Is 2022 going to be THE year your credit union embraces data? I hope so. Here are 5 actions, you and your credit union can take TODAY to embrace your data.
1. Embrace Curiosity
Not being afraid to ask "why?" Credit Unions suffer from legacy thinking. Many credit unions continue to support old processes and procedures because they initially solved a problem. However, that problem might have existed many years ago, and now the process is outdated and antiquated. A data transformation leader is curious about how everything works, on occasion, has been known to ask awkward questions to get those to share the purpose of a procedure. This curiosity serves them well as it provides them with insight into the current state and helps shape the future state. This leader also supports a learning environment that reframes failure as lessons learned, not crime and punishment.
2. Thinking and planning Iteratively - Not boiling the ocean
On average, credit unions have 60 to 100 data systems currently existing inside their credit union. To try to harness all of them at the same time is very similar to boiling the ocean. A data transformation leader understands the power of iterative growth. Breaking an enormous task into many, many small ones and slowly working on a few of them each week. This approach will allow the credit union to take more steps in the data journey in a month than attempting to take one great leap quarterly.
3. Have a member-first focus
Not credit union first. The majority of KPI focus internally on the success of the credit union, not the member. For example, Loan to share and ROA are great to measure the credit union, but not the member impact. A data transformation leader thinks not only about the credit union's performance but also in terms of member success. The change in balances, credit scores,
Late payments are some simple criteria A member focus does start with the business problem the credit Union is solving for the member. And there are four problems the member wants the credit union to solve;
Transportation
Shelter
Travel & Play
Rainy day & Retirement
The data transformation leader can build a member-centric data strategy. Leverage the data needed to solve the member problem
4. Encouraging cross-credit union collaboration
When dealing with data, it is easy to see that many of it lives in silos. A data transformation leader can help build the bridges between the silos, creating cross-credit union discipline collaboration. This allows the enterprise to work in new and more efficient, and effective ways.
5. Communicating the power data
Data transformation leaders have excellent communication skills. They can share the member-centric data strategy with the entire credit union. By sharing how the member benefits, this gains support from key stakeholders and ideally increases the potential of increased success.
Good Luck -You got this!
Curious about the current state of data at your
credit union?
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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:
Data Transformation Institute - classes!
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.