Transforming decision-making with data accessibility
Financial services organizations have access to vast amounts of high-value data about their customers and operations. Yet many still lack the capability to use that data to drive decision-making.
Having the right data in financial services can help leadership address critical areas in their organizations, from increasing revenue and managing liquidity risks to enhancing productivity. The key is adopting the solutions that will allow them to access that data.
When you increase your data capability, you can empower your leadership to make confident, informed decisions that guide strategic planning and your long-term vision.
Transforming your raw data into insights
Getting value from your data starts with accessibility.
Financial services organizations are managing numerous systems and vast amounts of data, making building, accessing and using reports complicated.
Solutions like data warehouses or cloud data platforms can help alleviate these challenges by acting as a central repository for all your data. These platforms not only consolidate data from various sources but also provide powerful tools for data analysis, reporting and visualization.
By centralizing your data, you can help ensure that your teams have consistent, accurate and timely information at their fingertips, enabling better decision-making and strategic planning. Additionally, these solutions often come with robust security features, helping ensure that your sensitive financial data is protected from unauthorized access and breaches.
Transforming your decision-making
With these tools in place, transforming your decision-making becomes a natural next step. With access to data, leadership is empowered to make better decisions about:
1. Expanding products or services
As customers increasingly expect a one-stop shop for their financial services, organizations are under more pressure to expand their offerings to retain their competitive edge. Where a financial institution may have only once offered traditional banking services, they’re now expected to help customers with everything from insurance to wealth and asset management. But expanding your services or products carries significant strategic and financial risks.
Data can help your organization determine where the demand for financial services products is highest, allowing you to strategically place the right services in the right locations. And with cloud data management, you can even integrate third-party data on economic conditions, population trends and financial circumstances to better inform your service expansion strategies.
Additionally, data can assist with benchmarking, providing a clearer measure of how your services are performing.
2. Boosting cash inflow
Offering a variety of services also provides financial services organizations with opportunities to increase cash inflow by engaging both new and existing customers with products and services.
With additional services comes a significant increase in customer interactions and data volume. The challenge is that this data often remains siloed in different systems and service lines, limiting its value.
To unlock its potential, your organization needs a unified customer data platform that provides access to customer data across all service lines and locations. When data is unified and accessible, you gain deeper insight into customer behavior around the services they’re using with your organization. It can empower your operations and marketing teams to personalize communication and make strategic decisions about targeting customers and increasing wallet share.
3. Optimizing performance
To improve financial performance, you need access to real-time insights about productivity, revenue and costs across your organization. But too often, operational data is isolated in fragmented systems. And any reporting on financial data is consolidated monthly in the general ledger, meaning the information you receive is limited and may no longer be relevant.
Better data management helps you access greater and more timely insights into your operational efficiency.
Your data can help you understand what services are driving revenue so that you can make more informed decisions about where to invest your money and effort. It also offers valuable insights into productivity, helping you assess where optimizing talent or solutions may help you improve employee performance and manage costs.
How Wipfli can help
Wipfli can help you navigate complex financial services technology with industry-experienced support that understands your core systems and regulatory concerns. We know your business is built on relationships, and we’re ready to help you adopt the solutions you need to better serve both your customers and your organization’s future.
Contact us today to learn more about how we can help you do more with your data.
