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A COMPREHENSIVE GUIDE

Revolutionize Your Community Bank with a 360° View of Your Customer

Community banks have long been the pillars of local economies, nurturing relationships with small businesses, families, and individuals alike. Their unique blend of personal touch and understanding of local nuances have made them integral to the financial fabric of many communities. However, in this fast-paced digital age, where technology and data driven decision-making, these banks are encountering unprecedented challenges. The rapid digitization of financial services, driven by larger banks and fintech innovations, has raised customer expectations for seamless, personalized experiences.

As a result, community banks find themselves at a crossroads, needing to evolve and integrate new-age solutions while preserving the essence of their community-focused ethos. It's within this backdrop that OneSix’s Community Bank 360° emerges as a beacon, offering these institutions a way forward in navigating the digital transformation journey.

Contents

The Banking Landscape

The Path Forward

The 360° Solution

Benefits of Customer 360

Banking Success Story

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THE BANKING LANDSCAPE

Addressing data challenges has become a critical priority.

In the evolving landscape of modern banking, community banks face a myriad of challenges that threaten their traditional dominance and personal connection in local markets. These hurdles not only impact their operational efficiency but also their ability to maintain close ties with their clients. Here's a snapshot of the most pressing issues they grapple with:

  • Fragmented Data Systems: The majority of community banks deal with disintegrated data across numerous systems. This dispersion can result in inconsistencies and deprives them of a 360-degree view of their customers.
  • Inadequate Customer Insights: A disjointed view impedes banks from cross-selling and up-selling effectively, thereby shrinking the potential customer lifetime value.
  • Operational Inefficiencies: Diverse data systems can induce redundant processes and inflate error rates.
  • Competing in a Digital World: While major banks and fintech startups exploit AI and big data for personalized services, community banks are at risk of lagging.
  • Regulatory & Compliance Challenges: Disparate data makes adhering to regulatory norms a convoluted task.

The repercussions of these challenges are profound, affecting not just the internal operations of community banks but also their relationships with customers. When banks are unable to navigate these issues, they inadvertently expose themselves to a host of unintended consequences.

  • Decreased Customer Loyalty: A bank lacking a comprehensive understanding of its customer cannot cater effectively, hampering retention.
  • Missed Revenue Opportunities: Incomplete customer insights restrict banks from offering relevant products, impacting profitability.
  • Operational Strains: Fragmented systems drain resources, both in terms of personnel and costs.
THE PATH FORWARD

Community banks can get ahead by focusing on these 6 strategies.

To address the challenges and maintain their relevance in today's evolving banking landscape, community banks can adopt a proactive approach. Here are six strategies they can implement to overcome these hurdles.

Integrating Data Systems

Streamline and integrate data systems to gain a holistic view of customer information and improve operational efficiency.

Embracing Digital Transformation

Embrace technology, including mobile apps and AI-driven analytics, to compete effectively in the digital banking landscape.

Optimizing Processes

Identify and eliminate redundant processes through automation and workflow management to reduce operational inefficiencies.

Enhancing Compliance Measures

Implement advanced compliance and risk management solutions to navigate regulatory challenges more efficiently.

Ensuring Data is Secure

As data systems are integrated, prioritize data security by implementing strong cybersecurity measures to safeguard customer information and uphold trust.

Prioritizing Client Engagement

Foster customer loyalty and trust by delivering excellent customer service, personalized interactions, and active community involvement.

THE SOLUTION

Community Bank 360° by OneSix

Recognizing the pressing need for a customer 360 solution tailored for the banking sector, OneSix introduces its innovative solution: Community Bank 360°. This offering is not just a tool, but a comprehensive strategy and service offering based on our commitment to aid community banks in harnessing their data effectively. 

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Unified Data Platform
  • Centralized Data Management: By centralizing all pertinent data, we eradicate the gaps that prevent a consolidated customer view, enabling banks to swiftly access and analyze customer information from a single point.
  • Master Data Management: Ensure consistency, accuracy, and reliability across your data assets. By applying advanced Master Data Management techniques, we ensure that data from various sources is coherent, reducing discrepancies and offering a single version of the truth.
In-depth Customer Analytics
  • Data Visualization: Visualize the customer journey like never before. With tools like Power BI and Tableau, banks can grasp complex data patterns through intuitive visuals, enabling quicker and more informed decisions.
  • Actionable Insights: Beyond mere data visualization, the solution extracts actionable insights. By understanding customer behaviors and preferences, banks can design strategies that resonate and effectively respond to market demands.
Scalable & Flexible Infrastructure
  • Cloud-Driven Solutions: With the flexibility of the cloud, banks can scale their data operations up or down based on demand, ensuring efficiency without compromising on capabilities. This agility allows banks to adapt to changing data needs seamlessly.
  • Powered by Matillion: Recognizing that every community bank is unique, our solution harnesses the power of Matillion's engine, offering the liberty to customize data processes. This means banks can mold the solution to fit their unique operational nuances and requirements.
Holistic Training & Support
  • Empowering Banks: The best tools are only as effective as those wielding them. We provide a comprehensive training program, ensuring your team can make the most of Community Bank 360°.
  • Continuous Support: Our commitment doesn't end post-implementation. With a dedicated support team, we ensure you're always equipped to tackle any challenges that come your way, maximizing the utility of the tool for enduring success.
OUR TECHNOLOGY PARTNERS
THE BENEFITS

Community Bank 360° makes data-driven growth a reality.

Community Bank 360° is more than a tech upgrade. It equips banks with the requisite tools and insights to not only remain competitive but also to chart an innovative path towards sustainable, data-driven growth. It's a strategic guide for community banks in a digital world. By adopting this approach, banks can not only enhance customer relations but also ensure sustainable growth in a challenging market environment. Community banks must proactively adapt to maintain their significance and ensure continued growth.

From Data Siloes to Customer 360 (2)
  • Enhanced Customer View: Delve into enriched customer interactions and offer banking experiences that resonate. As Forrester points out, those who tap into customer insights see a staggering 85% rise in sales growth compared to their peers.
  • Deeper Customer Engagement: With our 360 degree customer view, create tailored banking experiences, fostering enhanced loyalty and retention. Again, Forrester's findings reinforce the value of deep customer insights, linking them to an 85% surge in sales growth.
  • Maximized Cross-selling and Upselling: A nuanced understanding of each customer’s journey uncovers latent opportunities, allowing banks to present relevant offerings. Such strategies, as McKinsey highlights, can amplify sales by a remarkable 10%.
  • Operational Streamlining: By harmonizing various processes, banks can drive down redundancies, fine-tune their workflows, and enhance decision-making. Integrating data in such a manner can precipitate cost reductions of up to 23%, as noted by IDC.
  • Adaptive Digital Strategy: As digital banking undergoes constant metamorphosis, our solution ensures community banks always remain a step ahead, appealing to the modern, tech-savvy customer.
  • Risk Mitigation & Enhanced Compliance: With a robust data framework, banks can confidently navigate the intricate regulatory maze, benefiting from improved reporting, reduced errors, and diminished compliance-associated risks.
  • Strategic Growth Planning: Grasping the core segments of the customer base permits banks to align their strategies with the highest growth potential sectors, optimizing the return on investment.
  • Personalized Marketing Campaigns: Harnessing detailed customer insights allows for the crafting of targeted marketing endeavors, which in turn, enhances engagement rates and bolsters the ROI on marketing investments.
SUCCESS STORY

How Leader Bank achieved true customer 360

To maintain a competitive edge, community banks need to have a deep understanding of customer behavior and preferences. For Leader Bank, the path to success was marred by fragmented systems and disjointed data, hindering their ability to provide efficient customer service and targeted marketing efforts. This is where OneSix stepped in, bringing innovative solutions to address these challenges and transform Leader Bank's operations.

Fragmented Systems and Data Disarray

Leader Bank, like many financial institutions, faced a common challenge: fragmented systems and data silos. They had separate platforms for commercial lending, residential lending, and core banking operations, with little interaction between them. This siloed approach made it incredibly difficult to establish a comprehensive view of their customers.

Back-office processes were cumbersome, and customer support teams found it challenging to provide efficient service due to a lack of unified customer data. To compound matters, data quality issues, including inconsistent naming conventions and formats, added complexity to the situation.

CUSTOMER 360 ASSESSMENT

Ready to achieve customer 360?

OneSix invites you to join us for a 30-minute assessment, tailored specifically for community banks like yours. This session aims to:

  • Assess your current state and unique challenges

  • Identify ways to leverage Community Bank 360°

  • Get started with an action plan

Together, we can explore the transformative power of data, offering insights and strategies to propel your bank to new heights. Let's collaborate and ensure your bank remains a beacon of trust and efficiency for your community.