During the IBA’s last strategic planning session, our board of directors discussed several opportunities the IBA could consider to better assist its member banks. One of those focused on data analytics. The Board charged staff with finding a quality solution to help banks mine higher quality, more usable information out of the vast amount of data a bank obtains. After an extensive review of offerings and many meetings with qualified companies, learning what type of information is accessible and the methods of delivery available to simplify the results, we are excited to announce the Board has approved a new Preferred Service Provider relationship for data analytics.

KlariVis was built for bankers, by bankers. Founded in 2019 by veteran community bankers, KlariVis focuses on helping clients improve profitability, enhance customer service, monitor risks and maintain financial transparency with the use of dashboards. It automates daily extracted files from the bank’s core system and other ancillary systems, bringing those files securely into the KlariVis system, then normalizes the data, creates the data integration and presents the information back in the form of interactive, drill-through dashboards.

The company has consistently grown its business over its five years of existence, now serving more than 150 banks throughout the country. While adding banks, KlariVis continues to expand the amount of information it can integrate into dashboards, continually adding enhancements and new opportunities to its suite of offerings with constant research and development.

This solution eliminates the need to wait for reports to be written within the core and delivered manually. It is an enterprise solution to be used by executives, management and frontline personnel, allowing for daily insights, not only in financial highlights but also in the areas of deposit and loan portfolio activity and pricing. Bankers also have insights into liquidity, net interest margin, credit risk and other key areas, allowing the bank to make more timely decisions and adjustments throughout the month.

Six areas where KlariVis can be of great assistance include:

1. Executive and Strategic Insights: KlariVis gets its name from a combination of “clarity” and “vision,” demonstrated in its product, which provides executives with powerfully simple summaries about overall bank performance and growth trends across markets, branches, products, officers and industries. Rate insights give executives the visibility needed to monitor the net interest margin, rate fluctuations and other rate insights.
2. Sales Intelligence, by using various product, customer and banker intelligence views to prepare smarter outreach, strengthen sales conversations, and create more revenue-generating opportunities.
3. Credit Risk Intelligence, monitoring delinquencies, credit concerns and concentration issues to ensure the bank is ahead of any potential risks.
4. Financial Intelligence, allowing your team to interact with the balance sheet and income statement in near real-time.
5. Performance Intelligence, tracking production by product, officer, branch, market or location, giving unprecedented visibility all in one place.
6. Automated Board Reports, streamlining board packet preparation to include high-quality, ready-to-print presentations containing the data needed to provide an inclusive overview.

With all the power and capabilities just listed, you may think it will take a large amount of your team’s time and effort to get the KlariVis product fully implemented into your bank. However, the KlariVis team has already established relationships with all the major core processors and has streamlined the implementation timeline down to 90-120 days for full integration. In addition, a bank can usually begin utilizing some of the reporting capabilities within 45 days. As an IBA member, you will receive up to a 5% pricing discount on the annual subscription, depending on the agreed-upon term. We look forward to talking with you and introducing you to this innovative solution to better utilize the data you already have at your fingertips. For more information regarding KlariVis, contact Amber Robinson at AmberRobinson@KlariVis.com or myself at RLasley@indiana.bank.