Banking Transformed with Jim Marous From Data Overload to Strategic Insights
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Apr 17, 2025 
In this discussion, Lee Wetherington, Senior Director of Corporate Strategy at Jack Henry™ & Associates, dives into the challenges faced by financial institutions in leveraging customer data amidst legacy systems and silos. He highlights how AI and machine learning present both opportunities and hurdles for banks aiming to enhance personalized customer experiences. The talk also covers the urgent need for cohesive data strategies to compete with fintech, address customer attrition, and revolutionize services for small businesses, all while navigating a complex regulatory landscape.
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Banks Struggle with Data Utilization
- Most banks and credit unions struggle to effectively leverage customer data due to fragmentation and silos.
- AI and data strategy urgency is now existential for financial institutions to remain competitive.
Centralize Data with Data Hub
- Financial institutions should centralize fragmented data into a unified real-time data hub.
- This enables integration, accessibility, and better use of data for strategic use cases.
Data Deficit Limits Personalization
- Banks typically have only a fraction of their customers' total financial data due to fragmentation.
- Without a full data picture, banks can't deliver meaningful personalization using AI effectively.