Data has been called one of the most important investments an organization can make by Forbes, McKinsey & Gartner.
Yet 92% of credit unions fail to leverage their available data effectively.
One of the biggest reasons credit unions fail is that they do not holistically assess their current data state. Many credit unions start with an assessment of their current technology, but to be successful with data, they also need to have a solid and clear data strategy and a road map that includes talent data consumption.
Here are the five components needed for data success.
1. A clear data strategy
One that is aligned with the organization's strategy
Incorporates a pathway to data maturity (with special emphasis on data governance)
Includes talent development to consume data
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 clearly communicate the pathway 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: 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 combines critical and design thinking in a proactive environment.
As it is planning season, here is a quick and really easy way to find out how ready you are for data success in seconds and complete the data success assessment. Scroll to the bottom of the page, and with the click of a few buttons, you will find out how prepared your organization is to succeed with data.
A clear understanding of your organization's current data state is the best foundation for setting your organization's future state and success.
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)