Banks and other financial institutions are working harder than ever to remain competitive within the financial services marketplace. They're constantly looking for tools to help them create strategic advantages over their competition and better manage their businesses. Given the enormous amount of data that financial institutions need to analyze, data warehousing is a mechanism to maximize the value of corporate data and turn it into useful information.
Republic Security Bank in West Palm Beach, Florida, began using data warehouse technology in August 1996. It has since acquired and converted three banks, expanding to 34 branches and increasing its assets to $1.3 billion. Rapidly expanding branches can be a logistical and time-consuming nightmare. However, Sue Wagner, branch administrator at Republic Security Bank, says the data warehouse helped the bank keep pace. "With data warehousing, we have the ability to get accurate information in a very short time. For example, we can quickly find out how many accounts are open in a particular branch," she says.
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