Credit unions face a growing need to harness data for deeper insights, better member engagement, and operational efficiency. Here is how Royal Credit Union ($5 billion located in the Midwest) partnered with THRIVE to gain significant improvements in member engagement, operational efficiency, intelligence empowerment, and the identification of new business opportunities.
Efficiency Reimagined: Saving Time, Boosting Satisfaction
By using THRIVE's unique approach to help RCU identify member-centric use cases and leveraging cross-functional teams to work iteratively, RCU was able to transform how data is accessed and utilized across the organization. Resulting in faster retrieval of operational knowledge, saving up to 30 seconds per transaction. This might seem like a small gain, but when multiplied across thousands of interactions, it leads to massive time savings, enabling teams to focus on what matters—delivering exceptional service to members. In today’s fast-paced world, efficiency isn't just an operational necessity; it's the difference between satisfied members and missed opportunities.
Turning Data into Intelligence: The Power of Insights Simply having access to data isn’t enough. RCU's work with THRIVE also empowered the teams that turn that data into actionable insights to find new and unique ways to increase the use of data analytics. By integrating analytics tools such as Power BI, RCU saw a rapid increase in its ability to produce customized reports and self-service analytics, drastically improving decision-making across the organization.
This adoption of data intelligence also sparked a significant rise in knowledge generation. No longer were decisions made in silos or based on instinct—data-driven insights began to guide everything from day-to-day operations to long-term strategic planning.
Opportunities Uncovered: Driving Strategic Growth Perhaps one of the most impressive outcomes of the RCU-THRIVE collaboration was the identification of new business opportunities. By leveraging member data, RCU was able to analyze key metrics like member satisfaction, loan retention rates, and average spend per member. These insights helped identify areas for improvement and growth, leading to a reduction in member churn, better product offerings, and a more personalized approach to financial management.
RCU’s ability to use these insights to optimize processes, improve automation, and reduce call center wait times created a ripple effect of operational efficiency. Their member satisfaction rates reflect the efforts they are making to be more aligned with their members' needs and expectations.
Empowerment Through Data: Building Confidence and Capacity The true success of any data initiative lies not just in the tools and systems but in the empowerment of the people who use them. The RCU THRIVE collaboration didn’t just implement a solution—it built a culture of data confidence and literacy. By embedding data tools and practices within every business unit, employees across the board gained the confidence to lead with insights, whether they were solving day-to-day operational challenges or tackling larger strategic initiatives.
Tad Carlson, VP of IT Solutions at RCU noted, "We had been collecting data and had some formalization in place, but we didn’t know how to empower our team members to use it in their day-to-day efforts. Working with THRIVE helped RCU harness our data and helped us become more aware of the potential inside our data and more mindful of how we use it."
As the planning for 2025 continues, carving out how to tap into the wealth of knowledge locked in the talent and data to drive meaningful improvements in member engagement, operational efficiency, and business opportunities is imperative to success and leveraging tools like AI.
If you're ready to get more from your data and unlock new opportunities for growth, drive efficiency, and member satisfaction, like RCU, Let’s Talk! Contact us today to learn how we can help your credit union leverage its data to drive strategic growth and enhance member experiences.
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Data Strategy
CASE STUDY:
First City Credit Union
The goal of any data strategy is how to leverage it to drive growth, efficiency, intelligence, and empowerment.
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.
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