WEBINAR RECAP: It’s Time to Make Use of Your Transaction Data

All else remaining equal, some community banks will grow faster, increase noninterest income, and have stronger customer relationships — not because they’re inherently “better,” but because they’re smarter about how they use their data.

Every bank has transaction data, but few use it to their advantage. The banks that crack the code on leveraging their existing transactional data gain an edge — one that allows them to expand customer relationships, uncover hidden fee income, and make smarter, more strategic decisions.

In our most recent webinar, “How Transaction Data Gives Community Banks an Unfair Advantage,” we invited panelists Abby Wendel (President & CEO, Landmark National Bank), David Nohe (CEO, FinGoal), and Jerry Bradley (Chief Product Officer, KlariVis) to tackle this topic head on. Their message was clear: Banks that harness their transaction data will thrive. Those that don’t will fall behind, losing business to competitors and fintechs who know how to use data to deepen relationships, optimize revenue streams, and act on insights faster.

Be sure to watch the recording to hear directly from these industry experts. Our primary takeaways from the discussion are included below:

Making Sense of Transaction Data

Banks are sailing on an ocean of transaction data, but most of it goes unused. Why? Because it’s messy, fragmented, and buried in outdated core systems.

Most banks are simply processing these transaction data points. It’s just too much to make sense of on a daily basis. Structuring and crafting a story out of raw transaction data is an uphill battle for community banks, Bradley explains. It’s often incomplete, inconsistently coded, or spread across multiple systems, which requires a heavy lift just to get a fuzzy picture.

The actionable information hidden in that data can mean the difference between growing a relationship or losing it. The challenge isn’t about collecting more data — it’s about pulling meaningful insights from what banks already have and making it accessible to the teams that need it most. This is exactly what Transactional Intelligence was designed to do. There is no need to struggle for the solution alone — that’s why we’re here!

The Importance of Enriched Transactions

Raw transaction data is a puzzle with missing pieces. Most banks only see the basics — date, amount, a vague merchant description. And, yes, that information is important, that data is oftentimes not enough to drive any real insight, especially when delivered from the core.

An enriched transaction, a data cleansing process that FinGoal excels at, tells a transaction’s story. A banker can clearly understand who the merchant is by name and can see which category of spending it would be considered.

Nohe uses the example of an interaction with Goodwill. A customer may make a donation at the end of the year around the same time as a retail purchase. These two transactions can look extremely similar in a standard core report, and without proper categorization and enrichment, a bank would be left guessing what kind of transaction occurred and when.

Enriched transactions leave no room for questioning related to the purpose and type of transaction that occurred. Continuing with our Goodwill example, it would categorize the transaction as either a donation OR a retail purchase (dependent of course on what the customer did that day), add clarity to who the direct merchant was (a donation center or brick-and-mortar retail store), and create a user story for that customer.

Put another way, enriched transactions make reviewing transaction data worth bankers’ time. Wendel states, “It’s extremely important to have bankers prioritize their time. To win and to be in front of customers you need a bigger amount of insight to add value to the relationship. That’s exactly what we get when looking at this data that’s enriched.”

The Cost of Doing Nothing

Nohe was blunt: The biggest mistake banks are making today is doing nothing. Every day a bank hesitates to use its data, growing competitors like QuickBooks, Square, and Shopify are stepping in and filling the gaps. And transaction data, when leveraged, can provide a prime opportunity to get in front of customers while you still own part of the relationship.

Wendel pointed out a major blind spot — many small business owners use personal accounts for business transactions. Banks that identify these customers early and transition them into proper business banking relationships unlock a massive revenue opportunity.

Bradley added that transaction trends — such as repeated Square deposits — can be early warning signs that a customer is shifting their financial activity elsewhere. Recognizing these patterns and acting on them can make the difference between retention and attrition.

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Culture is – Still – King

When done right, technology adoption isn’t a forced shift — it’s an energizing transformation that positions teams to win.

Banks that choose to invest in and roll out Transactional Intelligence will be met with having to incorporate it into the daily lives of their employees. Twenty-five years into the 21st century, we know that this is a difficult task regardless of what the tool is and who’s using it. Wendel, who leads a team of almost 300, stresses that adoption starts with priming your culture. If your staff views Transactional Intelligence as just another tool, adoption will stall. However, if they understand how it will make their jobs easier, more impactful, and more customer-focused, buy-in will occur more naturally.

The key is to prepare your staff before any roll-out occurs. Banks that take the time to show frontline employees the value of enriched transaction data before implementation see the highest success rates. When bankers see how insights can make them more effective in their roles, they don’t just adopt the technology, they embrace it.

Wendel also emphasized the power of entrepreneurial thinking. Data-driven insights should empower bankers to proactively improve customer experiences, identify new revenue opportunities, and strengthen relationships, regardless of role.

As Wendel put it, “If we can win the people game, we’re going to win overall.” Banks that invest in empowering their employees with the right tools and insights will see the greatest success — not just in technology adoption, but in long-term growth and customer loyalty.

If we can win the people game, we’re going to win overall.

ROI That Actually Moves the Needle

Yes, most banks need more than a good idea to make a technology investment. Transactional Intelligence opens up a wide variety of ROI opportunities to test and build momentum across the organization.

The key, Bradley emphasizes, is to start small to gain those immediate wins. There is so much transaction volume — banks aren’t going to crack the code for every customer instantaneously. Start by creating prioritized call lists, going branch by branch, and focusing on the top 20 customers that a banker can expand their relationship with. Once you have those wins under your belt, you can start acting on the more granular, revenue-generating opportunities that your transaction data holds.

Final Takeaways: Use It or Lose It

The experts’ message is clear: The key to deepening customer relationships, uncovering new revenue streams, and staying ahead of competitors is already within your bank, hidden in plain sight within every transaction. The true competitive advantage doesn’t come from simply having data, but from the ability to interpret it and act on it.

Ultimately, waiting is no longer an option for banks hoping to thrive in modern banking. The choice is simple: listen to what your data is telling you, or watch your customers turn to those who do.