Credit unions do not have a data acquisition problem but a data activation problem.
On average, credit unions have 60 to 100 data sources, so the challenge for many is not acquiring the data but activating it. The following are five must-haves to activate this robust asset.
Must-have #1. A clear data strategy.
The primary function of the credit union data strategy is alignment and support of the organization's strategy. Ensure 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 your data if your credit union doesn't have a comprehensive data strategy. It is a bit like assembling an expensive bike without directions. You know what you want it to do and look like, but you cannot accomplish your vision without the assembly plan.
Must-have #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 data activation. You need to know what problem you are using data to solve.
Must-have #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.
Must-have #4. Have a formal data governance program.
Many credit unions get overwhelmed with the creation of formal data governance programs. 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 your data.
Must-have #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 combines critical and design thinking in a proactive environment.
If you are looking for easy ways to start your data journey, please check out the Data Activation Series and the Deep Dive Data Governance activation sessions. In a matter of hours, you and your team will learn the fundamentals to launch your data journey.
Looking for more
Data Governance Goodness?
We are offering LAUNCHABLE Data Governance on Wednesday, September 21, 2022, from 10:30 am PST/ 1:30 pm EST - 1:30 pm PST/ 4:30 pm EST.
Yes, launchable is a word :) And it describes what needs to happen to your data governance program in 2023! THRIVE will give you the knowledge and framework (aka ppt deck) you need to launch this effort in JUST three hours!
You won't want to miss this virtual Data Governance Deep Dive workshop!
Ready to ACTIVATE
your data?
Then plan on attending the
It's hard to know where to go
when you don't have a map,
the same is true with activating your data.
Let's get you and your data activated by Halloween!
Giving you a FIRM nudge to do this is an
the standard price.
Perfect time to send more than one team member AND check that
"launched data journey in 2022" box DONE!
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:
NEW! Read the Data Education White Paper (found at the bottom of the page)
Comments