Analytics Advice from Top Bank Data Officers
- by 7wData
The sea of data at banks can be tough to navigate, so good captains are crucial.
American Banker recently sought the insights of several executives who try to put tremendous amounts of customer data to innovative uses in their banks. Many of their answers were compiled in a slideshow, but the Q&A below provides more detail from select respondents. It has been edited for clarity.
How did you end up in "big data"?HOFFMAN: I began my career as an intelligence officer at the Central Intelligence Agency. Then 9/11 happened. I, like many, felt a call to do something. On Sept. 12, 2001, I joined the U.S. Navy Reserve as an intelligence officer. In the nearly 17 years I spent in intelligence, I quickly learned that the fundamental role of professionals in data analytics is to empower good decision-making.
I had a front row seat to both the amazing power of good decisions and the destructive power of bad ones. I developed a visceral dislike for bad decisions, which has powered my professional passion: to enable good decision-making. At the end of the day that's really the fundamental mission for anyone in a data analytics role.
What industry or specific company do you think does a fantastic job with data analytics and why? From my lens, no organization does a better job with data analytics than the U.S. military's special forces units and the intelligence units supporting them. Their ability to translate data analytics into actionable outcomes at both the strategic and tactical level is unprecedented. For them it's literally life and death. It's not life and death for us in financial services; however, the decisions we inform can be life-changing for our customers. That inspires me, and it should inspire all of us.
What advice would you give to a Bank just starting down the road of data analytics? Don't forget that it's not only about "big data"; actionable little data is also extremely valuable. Keep the customer at the center in whatever you do. Focus on creating value at the intersections. Quite often an organization's data analytics "power plants" are up, but the lines are down.
Â
[Social9_Share class=”s9-widget-wrapper”]
Upcoming Events
From Text to Value: Pairing Text Analytics and Generative AI
21 May 2024
5 PM CET – 6 PM CET
Read MoreYou Might Be Interested In
Data Warehousing: A Competitive Disadvantage!
8 May, 2017It’s a fact. Most companies today use a data warehouse. Frankly, they didn’t have much choice—they needed to be able …
Improving Agricultural Efficiency with Satellite Data
10 Aug, 2017Humans started to cultivate land around 10 000 years ago, so we must be pretty good at it by now. …
With new products, MongoDB drives NoSQL database more deeply into the enterprise
23 Jun, 2019MongoDB  has long been known as a niche player in the database wars. It’s one of the leading providers in …
Recent Jobs
Do You Want to Share Your Story?
Bring your insights on Data, Visualization, Innovation or Business Agility to our community. Let them learn from your experience.