In Bank Director’s 2024 Technology Survey, 80% of community banks are considering increased investment in data analytics and 66% in artificial intelligence. Yet, the current utilization of data paints a mixed picture. Only 11% of respondents reported extensive data use across decisions and areas of the bank, believing their strategy surpasses that of peers. Meanwhile, 40% use data in several areas but see significant room for improvement, 34% are in early stages of developing their data strategy, and 16% admitted to having no strategy at all. As banks face a rapidly changing economic landscape and heightened competition, investing in data analytics is no longer optional. It’s a mandatory strategy for unlocking new opportunities and achieving sustainable growth. Amid brisk competition for resources, here are five compelling reasons to invest in a robust data analytics platform...