We all love the promises of increased customization, automation, efficiency, and productivity that Artificial Intelligence (AI) can deliver, but how does a credit union get there? Here are five things you need to know as you explore leveraging this asset at your credit union.
1. A clear data strategy.
The primary function of the credit union data strategy is alignment and support of the organization strategy. Make sure it incorporates a pathway to data maturity and includes talent development to consume data. The credit union data strategy should provide clarity on workplace adoption of data. It is challenging to get a valuable output of AI if your credit union doesn't have a comprehensive data strategy. It is a bit like assembling an expensive bike without the directions. You know what you want it to do and look like, but without the assembly plan, you cannot accomplish your vision.
2. The ability to translate data strategy into tangible use cases.
Focusing on solving the member problem or reducing member friction are ideal because the entire credit union can understand them. The use cases, otherwise known as the business problem, is key to AI enablement. You need to know what problem you are using AI to solve.
3. A clear, high-level road map.
If you have #1 and 2 above, you should have this. Remember, the best practice for a data road map is to fit it on one page and communicate how the strategy will help improve members' lives.
4. Have a formal data governance program.
Many credit unions get overwhelmed with the creation of formal data governance program. Advice: don't boil the ocean; make a nice cup of tea. Start small. This is mission-critical. Suppose your credit union doesn't have a formal data governance program. In that case, it isn't easy to verify data quality, and without clean data, you can't be confident in the output from AI.
5. Talent that can translate data into valuable action.
This is the area where most credit unions fail. Creating a data-centric organization does not occur organically. A defined plan to infuse data into the credit union is a combination of critical and design thinking embedded in a pro-active environment.
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Data Success: A 3-part education series to help you achieve it!
Data has been called one of the single most important organizational assets. Fortunately for credit unions, there is an abundance, but this also is the biggest challenge.
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Yep, that is 1 through 5 of Gartner's Roadmap :)
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Data Education White Paper
For a credit union to be successful with data, it has to overcome two pain points:
1. Filling organizational data knowledge gaps.
2. Providing a framework to help launch a credit union's data journey.
This white paper highlights the methodology and results of the offering. Students accomplished the following:
Assessment of current credit union data condition
Drafted a data vision statement
Created a data strategy draft
Identified member friction
Diagramed member experience journey
Leveraged member friction into a data use case
Proved proficiency in data maturity concepts
Created data governance plan draft
Resolved member friction use case using design thinking framework
Proved proficiency of center of excellence concepts
Built an Enterprise Data Road Map