In the best of times and the worst of times, data is the key

Helping the community and delivering personalized service is the foundation of every community bank—it is what sets you apart. Regardless of whether you are navigating through today’s COVID-19 crisis or you are enjoying the best of times, the key to success now and in the future is data. As veteran community bankers, we understand that your challenge is not a lack of data—you have a treasure trove of data about your customers. Your challenge is being able to easily turn that data into actionable insights that drive your ability to serve your community, manage risks, streamline operations, grow revenue and ultimately compete with the megabanks.

Your customers are communicating with you every day through their transactions, whether they are done on their phones, in person or online, and each interaction is telling a story. But are you listening to your customers’ stories? Are you able to act if needed? Are you able to easily monitor specific early warning indicators that allow you to act proactively based upon a customer’s behavior, such as a missed direct payroll deposit?
Created by bankers, for bankers, KlariVis enables employees at all levels of your bank to efficiently access the massive amounts of customer, market, product and service data

that resides in your core and ancillary siloed systems. This data empowers your frontline bankers to make data-driven decisions by improving insight into the components that affect loan, deposit and revenue growth. Additionally, KlariVis creates organizational efficiencies that allow you to focus on strategic decision-making, not managing cumbersome data and reporting processes.

The problem:

  • Disparate core and ancillary systems
  • Fragmented financial and customer information
  • Labor-intensive report writing
  • Lead generation for cross-sell opportunities is virtually non-existent
  • Timeliness of actionable information is limited to internal capacity of report writer(s)
  • Data inconsistency and lack of integrity

The solution (KlariVis):

  • Compiles and aggregates previously disparate data points from siloed applications
  • Has an attractive interface that transforms cumbersome traditional reports into an interactive visual experience
  • Provides critical actionable insights to increase revenue, streamline operations and manage risk
  • Is core and system agnostic
  • Is easy to deploy
  • Requires limited internal client resources

A defining differentiator, KlariVis provides a line-of-sight view into key data elements on visualizations that are easy to navigate and interpret to provide users with immediate, actionable insights. “The ability to see multidimensional reports on one page in KlariVis is so hard to fathom, you have to see it to really understand the impact a tool like this will have on your bank,” says Lynn Johnson, EVP and COO of Select Bank & Trust. With KlariVis, you now have the capability to get the right data in the right hands at the right time to make the right decisions for your bank.

Data In The Best, And Worst, Of Times

Helping their community and delivering personalized service is the foundational differentiation of every community bank. Now more than ever, customers expect that their community bank understands them and is looking out for their best interests.

Customers are communicating with their banks every day through their transactions — regardless if they are mobile, in person or online, each interaction tells a story. Are you listening to what they’re telling you? Whether your bank is navigating through today’s COVID-19 crisis or operating in the best of times, data will be key to success today and in the future.

Business intelligence to navigate daily operations is hard to come by on a good day, much less when things are in a pandemic disarray. Many bankers are working remotely for the first time and find themselves crippled by the lack of access to actionable data. A robust data analytics tool enables employees at all levels to efficiently access the massive amounts of customer, market, product, trend and service data that resides in your core and ancillary systems. Actionable data analytics can empower front-line bankers and risk managers to make data-driven decisions by improving and leveraging insight into the components that affect loan, deposit and revenue growth. Additionally, these tools often do the heavy lifting, resulting in organizational efficiencies that allow your bankers and executives to focus on strategic decision-making — not managing cumbersome data and reporting processes.

A tool that aggregates transformative data points from various siloed systems and makes them readily available and easy to interpret allows your management team to be better prepared to proactively manage and anticipate the potential impact of a crisis. This positions your bank to offer products and services that your customers need, when they need them.

But most community banks have not implemented a data analytics solution and as such, they  must consider how to manually generate the information needed to monitor and track customer behaviors to assist them in navigating this crisis. Below are a few potential early warning indicators to monitor and track as your bank navigates the current coronavirus crisis so you can proactively reach out to customers:

  • Overdrafts, particularly for customers who have never overdrawn.
  • Missing regular ACH deposits.
  • Past due loans, particularly customers who are past due for the first time.
  • Line of credit advances maxing out.
  • Lines of credit that cannot meet the 30-day pay-down requirement.
  • Declining deposit balances.
  • Large deposit withdrawals.
  • Businesses in industries that are suffering the most.

If your community bank is one of the many that are proactively assisting customers during this pandemic, make sure you are tracking data in a manner that allows you to clearly understand the impact this crisis is having on your bank and share with your community how you were able to help your customers during this critical time. Some examples include:

  • Paycheck Protection Loan Program details: number of applications received, processed and funded; amount forgiven; cost of participating for the bank; customer versus non-customer participation, impact on lending team, performance.
  • Customer assistance with online banking: How did you help those who are unfamiliar with online banking services? How many did you assist?
  • Loan modifications, including extensions, deferments, payment relief, interest-only payments and payment deferrals.
  • Waived fees and late charges.
  • Emergency line of credits for small business customers.

Having easy access to critical customer information and insights has never been more important than it is today, with the move to remote work for many bankers and rapidly changing customer behaviors due to the economic shutdown. Customers are making tough choices; with the right data in your bankers’ hands, you will have the ability to step up and serve them in ways that may just make them customers for life.