Understanding the Importance of Unifying Data for Remarkable Results

Last week, I had the pleasure of speaking with a few leaders from FIS and Jack Henry at their respective customer conferences. As we discussed at length the challenges facing our industry and the opportunities that lay ahead, it became abundantly clear to me that most financial institutions (FIs) are suffering due to the lack of unified data and the leveraging of this data to improve end user experiences.  

Unifying Data for Improved User Experiences 
In a market with increased competition from other FIs, wealth management firms and the proliferation of fintechs who seek to capture younger customers and prospects, capturing all customer data in a single, living dashboard is paramount in the financial management process. It provides teams with the insights needed to proactively bolster stronger customer connections. With a full understanding of the accounts already housed within the institution, there is a potential for 5x more growth.  

Client Advisory Board Meeting Insights 
Back in April of this year, during our Client Advisory Board meeting, we asked our board members to determine what could be the best use of a $100 investment that could be used to put toward improving the FI. Overwhelmingly, the board agreed they would use the funds to integrate and further unify data through the complete omni-channel experience to create a user experience without borders… especially when it comes to digital banking.   

Success Story: INTRUST Bank 
Additionally, our client, INTRUST Bank, did just this and reimagined its client experience with our help. It began with us as the anchor, providing a centralized client portal and data aggregation capabilities. The project then moved into INTRUST curating its client experience by centralizing how clients access their information. Instead of providing multiple website logins, clients access everything they need in Wealth Access—including statements showing how much INTRUST’s Smartleaf rebalancing system has saved them in taxes. Resulting an improved client experience and a ROI of $15 for every $1 spent!  

The Power of Unified Customer Data 
The feedback from our Client Advisory Board members and our work with INTRUST are prime examples of the need to unify customer data to produce remarkable insights. As the cores continue to determine which tech investments are best suited for their customers, we look forward to not only sharing our story with them but also continuing to put our best foot forward as a partner of value - one that truly listens to the customer, unifies customer data in a seamless and efficient manner while delivering friction-free, intuitive user journeys via hyper-personalized experiences.  

Unified data holds immense potential for financial institutions to thrive in a highly competitive market. By leveraging this data to improve user experiences and create personalized journeys, FIs can drive stronger customer connections and unlock significant growth opportunities. Embracing the power of unified data is the key to transforming the future of financial management.