Earlier this year, one of the smartest bankers I know suddenly reached the end of his rope. In an attempt to bring order to the chaos of managing data silos within his financial institution, he drew a schematic of all the systems that, at one point or another, tied into his core. The end result was so confusing that he named it “the wheel of death.”
While admittedly comical, this story sheds light on one of the most significant and serious questions financial institutions face today. How can lenders leverage data in a meaningful way to create efficiencies, influence revenue, and enhance customer service? There is a strong sense in lending that financial institutions have access to all the data they need, they just need a strategy to mine it. But the key to access is effective data integration.