Successful financial institutions of tomorrow will be those which harness data to build highly sophisticated understandings of their clients, counterparties, and their internal organization. The future is clear but it comes with a risk - that only the largest institutions with legions of developers and data scientists will be able to build it. Here, we share another way, how platform companies with open APIs and shared data standards can unlock an innovation ecosystem that everyone can benefit from.
There are three pillars that enable banks and credit unions to utilize data for success: a data ecosystem, actionable insights, and connected experiences. These seven steps answer the question “how” does our financial institution unlock the power of data and get on the winning path.