As we begin to plan for next year and beyond, now is a great time to assess your credit union's readiness for data success.
For many credit unions, this assessment is narrowly focused on the tech stack and the tools. While these are important to the data success, there are really five things that a credit union needs for data success they are:
1. A clear data strategy
A data strategy that is aligned to the organization strategy, and incorporates a pathway to data maturity (with particular emphasis on data governance), includes talent development to consume data and provides clarity on workplace adoption of data.
2. The ability to translate data strategy into tangible use cases
3. A clear, high-level road map
If you have #1 and 2 above, you should have this. Remember best practice for a data road map is to have it fit on one page and communicate the pathway that data will be leveraged to improve member's lives.
4. Have a formal data governance program
Many credit unions get overwhelmed with the creation of formal data governance program. Advice: don't boil the ocean; make a nice cup of tea. Start small!
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 is a combination of critical and design thinking embedded in a pro-active environment.
So as 2022 planning commences, don't forget to factor in a holistic approach that incorporates strategy, governance, and talent!
Complete the data success assessment if you would like to find out how ready your credit union is for data success in seconds. Scroll to the bottom of the page, and within the click of a few buttons, you will find out how prepared your organization is to succeed with data.
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:
Looking for more insights on data and how you can leverage it to transform your members' lives?
Check out Big Data/Big Climb. Written for credit unions by a credit union expert, this book has been hailed as a "must-have". 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.