“With ALTR, we can deliver a dashboard that has insights into how data is sent and define the trends around sensitive data consumption,” Jared said. “When we can put this information in front of our Chief Security Officer, it leads to all these other questions about how and why data is consumed, which drives new outcomes and possibilities.”
With HFCU’s data in the Snowflake Data Cloud, departments can look beyond their own data for a clearer picture of the organization. HFCU’s Human Resources department became an immediate beneficiary of integrated data in the Snowflake Data Cloud. When data remained siloed, HR could not create Performance Benchmarking based on other data from the credit union’s business lines. The first step was assuring them the data was secure and inaccessible to data consumers outside of the appropriate department.
“Once they see that there is no way salary information is going to make it onto a public dashboard, they can start to envision the possibilities,” Jared said. “Now, we can talk about employee performance with all the data in hand – from employee engagement surveys to their activity in the core banking system. We can look at projects and compare productivity to budgets in a way we never could before. And we can do it without any risk to the safety of our data.”
Making data accessible is critical to creating a data culture at your institution – which should be the ultimate goal of data estate modernization. For the HFCU team, replacing manual processes with self-serve reporting translated into a sea change of support.
“As soon as people see that their job gets easier, that they can do them better, ask better questions, and be a little bit more strategic and a little bit more offensive, onboarding a new technology gets easier,” Jared said. “They turn around six months or a year later, and they say, ‘I cannot believe I used to do this the old way – how were we able to service our members without it?’”
Bring Applications to Your Data
With data in the Snowflake Data Cloud, banks and credit unions can establish a 360-degree account holder view and share internal data with stakeholders throughout the organization.
What’s more, with the Snowflake Marketplace, datasets and applications can be brought directly to your data – eliminating the need to move data to outside systems that might muddy your Single Version of the Truth.
At Renasant Bank, Troy Carmichael sees the shift to the Snowflake Data Cloud as an act of self determination.
“It’s simple – don’t keep sending your data out,” Troy said. “We had vendors who would love to receive all our data and charge us for it. And then you have a sprawling ecosystem, with data swamps in your CRM, and data swamps in your social media analytics. Using Snowflake as our hub removes that complexity.”
To further improve Renasant’s data functionality, Troy turned to GrowthLoop, a Composable Customer Data Platform (CDP). GrowthLoop’s platform acts as an automated segmentation and activation layer in Snowflake that allows Renasant to create audiences from any data point in the Data Cloud, orchestrate custom journeys and campaigns, and measure results over time.
Through Growthloop, Renasant’s campaigns can be optimized in near real-time to align with their carefully cultivated single version of truth.
“With GrowthLoop, audience segmentation and journey building are as far upstream as possible, so we have access to all the data downstream to build precise, custom and responsive journeys for our customers,” Troy said. “It’s helped our team respond quickly to fluctuations in the mortgage rate environment, to brainstorm quickly and to measure the effectiveness of our campaigns.”
Alongside its work with GrowthLoop, Renasant is leveraging the Snowflake Data Marketplace to look beyond its first-party data, using Equifax B2B datasets to get a better understanding of credit risk, identify potential new clients, and find opportunities for cross-selling to current customers. By accessing the data through the Data Marketplace, Renasant was able to get datasets specific to their geographic target areas without worrying about cumbersome file transfers.
“Equifax datasets are huge, but we’re not in all 50 states – with the Marketplace, we can narrow it down to just what we need,” Troy explained. “I sent the paperwork on Wednesday afternoon and by Thursday afternoon, I had all that I needed to light it up in Snowflake. If I can get that data loaded straight up into Snowflake that simply, it reduces the overhead for my team.”
Troy said Equifax datasets augment their Customer-360 view with insights into their financial footprint outside of Renasant Bank – with applications across the bank, from personal lending to commercial lending to retirement and investment accounts. Showing the possibilities to stakeholders across the bank has increased enthusiasm across business lines.
“These enrichment opportunities create buy-in,” Troy said. “If you’re a technologist on this, you can see what is possible that was never possible before. And if you are on the business side, you can bring use-cases that translate to immediate return on the investment. It’s very collaborative.”
