The Bank Administration Institute (BAI), a research company serving the financial services industry, has tapped DataMentors for data processing services.
DataMentors is providing BAI Research with its DMValiData and DataFuse software, which the firm will use to help create its diagnostics and reports for member banks. The software will help BAI sift through member data — customer databases from community banks and large multinational banks — to create benchmark reports that allow member banks to compare their performances.
“This information provides BAI with the ability to deliver to members details about all of its customers, for example, where they are, what types of accounts they have, household demographics, etc., which allows them to gain a clearer picture of the customer base to more effectively market to them,” explained Gordon Daly, director of marketing, DataMentors. “BAI selected our products to hyper-clean the database, so when their customers, the member banks, start to market to their customers, the depositors, they know what to say and how to say it based on information about the individual.”
Daly pointed out that DataMonitor has deep experience in the financial space, and that its client base is heavily weighted toward the financial community, making the data company a good fit for BAI.
“We needed a partner like us who understood the financial services industry and thought progressively about the evolution of, and how to best serve, the financial institutions competing in it,” said Tom Hoscheidt, managing director with BAI, in a statement. BAI representatives could not be reached for comment as of press time.
