Banking Transformed with Jim Marous

From Data Overload to Strategic Insights

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.

51:57

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Lee Wetherington

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Quick takeaways

Financial institutions face challenges like legacy systems and silos, hindering their ability to leverage customer data effectively for strategic advantages.

The integration of AI and modernized data infrastructure is essential for banks to enhance customer relationships and achieve meaningful personalization.

Deep dives

Challenges of Data Utilization in Banking

Many financial institutions struggle to effectively leverage vast amounts of customer data due to issues like legacy systems, organizational silos, and competing priorities. These factors often lead to valuable information being isolated and underutilized, preventing banks from gaining actionable insights and personalizing customer experiences. Despite the potential of artificial intelligence (AI) and machine learning, many banks have yet to develop a coherent data strategy capable of keeping pace with industry advancements. The lack of a clear approach to data is increasingly problematic, as the competitive landscape demands quick adaptation to avoid falling behind.

Intro

3min

Enhancing Data Utilization in Financial Services

10min

Navigating Customer Relationships and Data in Financial Services

5min

Navigating Data Strategies in a Regulatory Maze

9min

Harnessing Customer Data in Banking

8min

Revolutionizing Banking for Small Businesses

13min

AI's Empowering Role in Banking

4min

Despite having accumulated vast amounts of customer data for decades, many financial institutions struggle to effectively harness this information for strategic advantage. Legacy systems, organizational silos, and competing priorities often leave valuable data isolated and underutilized.

Meanwhile, the rapid advancement of artificial intelligence and machine learning technologies has created both immense opportunities and significant challenges for banks trying to keep pace.

I'm joined on the Banking Transformed podcast by Lee Wetherington, Senior Director of Corporate Strategy at Jack Henry™ & Associates. Lee has been at the forefront of helping financial institutions navigate these complex data and AI challenges.

This episode is sponsored by Jack Henry. Jack Henry™ is a well-rounded financial technology company that strengthens the connections between people and their financial institutions through technology and services that reduce the barriers to financial health – with the purpose of empowering people and communities to gain the financial freedom to move forward. Visit jackhenry.com to learn more.

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