Every organization, no matter how large or how small, has a culture. Culture reflects the values and the attitudes of an organization’s employees, and is the only true unique identifier for a business. In short, culture is personality. And it’s no secret that a healthy workplace culture is crucial to a successful business.
At a bank, culture can be measured by the positive contributions made to the surrounding community and its customers. This is especially true at midsize banks, where serving the local community and maintaining customer relationships is of upmost importance. While there are many elements to a healthy culture, those with the most impact to midsize banks revolve around the people—both customers and employees. The quality of a bank’s people and the quality of its culture go hand-in-hand. With the introduction of big data analytics to the financial institution space, midsize banks have the opportunity to leverage existing customer relationships and build a stronger business. Data analytics offers more than just metrics on a bank’s performance—analytics can be the key to enhancing and maintaining a vibrant workplace culture.
Analytics provides answers. At midsize banks, these answers can help enhance customer relationships, prevent churn, foster valued employees, and increase accountability and team alignment across the organization. With analytics, banks rely less on past experiences or a gut feeling to make decisions and begin to adopt real-time decision making.
When employees are empowered with the metrics necessary to identify opportunities in data and take action, a heightened sense of morale and value is created. Data analytics provides sales and marketing teams with the insight to better segment customers, take action on these customers, and then measure the action impact to create recurring best practices. Analytics allows bank executives to access all areas of their business at their fingertips, and offers the tools to solve challenging business problems with actionable insight, quickly — creating an increased sense of value and ownership among all employees.
Additionally, data analytics improves employee accountability by providing the necessary information to be successful at any job within the bank. There are minimal gaps in the data, and the data is presented in an easy-to-understand manner. This leaves less room for error to make excuses when it comes to making important decisions in a timely manner.
Lastly, deploying analytics solutions at a bank leads to a more cohesive and aligned team. Data analytics solutions prevent information silos by bringing all sources of data together, making it easier for employees to be on the same page and work towards a common goal. In turn, workplace culture is improved as business challenges are solved and results are shown in a collaborative environment.
The combination of strong relations within the local community plus the offerings of data analytics can give midsize banks a distinct competitive advantage over the larger banks that typically lack personal customer relationships. Data analytics enhances an existing company culture and leads to answers, insightful action, and the opportunity to improve business.
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