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.

See how our client Andrew from Leader Bank worked with OneSix to leverage Matillion as an integral part of their Customer 360 tech stack:

The Challenge: 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.

The Solution: A Unified Customer 360 Solution

OneSix partnered with Leader Bank to tackle these issues head-on, devising a comprehensive Community Bank 360° solution that aimed to provide a holistic view of each customer. The key components of this solution included:

• Master Data Management (MDM) Strategy: OneSix developed a robust MDM strategy to standardize data across the organization, ensuring consistent naming conventions and formats. This laid the foundation for accurate data integration.
• Cloud-Based Data Infrastructure: To create a unified platform for customer data, OneSix implemented a cloud-based Data Lake and Data Warehouse. This allowed for the storage and processing of vast amounts of data from different systems in a scalable and cost-effective manner.
• Rules Engine: A rules engine was introduced to automate data validation, cleansing, and transformation. This ensured that data was accurate, up-to-date, and adhered to the defined standards.

The goal of these components was to establish a common data platform where information from various systems could seamlessly integrate. This would enable Leader Bank to tie together customer interactions, track their history, and gain valuable insights for personalized marketing and improved customer service.

Technical Components of the Solution

The Results: Transformation and Optimization

The implementation of the Community Bank 360° solution brought about significant positive changes for Leader Bank:

• Improved Customer Service: With a unified view of customer data, the bank’s support teams could quickly identify callers and access their interaction history. This streamlined the support process, leading to improved service and reduced call handling time.
• Data-Driven Marketing: The marketing team gained access to valuable insights from the unified data platform. This allowed them to create targeted campaigns and personalized offers, increasing the effectiveness of their marketing efforts.
• Enhanced Data Quality: The MDM strategy and rules engine led to improved data quality. Data inconsistencies were eliminated, resulting in more reliable and accurate information for decision-making.
• Streamlined Processes: Back-office processes were streamlined, reducing operational inefficiencies. This led to cost savings and increased productivity across the organization.
• Increased Customer Satisfaction: With improved service and personalized experiences, customers were more satisfied, leading to stronger customer loyalty and potential for business growth.

Revolutionize Your Community Bank

The challenges faced by Leader Bank, such as fragmented systems and disarrayed data, are all too familiar in the financial sector. Leader Bank’s journey, guided by the partnership with OneSix, stands as a shining example of how addressing these data challenges leads to increased customer satisfaction, resulting in stronger loyalty and paving the way for potential business growth.

For a deeper dive into how community banks can overcome their data challenges with Community Bank 360°, view our comprehensive guide.