Consumers today are increasingly reliant on having data at their fingertips to make decisions and, most importantly, to simplify their lives. Data and analytics are central not only to building a more loyal customer base, but also to creating greater efficiency to compete more effectively.
Banks of all sizes are struggling to meet these expectations, but mid-tier Banks (defined as $10-$50 billion in total assets) in particular find themselves at an inflection point with regard to data and analytics. However, mid-tier banks have the advantage of being more nimble relative to their larger competitors, allowing them to create better customer experiences and greater efficiency—even with smaller technology budgets.
For any financial institution, there are four levels of data and analytics maturity: limited, recognized importance, more advanced, and culturally ingrained.
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