Harnessing data to improve member lives, well, it just feels HUGE, like boiling the ocean. So instead of boiling the ocean, let's make a great single cup of credit union data tea.
Here are five things that a credit union needs to make a fabulous first cup.
1. A clear data strategy
A data strategy aligned to the organization strategy 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
Focusing on solving the member problem or reducing member friction is ideal because the entire credit union can understand them.
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 have it fit on one page and communicate the pathway that data will be leveraged to improve members' lives.
4. Have a formal data governance program
Many credit unions get overwhelmed with the creation of formal data governance program. Advice: 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.
As your credit union moves along its data journey, don't forget that this is a holistic approach. The data strategy must incorporate strategic alignment, governance, and talent!
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:
NEW! Read the Data Education White Paper (found at the bottom of the page)
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.