Set Transaction Data and User Behavior Data Free: Remove Boundaries, Silos, and Make it Actionable for your Bank or Credit Union

Strong lines of communication and better ways to serve customers are just a few of the recurring strategies that are regularly discussed at business planning meetings in boardrooms around the world – and if you’re like those of us at Alogent, we can’t wait to get back into the swing of things. With origins dating back to the 80’s and 90’s, the corporate culture boom taught these mantras that have become cliché and introduced us to buzzwords like synergy! Not without merit however – much of a company’s success historically relied on the level of integration among its divisions. How has that translated to today’s interconnected world of business? 

Driven by the highly digitized and increasingly mobile-focused consumer landscape, success has gone to those on the bleeding edge of data management and utilization. Look no further than the now mainstream giants like Amazon, Google or Apple – all pioneers of leveraging data to better understand their customers, their market, and their own business models. By putting information strategies first, they now cross sell extremely wide varieties of services to their market with great effect. And while banks and credit unions may not have to worry about launching the latest video streaming or grocery delivery services, the reasons to break out of their existing data silos are just as compelling.

One “secret” of success looks painfully obvious – be efficient. However, the true challenge lies in the details, especially today with remote and home-based teams. Simply having a place to file a given document or piece of information without a plan for centralized organization will breed ad-hoc solutions, disconnected departments and data. As daily processes gradually stack up due to ever growing volumes of information, so does the average time required to complete them. This translates to exponential time lost as staff are forced to perform the same redundant searches across multiple databases, affecting every level of the institution. Modern automated content and information management platforms are uniquely designed specifically for financial institutions, offering freely customizable workflows that eliminate costly redundancies and overhead.

It isn’t invisible either. Every accountholder interaction, directly or indirectly, now reflects the practices and philosophies embraced by their chosen institution. Difficult to use or nonexistent digital access to documents and misplaced information are frustrating indicators today that an overhaul is needed, and if remember going to the physical branch, so were those long wait times at the teller. The demand has never been higher for automated payment solutions, like those from Alogent, that bridge all check image acquisition channels, enabling banks and credit unions to centralize all check related data while offering a single user experience for staff and account holders alike. Be it in the branch, over the phone or in-app, banks and credit unions can dramatically improve relationships through faster, more personalized service.

Adopting a solution that centralizes all enterprise information offers financial institutions the opportunity to turn data into actionable business intelligence and pave the way for departments across the organization to perform in perfect lockstep.

• Departments and leadership can refer to historic data and trends in operational efficiency for insight on where to prioritize resources next.
• Always strive for better – personalized accountholder relationships are just the beginning. Tangible data helps FIs to understand their needs and the alignment of products and services.
• By virtue of consolidating an enterprise’s data, banks and credit unions nearly always also find themselves downsizing redundant solutions, vendors and hardware for a tighter, more seamless experience both internally and for the users.

For many account holders, mobile and digital banking storefronts continue to grow as the primary ‘face’ of the financial institution, such that they have become highly important factors users consider when opening accounts or applying for other products. For the bank or credit union however, mobile and digital banking solutions still represent a new dynamic frontier. Modern banking platforms that employ flexible-by-design architectures and vast integration potential go beyond delighting digital users with a slick UX. Built to function at the center of the institution’s digital ecosystem, these solutions maximize efficiency by working with an analytics gathering and processing engine to discover and identify trends in user data. These insights can be turned into well-crafted, and timed, promotions or product offerings delivered through the very same digital channels.

Highly complex organizations of today’s information age have completely redefined how business is conducted. Preferred channels used for most retail activities, i.e. mobile and online, have become sources of revenue. These businesses have demonstrated to the world, banks and credit unions included, that the transformation to nimble, information driven organizations begins at the ground level. Alogent’s solutions enable its financial institution partners to confidently step forward with an unwavering focus on setting data free. We’re here to help our partners and clients gain quick access to their data and make solutions easier and more accessible to those through remote channels today, and in the branch tomorrow.