As inflation keeps pushing the prices of life's basic needs ( gas, groceries, and housing) up, members are feeling the crush. Here are five actions you can take at your credit union to help.
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.
The starting point is to understand how ready the credit union is for its data success.
2. Identify the member problem.
What is the most significant pain for your members right now?
Is it paying bills? Maximizing savings? Trying to have just a tiny bit of fun after the pandemic? Something else?
Looking at your members' transactions (and perhaps first breaking them into segments by age, income, and product usage) and payment history to identify any changes in behavior brings clarity to members and their needs.
3. Build a data road map
A road map's primary function is to be a communication tool to explain a large and complicated project. There can be many versions of a road map based on the audience, but a well-thought-out, high-level version can work for several audiences. Most road maps accompany a presentation deck that explains the surrounding details. The life of a road map is indeed fleeting. Like life, things change, so make sure that road maps are updated to current conditions and shared at intervals to communicate the project's progress.
4. Leverage data and talent to solve the member problem
The member problem will drive the data needed to solve it. When looking for data, start with creating a problem statement format to give direction. "How might we ( fill in with the problem ) " Then ask what do we need to know/learn to accomplish this.
Example:
Problem statement:
How might we help members who may be struggling to pay their bills?
What do we need to know/ learn to accomplish this?
Identify those struggling to make payments.
Those who are 30 days past due in payment
Look at gas and grocery transactions (Pull 90 days of ACH payments)
Identify other look a likes of this profile.
5. Cultivate data capability & consumption
Now that your credit union has a process to identify what it can do to help the member, it should be repeated. This will cultivate a data capability, build critical thinking skills, and increase data consumption.
Tips for success:
Start small.
No need to select a huge, complex, or elaborate member problem. A small, simple one to start still helps the member.
Embracing Learning (not failure)
The likelihood of doing something perfectly the first time is pretty low. So do not focus on perfection. Focus on progress.
Start!
Your credit union loves being the best financial partner to its members. So don't wait. Start today!
Summer School: Discount
We've got an August session of the virtual, actionable, data education 7-class series available for an INSANE 75% off
the standard price.
Perfect time to send more than one team member AND check the "launched data journey in 2022" box DONE!
Looking for a little on-site, in-person data education?
You know you need a better data strategy to compete, but what’s the next step in your data journey?
CU Sol has assembled a great crew of talented CU data thought leaders to help you:
Demystify data so that you can
De-construct your obstacles
Differentiate your credit union and improve your members' lives!
Don't miss out on your Date with Data
August 15 & 16 at the iconic
America's Museum, Manchester, NH
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)
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