Harnessing your enterprise data is not about having the latest technology or hiring new talent; it's about leveraging what you already possess to serve your members better and achieve your credit union's "Why."
Yes, you read that right – we'll explore how your credit union can activate its data superpowers with what you already have.
1. Data Literacy: Illuminate the Path
Before we delve into the technicalities, let's start with the basics – data literacy. It's crucial that everyone at your credit union understands the value and potential of data. From frontline staff to leadership, fostering a culture of data literacy is paramount.
Where to start? With Member-Centric Use Cases:
Begin by highlighting member-centric use cases that resonate with your team.
Show them how data can make a real difference in improving the member experience.
For instance, showcase how data can streamline the loan application process, reducing friction and making it easier for members to do business with you.
2. The Data Strategy: Your North Star
Your data strategy should be the North Star guiding your credit union's actions. But where to begin?
Start with "Why": Simon Sinek's famous principle applies here. Define your credit union's "Why." Why are you collecting and using data? It's not just about numbers; it's about improving lives. Make this your guiding principle.
Incorporate Data Governance: Establish clear data governance practices. Ensure that data is accurate, secure, and compliant with regulations. When everyone understands the importance of data governance, it becomes second nature.
Cross-Functional Alignment: Break down silos and promote cross-functional alignment. Data should flow seamlessly across departments, fostering collaboration and ensuring everyone is on the same page.
3. Building the Data Roadmap: Your GPS to Success
A comprehensive, holistic data roadmap is your GPS to navigate the world of data. Here is a flyover on how to create one:
Assess Current State: Start by assessing your credit union's current data landscape. What data do you have? How is it stored? Who uses it?
Define Objectives: Set clear objectives for your data strategy. What do you want to achieve? Whether increasing member satisfaction, reducing operational costs, or enhancing risk management, your objectives should align with your credit union's "Why."
Prioritize Initiatives: Not everything can be tackled at once. Prioritize initiatives based on their impact and feasibility. Identify quick wins to build momentum.
Allocate Resources: Allocate the necessary resources to execute your data strategy effectively. This includes time, personnel, and budget.
Measure Progress: Establish key performance indicators (KPIs) to measure the success of your data initiatives. Regularly review progress and adjust your roadmap as needed.
Remember, activating your credit union's data potential doesn't require a complete overhaul. It's about optimizing what you have and aligning your efforts with a member-centric approach. By improving data literacy, defining a clear data strategy, incorporating data governance, and building a comprehensive data roadmap, you'll be on your way to unleashing the true power of data at your credit union.
Ready to
10x your MX?
We can help your credit union unlock the full potential of your data to
elevate its members' lives.
Are you ready to unlock your credit union's full potential and elevate your members' lives? 10x the MX leverages cross-functional teams to create collaborative, effective solutions that drive meaningful impact. We specialize in helping credit unions activate their data to accelerate and elevate their members' lives.
Find out what Corning Credit Union had to say about how they were able to 10x their MX!
What does an aligned, strategic destination look like?
Learn more with
Data Strategy
CASE STUDY:
First City Credit Union
Learn how First City Credit Union partnered with THRIVE to help them identify their gaps in existing data efforts, gain clarity on member needs and wants, and build a multi-year roadmap for data success.
Elevate your data leadership with the
In the world of credit unions, data isn't just a tool—it's the key to unlocking new opportunities, improving members' financial lives, and achieving your credit union mission. The Data Activation Series is your ticket to becoming a confident, capable, and proficient data leader. It's about making data work for you, your credit union, and your members. It's your passport to a data-driven future where you lead with confidence and shape the destiny of your credit union.
2024 Sessions are available NOW!