With an average of 60 to 100 data systems, credit unions are ripe with data. But the process of extracting, visualizing, and turning it into action is about as clear as Mississippi River silt.
The following is a high-level process that has helped credit unions quickly polish their raw data and turn it into diamonds. They participated in a data accelerator to launch their data journey. A Data Accelerator is a 90-day process to identify member friction, develop a process to solve it, and iteratively work to achieve the member's aspirational goal.
Step #1: Identify the member friction.
Example: 60% of members that start the online loan application abandon the process and do not complete the application
Step #2: Create a problem statement.
Example: How might we [the credit union] improve the online member experience?
Step #3: Creating the member story (what would the member say if you reduced this friction)
Example: As a credit union member, I have easy access to the funds and funding I need to live my best life.
Step #4: Create the project charter statement, sponsor, and team members.
Project charter statement - To identify the friction in the online loan application experience and create a plan to lessen it.
Sponsor: Chief Lending Officer
Team: Lending, underwriting, data analyst, marketing and operations
Step #5: Create Prioritized tasks
Identify and revise all the policies and procedures that are affected by streamlining the loan application, underwriting, and approval process.
Pull the data on current members who are abandoning the online loan application.
Pull the data of the online loan application usage, abandonment, and successful processes.
Step #6 Build Sprints and layout Sprint road map
Sprints are tasks that can be accomplished in 2-3 days. Breaking down the tasks into smaller, more manageable micro-tasks will allow the project to move forward faster. A credit union can get two micro tasks or sprints accomplished in one week versus attempting to spend half a day to make a more significant leap forward. This is the benefit of incremental growth.
Step #7 Review the progress and adjust as necessary.
While this was a high-level example of the data accelerator process, here is what one credit union said about their experience.
"This Data Accelerator has helped change my mindset and open my eyes to new ways of doing things, the ideation process, and harnessing the power of our data."
Credit Union located in Northern CA
To learn how to leverage your enterprise data and start improving your members' lives, please visit our Data education Center for articles, white papers, and more.
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