rsz_1aba_blog

EnableSoft joined over 500 other attendees at last month’s ABA Bank Marketing & Retail Conference to share best practices on a number of topics from social media, mobile, multiple marketing strategies to how banks can improve their marketing performance by integrating their data and analytics operations. The expert discussions and networking feedback at the Nashville, Tennessee event were certainly music to our data automation ears!

What we heard, is that harnessing massive amounts of bank data and converting it into actionable information is leaving many bankers feeling overwhelmed. With the house packed full of bankers, not data processing or IT professionals, these data challenges were often the topic of conversation.

“It was really top of mind for a lot of people at the conference because as bankers, they are used to having immediate financial information at their fingertips, but obtaining “data on demand” especially from disparate systems is a whole another conversation.  This is especially key since most bankers have financial degrees vs programming IT degrees or background,” said EnableSoft’s SVP of Sales and Marketing, Betty McNeil. “And Bankers are really hungry for the next wave in driving revenue, creating value and differentiating themselves with how they market” in this incredibly fast paced mobile society.

The Great Barrier

The ability to pull data from one place and intelligently pair it with information in another for effective use in a marketing campaign can sometimes be problematic for financial institutions with disparate systems in place that can limit the free-flow of data.

It was noted in one session, Connecting Data & Analytics for Marketing Success, that a typical bank’s IT architecture can have 40 front-end and middleware apps, 80-plus online app interfaces and more than 180 subsystems. Bank operations employees know all too well the frustration of trying to integrate data from disparate systems and lines of business. Data should be an asset, not a liability; after all, “retail financial institutions have always enjoyed access to a volume of consumer data that would make other industries drool with envy,” asserts The Financial Brand.

The Data Integration Key

Unrestricted by banking applications, platforms and even business hours, Robotic Process Automation (RPA) software is being leveraged by bankers to build the proper workflows to help streamline the entire process of data integration. The “automated employee” is used as a data aggregator so that a bank operations team can pull and combine data from several different sources for analysis and application in targeted marketing initiatives.

By locating and activating critical data, RPA saves banks time and money. RPA enables bank marketers to realize their return on investment (ROI) by easily pulling information together to create advanced marketing campaigns. Additionally, it frees up bank personnel to participate in more customer-service and other revenue-generating activities.

The ABA Bank Marketing & Retail Conference certainly covered the ABCs of data integration for marketing elevation. Learning better ways to bring banking data together is always a rewarding challenge and one that we are passionate about. We look forward to hearing from our friends from ABA and our Foxtrot fans on what you took away from this year’s event.