ main competitive edge.”

Bank leadership finds it crucial to know more about their customer set especially when it comes to spending budget on technology. They need to understand the use-case and if their customers will actually find value in the products they are investing in. For any company, you want to make sure your investment will pay off in the end. If you make an investment, it should be for the right reasons.

 

Banks Want to Learn More About Customers to Make Budget Decisions

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The positive here is that banks have all the data they need. They have the visibility into their customer’s transaction patterns, whom they pay, how much, and at what frequency. Now bank leadership needs to focus on how can they compile this data using available technologies in the market to make decisions about what solutions they should be offering.

The opportunity is there to generate additional revenue while satisfying the needs of existing and future customers.

How are you using your bank customer’s data to make decisions?

BC Krishna is the founder and CEO of MineralTree, Inc. MineralTree, a First Data partner, provides invoice and payment automation solutions for US businesses. Over the course of his career, BC has been a software engineer and an entrepreneur having started three venture-backed software companies. His companies include FutureTense, one of the first to create software for Web Content Management; Memento, which delivered the first product to enable financial institutions to systematically monitor employee fraud, and most recently, MineralTree. MineralTree’s solution automates invoice payments for US businesses, which waste $30B to $150B annually on antiquated, manual, paper-based, risky, poorly controlled processes.

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Disclaimer: The views and opinions expressed in this article are those of the guest blogger, MineralTree CEO BC Krishna, and do not necessarily reflect the official policy or position of First Data®.