In the ever-evolving digital landscape, data promises permeate every aspect of our lives. With each passing day, as our digital interactions generate an ever-increasing volume of data, its ubiquitous presence cannot be denied. Companies striving for success now recognize that a robust data and analytics competency is no longer a luxury, but a necessity. Similarly, within the realm of Credit Unions, a treasure trove of data about their members awaits exploration. Credit Unions that seize the potential of these data promises gain invaluable insights into vital trends, purchasing influences, and behavioral patterns of their membership. This newfound knowledge translates into tangible benefits such as enhanced financial performance, mitigated risks, strengthened relationships, and heightened member loyalty.

Put your data to work

It’s estimated that more than 2.5 quintillion bytes of data are created every day. Collecting and utilizing the data and then transforming it into small, actionable, decision-making data creates the opportunity to harvest rich sources of information.

Credit unions depend on core and related support systems to run their business, with each system locking up a tremendous amount of member, financial, and marketing data from which impactful insights can be distilled.

The impact of data-driven transformation for credit unions tend to fall within four main categories:

1. Customer Intelligence: Improve customer experience and increase Life Time Value.

2. Reimagined Processes: Optimize every aspect of business for efficiency and productivity

3. New Business Opportunities: Develop new products, services, and revenue streams

4. Balanced Risk : Get insights into internal and external factors to make faster and smarter decisions around risk.

In spite of  several advantages, many Credit Unions are so late, or reticent, to participate in the data analytics revolution. 

While financial institutions spend billions of dollars on marketing analytics, CUNA Mutual Group claims many credit unions have yet to seize the opportunity of huge untapped potential to leverage member data and analytics.

Most existing analytical solutions aren’t designed with credit union needs in mind. Traditional enterprise-scale solutions are also generalized, not tailored for credit union use, too expensive, and complicated. Visualization tools may provide a quick start but can’t meet the longer-term strategic needs of the credit union.

How can Credit Unions overcome this challenge? 

Most credit unions have vast amounts of data about their members, but they have trouble sorting through it all to make meaningful decisions. By investing in the right advanced analytics tools and data science consultants, in combination with deep member relationships, your credit union can compete and rise above the large, more analytically advanced financial institutions.

Every company is now a data company, too. That’s because insights from analytics have become an essential driver of innovation, optimization, and competitive edge. With real-time data and advanced analytics, the business will move to the beat of a new digital drum, accelerating the evolution of your Credit Union.

And here’s the good news. This capability is no longer the exclusive right of the largest corporations. New cutting-edge technology, wielded by capable partners on your behalf, now places the same power in your hands.

At Insight Consultants, we can help you anticipate the next right moves to satisfy a member’s unique needs and preferences using data analytics.

We offer:

1. AI-driven scoring models to create targeted member persona

2. Fully automated data processing system

3. Data analytics techniques to forecast risks

4. Targeted member retention using predictive analytics

5. Power BI to make powerful business decisions

Those data-centric credit unions that are adopting predictive analytics are turning detailed information on each member into more comprehensive insights.

The result…

They have gained a foothold in the market by offering fewer but more relevant products to their members. Plus, these credit unions are strengthening relationships, improving retention, offering even better service, driving new business, and boosting revenue. It’s a win-win that needs to be part of the overall strategic direction.

What’s the next step in your credit union’s journey toward realizing the rewards of data-driven Digital Transformation? If you are looking for ways to harness the power of data analytics or would just like to know more,  Contact Us .