As 2022 comes to a close, here are a few gifts credit unions have received from their data.
1. Reduced Member Friction
This year many credit unions leveraged their data to solve/lessen the friction members have doing business with them.
2. Increased Member Satisfaction & Engagement
Here is what one CFO did after taking the Data Activation Series
“In the beginning, we learned a lot about our membership. We discovered we had a
disproportionately high number of members in the 18-30 year range but fewer children and youth relative to local demographics. This allowed us to analyze what generations were using what kind of tools, further develop our electronic services, and offer better kids accounts."
3. Time Back to The Team
“We were able to clean up our monthly reporting, saving about 8 hours a month for staff” - CEO
4. Building Data Confidence
“The insight from this assessment is valuable in our data strategy creation. We could see where the areas of need are at our credit union and how that would accurately translate into action items. Most importantly, we gained an enterprise-wide view of our current condition. Data success is more than identifying data systems. It is about moving the data through the organization.”
Credit Union located in the Southwest
5. Build Your Data Roadmap
Here is one credit union's data destination.
"Members are equipped to live and give more abundantly."
As we all take a moment to reflect on this year, I want to make certain I say THANK YOU for the constant reminder of the impact of credit unions and how they can improve their member's lives!