“If you are not sure where you are going, you’re liable to end up someplace else.” -Robert F. Mager
“What gets measured gets done.” –Larry McGrath
Your outsourced Chief Strategy Officer, Chief Data Officer and Chief Analytics Officer.
Most community financial institutions do not have these C-Level roles filled. In most cases, a full-time resource is not yet needed. Yet there are benefits extended from a Data Governance review and assessment, a time for advanced analytics, and a need for a recurring meeting with line-of-business leaders to assess progress towards strategic goals. FinTechDS+C is here to help.
Utilizing the knowledge and acumen acquired through over 30 years of experience, our services include:
Analytics Assessment – During your analytic assessment, Steven D. Simpson, PhD, of FinTech DS+C will take an objective and thorough review of your institution’s priorities and readiness for data-driven decision making – including how data management, analytics, business intelligence and data visualization align with goals and priorities of each line-of-business. Based on the strategic goals for each line of business, we will identify “opportunities” to take ACTION from within your own member data. These “opportunities” will result in an immediate ROI. We have over 110 proven “opportunities”. Get more details on the Analytics Assessment process HERE.
Strategic Planning and Execution – We can create your strategic plan or work with an existing plan. Often, strategic plans represent “good intentions” and fulfill a regulatory requirement but sit on a shelf hampered by other projects, issues, and they typical day-to-day tasks. FinTech DS+C acts as the Chief Strategy Officer to help achieve the strategic initiatives.
Our methodology is to create an execution plan to achieve desired strategic initiatives. We work with the BI group to transform data into actionable information and provide a resource to aid the front-line team. We have decades of experience and over 110 proven “opportunities” to help deliver an immediate ROI and achieve goals. We meet monthly (or quarterly) with each line-of-business leader to review progress and set a goal for the following month.
“What gets measured gets done” and a cadence results from the recurring meetings with the lines of business. In a sense, they can focus more on the day-to-day knowing that we’re there to help track progress towards strategic goals and will present a review each month. Integrated with Data Science, the actions are assessed, some actions cease, others are better understood, and some become a recurring best practice that delivers a measured and prescriptive ROI. In the end, the goal is typically member service, growth, or improved retention.
Data Science – While many community financial institutions have a BI group or platform, the analysis is limited to illustrations and simple averages. The largest banks have teams of data scientists and are spending hundreds of millions in developing sophisticated models to identify optimal targets; which are your best members. The goal is to create a set of recurring best practices that improve member service, retention or achieve growth. We will work to create models to empower action based on the statistical relationship of your products and services to member contribution, service and retention. We will analyze, or create a plan to be able to have the data to analyze, the success of each action within each member segment using the right channel, the right message, to the right member, at the right time. Data Science, using random forest, logistic and linear regression may reveal the best segment for each action; the result is prescriptive action lists.
Project Management – Our project management services focus on four deliverables:
Core Selection and Implementation: Completing a core conversion in a financial institution is much like changing a jet’s engine while in flight. Business must go on yet a core conversion is a major project impacting all areas of the institution. With over 55 core conversions completed, we have the expertise to lighten the load on your staff and ensure a greater degree of success while typically providing savings and efficiencies, too.
Profit Systems: Whether you are selecting a profit system, interested in a reset or simply have never achieved the intended goals, we have the expertise to help. Member contribution is a key value for segmentation and action. We’ve installed Profit Stars, FIS RPS, Fiserv RPM, Profitability Analysis for DNA, and MPC. We can advise and create methods for risk weights, capital costs, and ALLL to CECL.
Business Intelligence Platform: BI should be integrated into the day-to-day operations of the financial institution. We will help drive the journey from collect to cleanse to compute to consume. There are several feedback loops along the way and the need to leverage external data and use advanced analytics will result in a competitive advantage and improved ROI. We have installed BI platforms at over 80 financial institutions – help us get to 100! These institutions include community banks and credit unions and some of the nation’s largest regional banks. The tips, short-cuts, actionable reports, best practices, opportunities and prescriptive action lists will deliver immediate benefits.
Score Cards to Incentive Programs: Based on your culture, tracking the human, branch and call center impact is important when assessing the success of actions. It may be that you have star performers who can share the secrets of their success and improve the performance of the team using learning organization. FinTechDS+C can advise on best practices based on a collection of score cards and incentive programs for the different lines of business. We will help avoid pitfalls and game-theory in the roll-out and administration.
Collaboration – Having collected key metrics and developed best practices from many financial institutions, we can provide immediate benefits for our clients. We are also working on a peer comparison product from anonymized data from many credit unions. Contact us today to learn more.
