Data trends for member-owned banks 

Operating in a fiercely competitive and highly regulated market, it’s critical that member-owned banks are on top of regulatory requirements and emerging trends. 

GWI has worked extensively with organisations in the financial sector to transform the use of data, information and technology, leading to improved internal efficiencies, member experiences and enhanced competitive advantages. We’ve identified the most important emerging trends in innovation that member-owned banks need to be aware of if they want to thrive in the next wave of digital change.  

The rising importance of data   

  • Implementing robust data management process including collection, disposal and retention policies will help strengthen member trust, ease regulatory compliance and reduce exposure to heightened cybersecurity and privacy risks 
  • Data interoperability and digital platforms will enable customer-owned banks to achieve synergies as the industry undergoes consolidation 
  • Open banking will be leveraged as a platform for innovation and increase competitive differentiation 

Enhancing member relationships  

  • Organisations need to continue creating tailored products, identifying targeted cross-selling opportunities and personalising the experience for members through the use of data to enhance member relationships  
  • Simplifying the member experience through one-touch banking processes will ensure customer-owned banks can cater to the changing demands and habits of members  
  • Engaging and acquiring new members by leveraging digital channels such as social media and online referrals offers a new touch point for business growth  

Refining internal operations  

  • Increased intervention from financial regulators will see more member-owned banks implement automated reporting to manage compliance requirements  
  • Advanced self-service capabilities powered by high-quality data and analytics will enable executives and branch managers to closely monitor emerging customer trends and make evidence-based business decisions  
  • Unlocking real-time performance tracking capabilities, improving operational efficiency and increasing speed to market through capturing data using digital platforms 

GWI can help your businesses stay ahead of these trends. We’re experts in leveraging data, information and technology to solve even the most complex business problems. Get in touch if you’d like to know more.