How do you take the vision of becoming a best-in-class data driven organization and make it a reality? That was the topic of discussion as Manav Misra, Chief Data and Analytics Officer at Regions, delivered the keynote speech to students, faculty and alumni during the second annual National Business Analytics Konclave at the Kalinga Institute of Industrial Technology School of Management.
“Data is everywhere,” says Misra. “But being able to leverage that data to deliver value to customers, price products, and manage risk is where data and analytics professionals can help drive success for a business or organization.”
Misra and his team at Regions have focused on working with all lines to business to create data products, end-to-end solutions to problems or challenges the businesses face.
For example, when the digital banking team was looking for a way to better listen to and understand customer wants and needs, the data and analytics team built rVOiCe, a tool that uses artificial intelligence and natural language processing to aggregate customer feedback from various sources – surveys, social media, mobile app reviews— and present it in a visual dashboard that allows team across the bank to see actionable insights.
“Using visualization as part of telling the story is critically important,” says Misra. “Strong visual representation of data enhances the effectiveness of data-driven insight and can help depict specific results.”
The team has also worked with commercial bankers to create a data product that uses transaction data to help alert bankers to clients who may be experiencing financial stress, allowing bankers to take a proactive approach to helping clients.
Misra stresses that “you need a very strong bridge between the business units and the data and analytics teams to create effective solutions.”
Additionally, to successfully leverage data and analytics into solutions-based products, organizations need a robust platform that allows development of data products as well as a strong culture of data management and governance.
To hear more from Misra, including how he has worked to build the data and analytics team at Regions as well as his approach to creating a robust data and analytics roadmap, check out the video below.