Banking News

Rosedale Federal Savings and Loan Selects KlariVis Data Analytics Platform

KlariVis, a unique and proprietary data analytics software platform developed by bankers for bankers, announced that Rosedale Federal Savings & Loan Association (Rosedale Federal) selected KlariVis for their data analytics platform. KlariVis compiles and aggregates high-value, actionable data to provide community banks timely insights into factors that drive loan, deposit and revenue growth; better transparency into the results of sales and marketing efforts; and increases a bank’s ability to effectively cross-sell the most profitable products. Based in Baltimore, Md., Rosedale Federal has $1 billion in assets and operates 9 branches.

According to Rosedale Federal’s President and CEO, Kevin Benson, the bank was searching for a data analytics platform that would be able to support the bank’s short-term and long-term goals associated with the organization’s strategic initiative to leverage data to drive the bank’s decisions.

“Like many community banks, Rosedale Federal’s challenge was not lack of data, in fact, the bank has a plethora of information in multiple systems across the organization,” Benson said. “Unfortunately, because the systems are siloed and disparate, we are not able to fully leverage this data in a meaningful manner. We were seeking a solution that would provide efficient access to data and would help us better understand customer needs, market trends and drive our decisions.”

KlariVis empowers community financial institutions to make more strategic and better-informed decisions by uncovering and providing access to their transformative data. KlariVis provides advanced report capabilities, offering a unique, holistic view of the entire organization including relevant branch, market, officer, product and customer information in easy to digest, multidimensional views.

“We initially met with the KlariVis team at the ICBA Live conference in March,” Benson said. “We were very impressed, but still spent several months examining what we thought were competitive solutions to ensure we selected the best platform for our needs. What we discovered was that KlariVis is the only platform that provides the powerful data science and visualization tools we were seeking, and also focuses exclusively on community banks. We actually could not identify a true competitor in the market.”

Benson continued, “We wanted a partner that would be completely focused on the banking space and the challenges in this sector, and we didn’t see that in other data providers that were more general. To make one of these other platforms successful in a bank environment would have required a tremendous amount of resources. Essentially it can be compared to bringing a data scientist on board, but then having to teach them the banking industry. KlariVis provides the data science and the bank expertise.”

KlariVis gives bankers visibility into key data elements on visualizations that are easy to navigate and interpret to provide users with immediate, actionable insights. With KlariVis, banks such as Rosedale Federal gain understanding into overall components influencing their institution such as deposit account growth, fee income, loan growth and trends, customer engagement levels, credit quality trends, financial results and more.

“KlariVis provides interactive data visualizations which is extraordinarily important and powerful,” Benson added. “We expect an immediate return with respect to both our board members and our executive team; having the ability to visualize the data is more impactful than simply presenting the numbers. Currently, employees, branch managers for example, have to request specific reports from our corporate office to access any type of data. These static reports are tedious to compile and equally as tedious to analyze and interpret; they are not actionable. With KlariVis, employees across the bank will have immediate access to the information they need to do their job functions. KlariVis will allow our executives to make real-time decisions based on global factors across the organization, as well as enable our front-line employees to drill down to customer-level data and provide more tailored, personalized service.”

“As former bankers turned consultants, the KlariVis leadership team has spent the past four-plus years working with community banks in a variety of areas,” said Kim Snyder, CEO and founder of KlariVis. “One challenge, above all others, continued to pop at every client we visited. Regardless of size, core system, or level of sophistication of IT departments, our clients were frustrated with getting the right data, in the right hands, at the right time, to make impactful decisions. KlariVis has been developed with input from many of our bank consulting clients to solve this very issue, and we are thrilled to partner with Rosedale Federal on this initiative.”

Read More: Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers

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