Wherever you may stand on New Year's resolutions, I strongly encourage you to make 2022 the year you launch your data journey. If launching your data journey feels overwhelming, here are four straightforward suggestions to kickstart and begin to move forward to leverage your data to improve your members' lives.
Step 1: Fill your organizational knowledge gaps on data.
There is much to learn about your credit union data, so here are a few 2 min or less reads to help you get started.
What exactly is credit union data success?
It is when the credit union is leveraging its robust enterprise data to improve its members' lives. To accomplish this, the following is needed
1. A clear data strategy
2. The ability to translate data strategy into tangible use cases
3. A clear, high-level road map.
4. Have a formal data governance program
5. Talent that can translate data into valuable action.
Let's start with an honest understanding of your member and recognize that they have friction doing business with you when you make a consolidated list of the top 10 member frictions - Boom! - you have just made your list of data use cases. You are using the member friction list as your starting spot for your data journey. Look at what you need to remove or less this friction - what data/ knowledge will you need to accomplish that. It is all here. Start with this little use case, and you are on your way!
Step 4: Establish a Member Friction Committee
Yes, this is your data journey committee, but if you call it member friction, not only are you tying the data to the end game, but you will have excited committee members. This committee should be created by those who are critical decision-makers at your credit union and who can help jump-start the member friction reduction process.
This is an EXPLORATORY committee. Acknowledging that it is exploratory will help keep the committee flexible and agile to accomplish its task and lessen member friction.
These four steps may feel rather rudimentary, but the point is to start. You should attempt to boil the data ocean instead of focusing on making a great single cup of tea.
Curious about the current state of data at your
credit union?
Take this quick
Data Success Assessment to find out!
Found at the bottom of the page.
Where can I fill my data knowledge gaps?
With a stop at the
Data Education Center.
We believe that data transformation doesn't have to feel overwhelming or expensive to be impactful. After helping over 600 credit union leaders launch their data journeys, we have identified several consistent knowledge gaps. We have worked hard to fill these gaps with a variety of educational artifacts:
NEW! Read the Data Education White Paper (found at the bottom of the page)
What if I want something more? Does someone offer data education classes with real-world applications?
Yep, that is what we do, of course, and so much more. To learn more, please review our data transformation institute