Distributing the data and analytical power enables much faster decision-making than with a centralized strategy.
Banks require insights from data analytics to make informed decisions and optimize performance. The right data strategy ensures this happens in an organized and cost-effective manner. Your data strategy should be as unique as your overall company strategy. It should reflect and be designed to accomplish the primary strategies of the bank. It should also recognize that data is not a magic fix-all for all your problems, but a tool to provide insight into running the business more successfully and profitably. These requirements dictate how involved the CEO and senior management should be, where the data function reports in the organization, and, perhaps most important, how analytical horsepower is distributed within the organization.
Our previous article described why a data strategy is so important, and how to set one up within your organization. This article builds upon that foundation and establishes critical success factors in setting up your data strategy and managing it over time.
Read the full article on ABA Banking Journal.
