Today, leveraging transactional data is not just a competitive advantage–it’s a matter of survival. In this article, you’ll discover why it’s urgent to act, how to turn your data into actionable insights, and what steps you must take to lead the new digital era.
Why do banks remain adrift in a data deluge?
Digitalization has multiplied the amount of data banks collect every day. Yet many institutions struggle to turn that information into intelligent decisions. The challenge doesn’t lie in a lack of data but in the ability to manage, analyze, and convert it into real value for both customers and the organization.
According to the study The Journey Toward 2030: Becoming a Smarter Bank by Cornerstone Advisors, “More than 50% of banks state that siloed data prevents them from making real-time decisions.” The consultancy firm also points out that “efficiency isn’t just about cutting costs–it’s about doing things smarter.”
Information silos: the major obstacle to artificial intelligence
As noted, data is often fragmented across various departments, making it difficult to leverage. This dispersion limits banks’ ability to anticipate trends, personalize the customer experience, and respond quickly to market changes.
Each department manages its data under different criteria and formats, hindering interoperability and standardization. This slows down innovation and prevents AI from functioning efficiently. According to Cornerstone, only 17% of banking executives have access to clean, structured, and scalable data in real time.
It’s like reading a map without a compass–there’s a lot to explore, but no clear direction.
Data quality: a constant challenge for banks
How should information be structured so that AI can reach its full potential? One of the most effective practices is to minimize the number of repositories and keep them synchronized. It’s extremely difficult for a financial institution to maintain a single, massive database.
Still, much is at stake, and banks cannot afford to overlook the business opportunities hidden within that mountain of user data. Keeping information under control, creating an optimized dataset, and establishing classification standards have become industry imperatives.
Data governance is key to overcoming these challenges
What fundamental steps must financial institutions take? First, define roles and responsibilities; next, establish clear procedures; and finally, ensure quality standards and review the process regularly.
These steps ensure coherent and secure information management. Are they enough? Not entirely– fostering a data-driven culture at all levels of the organization is also crucial. Data must become the driving force behind business decision-making.
The potential of transactional data: real personalization and value for banking
More and more institutions are embracing the power of data–it’s a fantastic way to retain customers, encourage repeated use, and customize products, services, and messages.
Information is everywhere! We “just” need to break down silos and analyze it with AI to transform it into intelligent decisions. By identifying customer pain points and gaining real-time insights into their financial behavior, you can offer services that perfectly match their life stage.
Don’t believe data is that powerful? Know that companies like BBVA, JPMorgan Chase, and DBS are already prioritizing continuous dialogue in their online banking platforms because they understand that knowing user habits means anticipating their needs.
Agility and speed: the new competitive standard in finance
Traditional structures and long planning cycles are incompatible with today’s market pace. Being agile means launching, measuring, and adjusting quickly–just like fintechs do.
Many banking executives are disillusioned with their company’s level of innovation and seek external solutions to accelerate digital transformation and remain relevant in a sector that never slows down.
With the rise of neobanks and Big Tech eating into market share, financial institutions face fierce competition. How can they compete? With the help of experts in banking data analysis and enrichment.
How to ensure the protection of sensitive banking data
Good governance ensures security, privacy, and regulatory compliance–critical factors in the financial sector. Protecting personal data is a top priority (for both us and the banks).
When handling customer data, your tech provider must strictly comply with current regulations such as the General Data Protection Regulation (GDPR) and the Organic Law on Data Protection (LOPD).
To ensure confidentiality and responsible use of information, it’s essential to work with companies that hold internationally recognized certifications like ISO 27001, which confirms compliance with the highest standards in Information Security Management Systems (ISMS).
The relevance of the financial sector is written with AI
Dan Haisley, Product Director at Apiture, recently explained how AI is helping banks dismantle the technological “Tower of Babel” that has emerged across departments.
“Each team believes they manage their own data well, but think the others don’t,” he said. If this sounds familiar, it’s time to structure your data and enable interoperability.
“Over 20 years ago, Jeff Bezos ordered that all Amazon departments expose their data via APIs,” recalls Ron Shevlin, Director of Research at Cornerstone. “Can you imagine if banks had done the same 20 or 25 years ago? We wouldn’t be in this situation today.”
Conclusion: unleashing the potential of transactional data
Online banking is at a turning point. AI opens up a world of possibilities–but only for those who know how to harness the data from their customers’ banking activity.
The key lies in professionalizing data management, breaking internal silos, and committing to genuine personalization. Your bank’s future will depend on your ability to prioritize data analysis and enrichment.
Do you want to create unique experiences and truly connect with your users? The first step is to identify where the opportunities lie for your business. Major banks have already set the pace–will you follow their lead or aim to become a leader yourself?
