Understanding the needs and behaviors of account holders is crucial for staying ahead of the competition. Data analytics in banking has become an essential tool for uncovering actionable insights, driving innovation, and optimizing services to meet evolving demands. By using clean, tagged data, data insights provide a comprehensive understanding of account holders, enabling personalized banking experiences, increasing deposits, improving card utilization and more.

The Challenge of Data Analytics in Banking

For the most part, regional and community financial institutions do not have data scientists on staff. For the choice few that do, one of the biggest challenges data scientists face is data preparation and cleansing. Studies indicate that data scientists spend about 40% of their time aggregating, standardizing, cleansing and categorizing data to prepare it for analysis, leaving less time for generating valuable insights. This is where Alkami’s patented artificial intelligence-driven analytics come into play. Data analytics combines transaction insights with product adoption and usage data, offering financial institutions a deeper understanding of their account holders without the exhaustive time investment in data preparation.

Democratizing Banking Data

Alkami believes in democratizing banking data through a flexible data accessibility framework. Our Data & Marketing Solutions provide a full suite of REST API endpoints, making it easy to integrate with existing tools, such as business intelligence platforms, customer relationship management (CRM) systems, and other account holder-facing tools within a financial institution’s tech stack.

Personalized Banking Experiences

Today’s account holders expect personalized experiences in every digital interaction. To meet these expectations, financial institutions need deep insights into account holders’ life events and financial behaviors. Superior data analytics in banking combine core data with transaction data, providing a comprehensive view that allows for tailored digital interactions. By turning data analytics in banking into actionable promotions, financial institutions can deliver individualized recommendations at the right time, supporting relevant product adoption that will result in an account holder having a comprehensive financial portfolio.

Driving Deposit Growth

In a high interest rate environment, attracting more deposits is a priority for financial institutions. Data analytics in banking empower institutions to identify and target the most engaged account holders, those most likely to adopt new products and increase their deposits. By focusing outreach on these specific account holders that are showing intent, financial institutions can drive deposit growth more effectively. Understanding account holders’ behaviors and preferences with insights derived from transaction data allows for outreach strategies to encourage money movement through deposit accounts.

Enhancing Card Utilization

When lending declines, financial institutions must find alternative sources of non-fee income. Promoting card utilization is one such strategy. Data analytics in banking can identify opportunities to increase card usage, such as encouraging account holders to use the institution’s debit or credit card for subscription payments. For example, promoting the benefits of using a card for monthly cell phone bills to account holders who currently don’t do so can capture more interchange revenue. This targeted approach ensures that the right message reaches the right audience, driving higher card utilization rates.

Achieving PFI Status

Achieving primary financial institution (PFI) status means being the go-to financial institution for account holders. Data insights can help financial institutions cross-sell with confidence, gaining more transaction accounts and savings deposits. By comparing the products account holders have with your institution against those they have with competitors, data insights can reveal intel that will help financial institution leaders build campaigns to win back share of wallet. This competitive intelligence is invaluable in crafting strategies that position the bank or credit union as the PFI for account holders.

Powerful Results Driven by Data Insights

Alkami’s data insights empowers financial institutions to leverage their data for actionable insights that drive product innovation and optimize account holder experiences. From personalized banking experiences to increased deposits and enhanced card utilization, data analytics in banking provide the insights needed to meet the evolving demands of account holders. 

Here’s what our customers have to say about leveraging data insights to power their growth:

“Alkami identifies every useful data point in the transaction stream that can help us better serve our members.” 


– Alisha Johnson, Chief Growth Officer at Ideal Credit Union

“When we wanted to create audiences based on the needs of the market, we would get lists that weren’t accurate due to uncleansed data. We spent a lot of time trying to get the basics. Now with Alkami, we have it all at our fingertips.” 


– Emily Stewart, Director of Digital Marketing & Analytics at Meritrust Credit Union

“Alkami’s Data & Marketing Solutions have allowed us to better understand our account holders and better serve them.” 


– Cayla Keyes, Vice President and Retail Sales Manager at INB, National Association

By making actionable data insights accessible, Alkami ensures that financial institutions can focus on what truly matters – understanding and serving their account holders better. With our AI-driven analytics, turning data into insights has never been more efficient or impactful. Embrace the power of data with Alkami and unlock new opportunities for growth and engagement.

Put your data to work with data insights.

FAQs

How does Alkami ensure the accuracy and reliability of the data insights it provides, especially when financial institutions don’t employ  in-house data scientists?

Alkami ensures the accuracy and reliability of data insights by automating the data preparation process, including cleansing and categorization, which reduces the likelihood of errors and ensures that the data is ready for analysis. 

What specific steps does Alkami take to integrate its platform with existing tools within a financial institution’s tech stack?

The platform is designed to integrate with existing tools and systems through REST API endpoints, allowing for easy connectivity with business intelligence platforms, CRM systems, and other account holder-facing tools. 

How can regional and community financial institutions effectively use data insights to compete with larger banks that have more resources and advanced data analytics capabilities?

Regional and community financial institutions can leverage Alkami’s data insights to get actionable insights quickly, allowing them to offer personalized banking experiences, targeted marketing campaigns, and strategic initiatives that resonate with their account holders’ specific needs. This helps to level the playing field despite having fewer resources.