Economic uncertainty, changing consumer preferences, and competitive threats from larger rivals and nonbanks are posing myriad challenges for community banks. However, many smaller banks have blind spots to certain risks and opportunities because they lack the requisite data management and reporting capabilities to serve today's increasingly dynamic market.
This article discusses how using data more effectively can enable banks to better manage interest rate risk, credit risk, and liquidity, among other key areas. It advises banks to invest in advanced analytics and real-time insights while ensuring their data strategies can adapt to changing market conditions.
Check out these additional resources on master data management and data analytics for banks. To learn how the sector could evolve over the coming decade, read this SAS whitepaper titled "Banking in 2035: Three Possible Futures."
Do you use data insights primarily to manage risk, or do you also use them to improve sales? Where are your institution's data blind spots? When using insights to inform product changes, how do you balance customer expectations with risk management?
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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