When it comes to blending data, technology, and purpose, few institutions pull it off like USAA Bank. Chris Gifford, Chief Data and Analytics Officer at USAA, recently shared a wealth of insights on our podcast, Data Driven Finance. Gifford, who brings years of experience from banks such as JPMorgan, Chase, and Bank of America, opened up about the critical role of data analytics, the power of being mission-driven, and what the future holds for financial services.
If you’re short on time or just looking for a quick and easy synopsis of the episode, you’re in the right place. Keep reading to discover the key insights from Chris Gifford’s conversation. And when you’re ready, you can listen to the full episode here.
Data as the Lifeblood of the Bank
For many companies, data is simply a tool. For USAA, data is essential. Chris Gifford describes it as “the foundation needed to deliver on the promises of the future.” His work centers on making data accessible and compliant for various applications while continuously upgrading USAA’s analytics capabilities to outpace competitors.
"We’re advancing our analytics capabilities, keeping up to speed with emerging tools, techniques, platforms, and really speeding the whole thing up. Speed kills in this space… the fastest to react or respond to a shifting consumer need really wins," says Gifford.
This obsession with speed isn’t about flashiness—it’s about creating personalized experiences and removing friction for USAA members. Whether automating lending decisions or providing tailored advice to a young service member, data ensures that USAA stays proactive.
Driving Purpose with Mission at the Core
What sets USAA apart from other large banks? One thing, says Gifford, is its unwavering focus on its mission. USAA serves military community members, and this shared purpose turns data scientists, analysts, and developers into problem solvers with heart.
"There is something magical about this place… It always comes back to the mission," Gifford shares. “When’s the last time you got choked up or cried at work because of the mission? That’s a pretty regular occurrence here.”
According to Gifford, this permeating sense of purpose drives genuine innovation, even in challenging times. From financial advice to solving problems for military families, the mission transforms USAA into more than a bank—it’s a lifeline.
"Coupling the idea of being data-driven with the mission is what gets my team excited. When we’re able to use our tradecraft and find opportunities to help our members, that’s when we get really energized," Gifford adds.
AI, Generative AI, and Beyond
Artificial Intelligence (AI) might feel like a buzzword, but at USAA, it’s a game-changer. Gifford acknowledges the power of AI while maintaining a cautious approach to balancing innovation with trust.
"I am a fanboy of generative AI. I love it; it’s going to change the world as we know it,” says Gifford. “But in the banking space, we have to be mindful of its risks, like accuracy and trust.”
AI’s current role focuses on backend efficiencies—transcribing calls, categorizing unstructured data, or even automating code. But Gifford envisions a future where AI drives hyper-personalized, predictive insights for members.
"The application of AI for personalization at scale will be its biggest payoff,” Gifford predicts.
Beyond AI, leveraging agile cloud solutions and advanced computing models is just as crucial for staying ahead in a rapidly evolving industry.
Envisioning the Future of Banking
If you thought tap-to-pay was revolutionary, think bigger. Gifford paints an incredible picture of banking’s future, where augmented reality changes everything. Imagine wearing AR glasses while house-hunting. You pass a house with a green overlay, indicating you’re pre-approved, complete with live calculations of mortgage payments and insurance.
"Imagine walking down the street, seeing a car, and your augmented reality headset calculates instantly—can you afford it? Where’s the nearest dealership? What’s your trade-in value?" says Gifford.
These experiences could redefine not just banking but how we live. However, a unified system for siloed data is key. Gifford proposes something like a "Consumer Data Bureau," enabling consumers to share aggregated data for personalized experiences while protecting privacy.
"Just like life before Amazon or life after Amazon, these innovations will change our world in unimaginable ways," he adds.
Connected Banking and Industry Collaboration
Banking’s future isn’t just about flashy tech but rather collaboration. Gifford sees enormous potential in the industry coming together on universal challenges like fraud detection or real-time processing capabilities.
"The industry already works together on fraud detection," Gifford states. “But there’s so much more we could do on shared challenges to help consumers and members faster.”
While competition will always push innovation, advancing shared frameworks could modernize banking industry-wide, creating a win-win scenario for businesses and consumers.
The Analytics Ecosystem Banks Need in 2024
To wrap it up, Gifford outlined the key analytics capabilities every financial institution must prioritize to future-proof their approaches:
- Hire Passionate People: "Surround yourself with intellectually curious people who love solving problems with data," Gifford emphasizes.
- Go Cloud-Native: Migrating analytics to the cloud ensures speed and scalability, offering a true competitive edge.
- Personalization at Scale: Use data-driven insights to deliver real-time, hyper-customized member experiences.
- Integrated Systems: Break down silos across data environments and bring actionable insights closer to decision-making processes.
USAA’s forward-thinking, mission-first approach is proof that the banking industry can not only adapt but thrive in this era of data and technology. Leaders like Chris Gifford are paving the way for a smarter, faster, more humanized future in financial services.
"It’s an exciting time,” Gifford says. “The combination of our mission, data, and innovation is creating opportunities we never dreamed of ten years ago.”
The future of banking is here—are you ready to seize it? For more insights, connect with Chris Gifford on LinkedIn, and be sure to catch up on the latest episodes of our podcast, Data Driven Finance here.
