Leveraging data to improve members’ lives involves the following: 1) understanding the member’s problems and 2) identifying the data needed to solve them. To accomplish this, students spend time understanding members’ problems and identifying friction in the member experience.
Credit union members have only four problems it wants the credit union to solve. They are:
The member needs transportation to accomplish basic needs. This should not be confused with an auto loan. The credit union should consider itself as the conduit to transportation.
2. Shelter problem.
The member needs a place to call home as a basic need. This should not be confused with a mortgage. The credit union is the conduit to the shelter.
3. Travel and play problem.
The member desires either travel and/or play. They need a financial partner that will help them achieve these goals within their current financial condition.
4. Rainy day and retirement problems.
The member needs a financial partner that will help them set up short-term and long-term deposits.
A member may find themselves with a combination of these needs. They may have shelter but are looking to downsize. They may want to travel but don’t know how to save. A member’s financial needs describe the member’s current financial journey.
Member Journey An ecosystem in reference to a credit union is a community of interacting entities in conjunction with their environment. A member/user experience ecosystem (MUX) is the combination of the technology, touchpoints, and talent that support the member journey. When an experienced ecosystem works well, the member is not aware of the transitions between touchpoints. The member will have a plethora of experience journeys as they engage with the credit union.
Members may encounter friction along their experience journey with the credit union. Friction occurs primarily due to two categories: people (internal and partners) and process. Many credit unions function in silos and have not connected the phases with data and technology and do not see the frictions. Credit union talent then is using a disjointed process to service the member. One of the benefits of identifying member friction is that it also functions as an excellent source for data use cases.
To see an example of member friction and actions a credit union is taking to reduce it, please request a copy of the Data Activation Series white paper.
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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: