Baking A Data-Centric Culture


Many people took up baking during the lockdown, resulting in new skills and fabulous homemade treats appearing everywhere. Let's translate some of these skills into the workplace. Here is a "recipe" for making a culture that can leverage data to solve member problems.

Ingredient list:

5 - credit union employees who absolutely love serving their members.

Select one with passion and zeal. You will know they have this attribute if you have heard stories that include changing members' flat tires in the rain, checking on older members during snowstorms, and even temporarily take care of members' pets.

1 - member friction

Member friction is the friction that the member has doing business with the credit union.

Member friction can come in three varieties, product, process, and people.

Product frictions are a lack of product knowledge by the user. Common product frictions are; not understanding how a skip-a-payment affects the loan terms and how a check hold works and affects available funds.

Process frictions occur when the overall process. The loan process is a great example. This process holds many potential friction points. Common frictions are:

  1. Members are not aware of the credit union option.

  2. The application process is obstacle-filled, resulting in abandoned carts and unnecessary length.

  3. Loan fulfillment takes too long.

People Frictions

These are a combination of both individual capability and culture.

1 can of Design Thinking

Design thinking is a successful problem-solving methodology that helps organization design solutions to member frictions that focuses on the end-user (member). By focusing on the end-user and not just solving the problem, the result has a higher success rate. Please make certain your can has a high level of cross-functional teamwork in it. When teams are comprised of several different departments, it breaks down silos creating stronger solutions.

1 or 2 reports that address the member friction

You will want to pull the freshest data for these reports. Sometimes this can be hard to find. However, if there is clarity on the member friction, finding decent reporting might not be too difficult.

Steps:

Step 1: Mix Credit Union Employees with member friction.

Fold in the can of design thinking slowly, so there is even coverage. Set aside

Step2: Review the reports that have been pulled to address the member friction. Sprinkle the insights liberally on the batter.

Step 3: Let this Bake for a minimum of 1 week to ensure successful outcomes. Taste it every few days to make certain it is maturing nicely. The flavor should resemble member satisfaction with a hint of loyalty.

A member-centric data culture and leveraging data to transform are complementary processes that help accelerate the head. Creating a member-centric data mindset allows credit union talent to achieve the following:

  • Create a distinctive member experience that is powered by technology and is obsessively member-focused.

  • Leverage the power of cross-functional teams that generate high-speed innovation and result in a strong pipeline of new products to meet member needs.

  • Build a robust data consumption capability to propel the credit union to scale fast and efficiently and stay competitive.

How will you leverage the heart and the head of your credit union?


Does launching your data transformation initiative feels like climbing Mt. Kilimanjaro?

If so, THRIVE is here to help. Our proven data transformation approach will take your credit union to the summit AND back down in 90 days or less!

Think of us as your guide up the data transformation mountain and down. At the end of our time together, your credit union will have; 

  • developed & launched a member-centric data strategy,

  • built on actual, live data

  • cultivated a data culture deliver impactful member solutions 

  • launched your enterprise data journey

Click here to learn more



Looking for a solid data transformation resource?

Big Data/Big Climb Book  Written for credit unions by a credit union expert, this book has been described as  "a quintessential read for those who are looking to improve their members' lives using data."   The book cuts through techno-jargon and translates data transformation concepts into a playbook filled with real-world examples, assessment guides, and other tools needed to reduce member friction, analyze actual competition, and identify disruption to improve the lives of its members and gain competitive advantage


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