In the digital era, data is often compared to oil — a valuable resource with the potential to transform how banks and credit unions operate. Yet many financial institutions struggle to convert their data into actionable insights that drive measurable outcomes.
In a recent webinar hosted by Apiture and Cornerstone Advisors, Apiture’s Daniel Haisley and Cornerstone’s Ron Shevlin explored how financial institutions can build a successful data strategy. Their conversation emphasized a foundational truth: unlocking data’s value starts with clarifying the business need.
Before investing in dashboards or analytics, determine the problem you want to solve with data tools, asking questions like these:
- Do we want to increase deposits from current customers?
- Should we reduce loan defaults or credit risk?
- How can we personalize digital banking experiences?
Without a clear objective, your institution’s data initiative could become a costly exercise with no direction. Like drilling for oil without knowing what type of refinery you need, collecting data without a strategy leaves value untapped.
Financial Data Has Potential—But Only When Refined
Banks and credit unions are sitting on vast amounts of raw data:
- Customer demographics
- Transaction histories
- Account behaviors
- Operational and risk metrics
But raw data alone has no value. The real power of data lies in refining it into intelligent insights that fuel better decision-making, improve customer satisfaction, and drive operational efficiency.
Why Many Banks and Credit Unions Miss the Data Opportunity
A new report from Cornerstone Advisors, commissioned by Apiture, shows that many financial institutions fall short when trying to use data effectively: More than a third of these institutions say they do not use data effectively to improve customer experience or operations.
On the positive side, 74% report being “somewhat effective” or “very effective” with their data strategy. And institutions are most confident in their data governance and quality.
The key takeaway? Many organizations are starting their data journey with technology, not strategy.
The financial institutions with the most success haven’t always been the biggest ones. Those that started small—solving one specific problem, seeing the value, and scaling from there—are the ones achieving their data goals. Size doesn’t determine success—focus does.
Use Strategy to Drive Data Success
Think of your business strategy as the engine and your data as the oil. Without the engine, the oil is useless.
According to the report, high-performing banks and credit unions:
- Define what success looks like
- Align data efforts with strategic goals
- Continuously refine their data approach over time
With a solid data strategy, your institution can turn data from a passive asset into a powerful driver of growth.
Assess Your Institution’s Data IQ
Want to evaluate your organization’s data maturity? Use the Data IQ framework to benchmark your capabilities and build a roadmap for progress.
👉 Visit our Data IQ resource page to learn more and to take the assessment
