The use of data by businesses, including the banking industry, has grown significantly over the last decade. The growth of data usage in the banking industry is due to increased access facilitated by the digitalization of financial transactions and banking services. Banks use a variety of it to understand their business, clients, and market.
Kaleido is no exception. In a previous post (link) we brought you insights in how 2022 was a year of innovation, where we, among other things, transformed our business into better decision-making based on understanding high quality data. But what does that actually mean?
In this post, we aim to shed light on what data we are using, how we are using the data, and what impact it have on our bank. Using data to drive a business is essential, if used in the right way, and within a safe space like our bank, where the individual and their data is fully protected. Then, using and analyzing data is beneficial for the client. It even has a positive impact on our business, through more satisfied customers and increasing client relationship.
Data-driven decisions at Kaleido:
Utilizing business, financial, and operational data
At Kaleido, we use a variety of data to make informed decisions and develop processes. The three main types of data we use are: business data, financial data, and operational data. We collect data from various sources, and we utilize business intelligence tool Power BI to analyze and visualize this data across all units of our bank. This allows us to have a comprehensive and real-time overview of the whole business and its performance and make data-driven decisions.
It is important to note that our bank takes the protection of client data seriously. Banks are obliged to comply with regulations related to data governance, privacy, and security. We are set up to fully following privacy laws, obtaining customer consent, and implementing secure data storage practices to ensure the privacy of client information.
Understanding our clients through data
We collect and use client data to better understand our clients needs. It helps us to evaluate their used products and services and financial behavior, such as risk preferences and financial goals, which in turn allows us to develop new products and services that meet our clients’ individual needs.
In addition, client data helps us improve our internal processes, such as risk management and compliance efforts. By analyzing client data, we can identify patterns and trends that may indicate potential risks and take proactive measures to mitigate them.
Client data is crucial for our bank to operate and grow our business. By using it to understand our clients, develop new products and services, manage risks, and improve customer service and internal processes, we can provide a better banking experience for our clients while also improving our own operations.
Driving business performance and profitability with financial data
Financial data is critical to our business, and gives us a clear understanding of our financial performance, and helps us make informed decisions about how to allocate our resources effectively. This data provides valuable insights into our opportunities and threats and helps us identify which products, services, or areas are most profitable.
By analyzing financial data, we can understand our financial performance over time, and make strategic decisions about the future direction of the bank and ensure that we are on a sustainable path for growth.
The key to efficient operations
Operational data is also crucial to the success of Kaleido. It is used to observe the bank’s day-to-day operations, such as processes, activities, and systems, and helps us identify areas for improvement and reduce friction in our operations. Using operational data allows the bank to identify inefficient processes and bottlenecks, reduce friction in everyday operations, and improving the service we provide to our clients.
From data to personal connections
It is likely that the use of data in banking will continue to grow as the world continues to digitize. It can be easy to feel like personal connections are being lost, but the fact is, that it can also be used to bring us closer together. By using the power of data, we can become more insightful in our interactions with others, even in a world that is increasingly digital. It allows us to provide a more personalized experience for our clients, and to invest time where it really matters.
By analyzing our clients' financial behavior and preferences, we gain valuable insights that we use to tailor investment portfolios, provide personalized financial advice, and better suggest products and services that align with their goals. Making processes and day-to-day tasks more efficient by analyzing our data, enables us to release time and put it where it really matters - for meaningful conversations and relationship-building with our clients.
Markus Abbassi: November 05, 2024
Kaleido