As we head into February, the month of valentine's day, let's give some love to data and how it can impact your members. Here are four actions that you can leverage your data that will have a nearly instant impact on your members.
Data Love #1: Identify the data needed to solve your member's problems.
Your members have only four problems they want your credit union to help them solve. They are:
1. Transportation.
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.
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 shelter.
3. Travel and play.
The member desires either travel and/or play. They need a financial partner to help them achieve these goals within their current financial means.
4. Rainy day and retirement.
The member needs a financial partner to help set up short-term and long-term deposits.
Review the member's journey to identify the data needed to solve them.
Data Love #2: Reduce friction they have doing business with your credit union
What is the friction the member has doing business with your credit union and how are you removing or lessening it? Seriously, dive in using the member journey from Data Love #1 and identify what frictions the member has doing business with your credit union. Prioritize rank the frictions by two criteria 1) you have the resources to solve today and 2) will have the widest impact on the member.
Data Love #3: Save them member $
When data has been used to identify where your members may have other financial relationships, you can identify high-interest loan someplace else and refinance it at the credit union will save your members money. This is just so easy!
Data Love #4: Member Spend
Want to quickly understand where your members financial pain points may be? Look no further than how much and where they spend on gas on gas and groceries . While gas prices are leveling itself out, food is not. How much your members spend and where they spend it is really insightful.
These are just a few examples of how much data can impact your members lives. What will be the ones you find?
Looking for More?
We believe that data activation 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 offerings:
Activation Sessions
There is something for everyone!