Delivered
personalized customer experiences
Democratized
access to data
Gained
scalability and speed
The Bank of Missouri is committed to helping its community navigate today’s unpredictable financial environment. Backed by the Informatica Intelligent Data Management Cloud platform, the bank has established a foundation to democratize data access and strengthen decision-making across its organization.
“The flexibility of IDMC really sets the solution apart. We knew we wanted a cloud-based data platform to power our business, but we also knew that journey would take time and Informatica was the ideal foundation to build on.”
A Community Bank that’s Ready for Anything
“Live Well, Bank Well.” The Bank of Missouri’s motto is more than a catchphrase. It is a guiding principle for the entire organization, shaping the way its teams operate and serve their customers. That relentless commitment to people has paid off for the bank, earning it a five-star rating from Bauer Financial and a spot on the Forbes list of America’s Best Small Employers.
“As a community bank, we put our employee experience on the same pedestal as our customer experience,” says Data Governance and Enablement Manager, Jeff Kazor. “By that token, we are equally invested in making life better for both communities, no matter what life throws their way.”
As disruptive FinTech competitors reshape the banking sector and the COVID-19 pandemic tested businesses in unprecedented ways, The Bank of Missouri realized that the key to supporting customers through this constant change was to embark on a digital transformation of its own and become as agile and nimble as possible while maintaining the essence of a community bank.
“It’s impossible to plan a year in advance in today’s world, much less five years down the line,” says Kazor. “Our customers need to be ready for anything, and to support them we need to be ready for anything as well. It’s that simple.”
However, for The Bank of Missouri, digital transformation did not mean a complete shift to digital services. The bank is committed to its brick-and-mortar locations, which serve its loyal community of customers across the state. That required the bank to link data across teams and customer touchpoints alike.
Achieving this level of alignment meant stripping the complexity out of its business processes, which previously required a great deal of time to complete and were prone to human error. The answer for Kazor was clear: it was time to move The Bank of Missouri’s data environment to the cloud.
“We may be a nearly three-billion-dollar bank, but the strategies and technologies that got us here are no longer a fit for the path forward,” says Kazor. “It’s only a matter of time before our technology vendors move their products to the cloud and our leadership team wanted to get ahead of the curve.”
“We may be a nearly three billion dollar bank, but the strategies and technologies that got us here are no longer fit for the path forward. It’s only a matter of time before our technology vendors would move their products to the cloud and our leadership team wanted to get ahead of the curve.”
Crawl Today, Run Tomorrow
To drive its transformation, The Bank of Missouri combined the power of Informatica Intelligent Data Management Cloud (IDMC) with its Snowflake cloud data warehouse. The integrated cloud-based environment helped the bank set the foundation to democratize data and fuel confident decision-making across its organization.
“The seamless integration between Informatica and Snowflake has allowed us to improve our data quality and centralize that data in a single, user-friendly environment. With access to complete and accurate information, our stakeholders are able to make faster and better decisions,” says Kazor.
The Bank of Missouri has taken a “crawl, walk, run” approach to digital transformation. It selected Informatica for its platform-based approach to data management, which allows Kazor and his team to implement new modules and modernize their data practices at their own pace.
“The flexibility of IDMC really sets the solution apart,” says Kazor. “We knew we wanted a cloud-based data platform to power our business, but we also knew that journey would take time and Informatica was the ideal foundation to build on.”
The Bank of Missouri’s transformation began with its master data management (MDM). Early insights from MDM are empowering the reporting and marketing teams, as they embark on their journey towards data-driven decision making. By providing a foundation of accurate business intelligence these teams are enabled to gain deeper understanding of their data and gain confidence in their work.
This visibility has already benefitted the bank’s commercial loan underwriting process. To assess a customer’s loan application, underwriters need a complete understanding of an applicant’s finances, including assets, liabilities, and risk exposure. Using Informatica for standardization, Kazor’s team built an algorithm that allows underwriters to access all this information with just a few clicks. This is a new capability for the Bank of Missouri that promises to mature as its use of IDMC evolves.
“Underwriting householding was our first business use case with Informatica, and the results were transformational,” says Kazor. “As we continue our IDMC deployment, we expect to make data even more accessible and valuable for our employees.”
Speed, Scalability, and More
Having gained the speed and scalability to navigate a fast-shifting market, The Bank of Missouri is now expanding its customer master data to help its marketing team improve their customer journeys and segmentation efforts. Its marketers have already eliminated much of the pre-work required to cleanse and process customer data, which means they can focus on building compelling and targeted campaigns based on trusted information.
As its IDMC implementation matures, the bank also plans to expand its business use cases for MDM, Data Governance and Data Quality. Planned enhancements include the addition of new data fields to its master data, as well as its account level, transactional, reference, interaction and sentiment data.
Looking further ahead, Kazor is excited by the prospect of harnessing artificial intelligence (AI) to enhance the bank’s fraud detection and enable deep data retrieval. As a 100 plus-year-old institution, many of the Bank of Missouri’s customer records are captured on paper and have since been scanned as PDF files. Using the Informatica CLAIRE® AI engine, Kazor hopes to one day pull data directly from these documents into the bank’s data warehouse and customer analytics.
“We haven’t yet used AI for data analysis, but Informatica’s CLAIRE technology promises some impressive functionality” says Kazor. “My number one goal is enablement, so solutions like Informatica’s that make our employees more efficient, effective, and productive are a blessing.”
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