DES MOINES, Iowa–Shazia Manus, CEO of payments processor TMG, has released a new white paper titled, “Five Considerations for Financial Institutions Building Business Intelligence Teams.” In addition to Manus, the paper offers perspectives from data analytics experts Rick Oglesby, president of AZ Payments Group, and Bryan Arzani, co-founder and president of The Results Group. The authors seek to identify key considerations for building a business intelligence (BI) team.
“Every new business initiative needs a champion. Big data analytics and the resulting business intelligence it provides are no different,” writes Manus. “As more credit unions and community banks learn of the mounting importance data insights will have on the future of consumer relationships, leaders are beginning to search for and identify their financial institutions’ big data champions.”
The team explores five fundamental questions executives looking to enhance their BI capabilities will want to answer:
1. Are we (or can we become) a responsive organization?
2. What are our expectations of a BI team?
3. Who will follow up on the insights delivered by the BI team?
4. Should our BI team go it alone?
5. Who is best equipped to lead the BI team?
Also included in the paper is insight from Partners Federal Credit Union, which has recently built its own BI team.
“Personalization has never been so important to servicing and deepening relationships with members,” Mike Terzian, senior vice president and chief marketing officer for Partners, states in the white paper. “The demand for real-time, actionable data was no longer a hope but rather a requirement to deliver upon our strategic plan. We see data and analytics as core, must-have capabilities, and that is why we decided to invest in BI.”
The paper is third in a series of white papers TMG is publishing on data-driven strategies for financial institutions. The first addressed the ability of real-time data to provide hyper-personalized consumer experiences, and the second demonstrated how data can dispel long-held notions about particular financial products through a study of credit card rewards. Each of the papers is available at www.tmg.global/trending.