November 20188There is a lot of buzz in the industry about using data to drive strategy, but there is an infinite amount of information out there. It can be overwhelming for financial services leaders to decide which type of data is most important for their strategic direction and growth. Many leaders understand the importance of tracking key metrics to monitor growth, patterns, and trends of the organization. Yet, one of the most meaningful metrics is often overlooked: how the bank compares to and differentiates from peer financial services organizations. It is of the utmost importance for leaders to not only understand how the organization is performing, but also how the bank is performing in the marketplace relative to competitors. These type of insights can be derived through benchmarking research programs. These comparative analytics programs can help determine areas of strength and uncover opportunities for growth, overall and by market. A benchmarking or comparative analytics research program can also help leaders better understand where to make investments and measure effectiveness in relation to their peers when establishing and assessing strategic plans. From retail deposit performance to investment benchmarking, talent management to marketing, comparative analytics provide a critical view of performance that leaders need to drive their businesses. Additionally, benchmarking enables leaders to establish realistic goals and strategies that can be measured, monitored, and adjusted over time. For example, a bank may tout being a leader in small business banking due to high new business acquisition By Karl Dahlgren, Managing Director of Research, BAIUsing Data Wisely toRemain Competitive IN MY OPINION
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