Bankers’ Data-Driven Delusions

blogginIf you think banks (in general, or the one that you work for) aren’t “data-driven,” then try the following: Ask for a mortgage, but refuse to provide any information that would enable the bank to figure out your credit score or credit history. Ask the bank to decide on your loan-worthiness based on their “gut” reaction. Do this especially if you belong to a group considered to be a “minority.”

Can We Trust The Trust Numbers?

blogginIf all these surveys about the levels of trust consumers have in banks supports your financial institution, please don’t let my comments–or common sense–get in your way of using the data to your advantage. But don’t deceive yourself into thinking that the findings from these studies have any correlation to who consumers bank with, or how they make their decisions about who to do business with.

Durbin Delusions

blogginThe Merchants Payment Coalition claim that debit card reform (i.e., the Durbin Amendment) has helped consumers save almost $18 billion and supported 100,000 new jobs in three years. If you believe that, I have oceanfront property in Kansas you might be interested in buying.

Making Analytics Strategic

Even in FIs with a strong analytics presence, and years of experience in data-driven marketing techniques, the analytics group itself is viewed as a bunch of statistical nerds, relegated to some remote section of a floor in headquarters that none of the executive team has ever been on–or would want to be seen on.