Usually high number legacy systems in banks, often not able to “talk to each other” due to missing APIs (application programming interface) or no availability of unified key (ability to link the information from one system into different systems). You need to understand the limitations before making big commitments in the field of analytics.
Understand your infrastructure current status & potential
Banking group rolled out solution into the locations, unifying and/or building new, powerful DataMart. One of the locations was even after 6 months not using it for more than basic business continuity. 3 months of assessment later, we came up with list of options, strategy and implemented few reports and predictors to illustrate how to better utilize resources available, plan shifts, score and target the customers, as well as automated crucial parts of daily management reporting.
Not all companies will be that lucky, but for growing number of our clients is cloud infrastructure strategic priority. This might reduce your cost profile, but realistically with the same technology stack you shall not expect too much of a difference in other areas.
Among more advanced and rather strategic options we can mention utilization of 3rd party fintechs or data platforms to allow easy data access, connectivity to the external data feeds, including the PSD2, open APIs, but also social network, internet reviews of the businesses etc. to gather the data and insights from other institutions & build holistic view on the customer and organization. Same would apply for all key areas based on your strategy: branch utilization, advisory process, shift planning, optimizing the back-office activities etc. Once your data is accessible, its much easier (and cheaper) to implement tools and optimize the process or cooperate with data native fintechs.