2023 may be another tumultuous year, how can you plan for using data analytics to stay ahead?
The ups and downs of the last few years have shown that financial institutions that were prepared with better information fared better than those that weren’t. It appears that 2023 will be another “interesting” year with record inflation, a likely recession, rising rates, and the possibility of Durbin 2.0.
FI’s are leaning more and more on their ability to use data to keep a closer eye on leading indicators of growth, profit, and risk. Your ability to gain access to all your data may mean the difference between taking advantage of changing conditions or them taking advantage of you. As we found out with the pandemic (and previous crisis), having the right tools in hand matters.
Many FIs are creating strategic plans for 2023 that include data analytics. This article outlines some of the major things to think about when you are creating your plan.