Small Bank, Big Data. For over a decade we’ve been hearing about the end of community banking and how an increasingly commoditized market will favor scale. But with over 5,000 community banks in the US, nearly 4,000 of which are our clients, for this year’s hackathon we wanted to challenge that notion. We wanted to explore how a platform could level the playing field for our community market clients and how the platform can turn community banking into a banking community.
We started out by looking at the differences between big and small banks. Banking is banking, but big banks have the advantage of scale, reach, and sophistication. However, small banks come with a relationship and commercial lending is all about relationships. With this in mind, the enormous potential of the platform to shape the future of the community markets became obvious. It is far easier to scale data and sophistication than it is to scale relationships.
From here we needed to figure out a way to demonstrate this concept. We agree with the notion of thinking big, starting small, and scaling fast. For our small bank, big data platform play, we started with risk ratings.
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