Major Ways Banks and Credit Unions Can Enhance their Data Capabilities.

Behavioral data, which is non-transactional, provides insights into customer spending habits, needs, and preferences. With the rise of digital channels, financial institutions have greater access to banking data, offering opportunities to attract and retain customers. However, according to CSI’s 2021 Banking Priorities Survey, many banks and credit unions struggle to utilize big data effectively.
To enhance customer experience, institutions must connect data across departments rather than keeping it segmented. A data expert should analyze the complete dataset using analytics tools to gain a holistic view of the customer journey. For a successful data strategy, collaboration across all branches of the institution is essential to guide strategic decision-making.