During the 2020 ABA Conference for Community Bankers, KlariVis, a unique and proprietary data analytics software platform developed by bankers for bankers, announced that it has been selected by three community banks: Select Bank & Trust, $1.3B in assets; the Bank of Botetourt, $492MM in assets and the Farmers Bank of Appomattox, $236MM in assets. Launched in January of this year, KlariVis empowers community financial institutions to make more strategic and better-informed decisions by uncovering and providing access to their transformative data.
KlariVis compiles and aggregates actionable data in an automated fashion providing banks like Select Bank & Trust improved and timely insight into factors such as deposit, loan and revenue growth. Community banks can now make data-driven decisions across their entire organization, gaining a significant competitive advantage in today’s market. Additionally, KlariVis provides advanced report capabilities, offering a unique, holistic view of the entire organization including relevant branch, market, officer, product and customer information in an easy to digest, multidimensional view.
“The ability to see multidimensional reports on one page in KlariVis is so hard to fathom you have to see it to really understand the impact a tool like this will have on your bank,” said Lynn Johnson, EVP and COO of Select Bank & Trust, headquartered in Dunn, N.C with 18 locations throughout North and South Carolina and Virginia.
One of the primary factors influencing the banks’ decision to implement KlariVis is the ease of implementation. “The KlariVis team offers white-glove implementation service and due to their deep industry and system knowledge, they have been able to execute on it brilliantly with no disruption to our Jack Henry SilverLake core,” Johnson continued.
Kim Snyder, CEO and founder of KlariVis, said, “As veteran community bankers, the KlariVis team knows first-hand the ‘right’ information financial institution leaders need to make timely decisions that drive revenue, manage risk, and streamline operations. We are acutely aware that many institutions have difficulty accessing that information, making it impossible to act on, which is why we developed KlariVis. The vast industry experience we have enables us to do the heavy lifting on implementation while providing an out of the box solution that allows community banks to be competitive with the large mega-banks. Our focus is to keep this low-touch for bankers so they can continue doing what they do best, but now with all the data they need at their fingertips.”
Buchannan, Va.-based Bank of Botetourt (Fiserv Precision) and Farmers Bank of Appomattox (Fiserv Precision), also located in Virginia, are early adopters of KlariVis. After seeing the KlariVis platform, both banks were convinced that the solution would provide their executive teams and relationship managers with in-depth analysis like no other analytics tool on the market.
Snyder added, “Each of these banks has taken an innovative step forward by recognizing data as an enterprise-wide asset and strategic priority. Accessing the massive amounts of customer, market, product and service data that resides in their core and ancillary siloed systems will help them gain a holistic view of their bank and its needs. The innovative approach we took in developing KlariVis was to ask the hard questions of our clients and create a tool that brings actionable data to their desktop. This approach allows bankers to serve their customers and drive value for their shareholders.”
For more information about KlariVis, meet the management team at booth 306 in the main exhibit hall. Additionally, Snyder is demonstrating the platform at the Innovation Showcase on Tuesday, Feb. 11 at 8:00 am ET.
Created by veteran community bank executives, KlariVis was developed to enable institutions of all sizes to access their transformative data in an efficient way, interpret it, and act decisively on it. The KlariVis team has more than 85 years of community banking experience and aims to provide financial institutions with a data analytics platform designed to solve the data conundrum that is prevalent in the industry today.