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Echo Partners Community Bank Blog

    Why #DataAnalytics is a loser in #Banking…

    [fa icon="clock-o"]} [fa icon="user"] Howard Lothrop [fa icon="folder-open'] deposit profitability, analytics

    Back to Basics written on the road.jpegWhy #DataAnalytics is a loser in #Banking…

    …And what you should be doing instead.

    Most bankers see data analytics as a turnoff.

    It’s intimidating, pretentious and complex. It’s hard to monetize plus it suffers from a lack of transparency.

    It’s another black box that you don’t understand. It will sit on the shelf unused. The only true value is providing bragging rights at the country club or cocktail party.

    It’s an ivory tower concept trying to fit into a Main Street world.

    What bankers really need is an easy process that doesn’t require a PhD and years of experience to understand.

    A solution that delivers tangible ROI, not pie-in-the-sky “what if” promises.

    The answer is to go back to the basics.

    So how do you separate basic from complex?

    Use #Gartner “3 Vs” of data. Only 1 can be “High” in basic analysis.

    Here’s how #DepositProfitability ranks…

    Low Velocity with monthend data snapshot.

    Low Variety using well-structured data from core system.

    High Volume of transactions.

    That’s what #DepositProfitability is all about.

    It uses data you already have, measures behaviors you understand, and pinpoints exact bottom line impact.

    Don’t try complex until you master the basics.

    Where are you in the analytics learning curve?

    Do you want to grow your bank profits with little to no risk? Click Here to  Discover How
    Howard Lothrop

    Written by Howard Lothrop

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