For 150 years, banks in the United States have been financial anchors in their communities, and they continue to be. But the banking industry is not anchored to its own traditions and is moving in tandem with evolving technologies and consumer expectations. Unbundling and decentralization are transforming how the financial-services industry fulfills its role to undergird societal prosperity, with the OCC providing needed guidance in a time of continuous flux.
One asset that financial institutions do not lack is data. They are keepers of massive volumes of customer data. But storing and managing data has not provided them with all of its potential value; banks are increasingly enhancing management with analytics to gain maximum advantage from data. Better cost optimization, greater regulatory compliance, improved user enablement and informed decision-making are only a few of the benefits of this coordinated approach.