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Turning Data Stress Into Data Strategy: Your Guide to Crafting an Effective Data Strategy


Many credit unions look at their data like a ginormous mountain, struggling to make sense of the chaos and extract meaningful insights. It's no secret that managing data can be overwhelming, but let's turn that data stress into a well-crafted data strategy that empowers your credit union and improves member experiences.

Let's meet City Credit Union's & their Journey Turning Data into Gold

Pasadena, CA First City Credit Union decided to tackle its data stress head-on and transform it into a robust data strategy. Partnering with THRIVE, they embarked on a transformative journey encompassing a three-part process that can serve as a blueprint for other credit unions seeking to harness the power of data.

Evaluating the Current Data Culture

First things first, understanding the existing data culture is crucial. First City Credit Union and THRIVE recognized this and set out to evaluate the credit union's current state. This process involved getting insights from various cross-functional teams within the organization. A survey was meticulously crafted and distributed to gain insights into member friction, data culture, and desired capabilities.

Unveiling Insights on Members

What better way to craft a data strategy than by gaining deep insights into your members? This is precisely what First City Credit Union did by diving into a meticulous analysis of member transaction data spanning a comprehensive 90-day period. Through this process, they unveiled a vivid and detailed picture of their membership demographics, spending patterns, and preferences. The data began to speak, revealing hidden opportunities for better member engagement and personalized experiences.

Crafting a Multi-Year Roadmap

But a data strategy isn't just about insights – it's about crafting a roadmap for the future. Armed with the insights from their member analysis and the survey results, First City Credit Union and THRIVE jointly crafted a multi-year roadmap. This roadmap is a guiding light that aligns the credit union's data efforts with its strategic goals.

The Power of the Data Scorecard

In their journey, First City Credit Union introduced a powerful tool – the "data scorecard." This tool provided a clear benchmark against which they could measure their current data efforts. It allowed them to evaluate their progress against industry best practices and identify improvement areas.

Turning Data Stress into Strategy

The story of First City Credit Union's partnership with THRIVE isn't just inspiring – it's a testament that data stress can be transformed into a well-crafted data strategy. They've embarked on a journey of data-driven success by evaluating their data culture, unveiling insights on members, and crafting a multi-year roadmap.

So, to all credit unions grappling with data stress, take heart from this story. Your data holds untapped potential waiting to be turned into strategy. Embrace the process, gather insights, and craft a roadmap that aligns with your credit union's goals. The journey may be transformative, but the rewards – improved member experiences, empowered decision-making, and industry recognition – are well worth it.

To learn more about First City, click here to access the data case study.

 

Ready to

create an aligned, strategic data destination?


We can help your credit union unlock the full potential of your data to elevate its members' lives.

To help credit unions harness and use their data, we partner with you to develop a member-centric, multi-year data strategy focused on solving member friction. We determine the data that is needed to solve the use case and help build the solution. Along the way, we deliver the following;

  • an enterprise data vision statement

  • a member-centric data strategy based on actual member data

  • a data governance foundation

  • best practices for data analytics capability

  • a comprehensive data roadmap

  • a data success scorecard




 

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.


 


Launchable

Data Governance


We are offering

LAUNCHABLE Data Governance on Tuesday, October 3, 2023,

from 9 am to noon PST

noon to 3 pm EST


Yes, launchable is a word :) And it describes what needs to happen to your data governance program in 2023! THRIVE will give you the knowledge and framework (aka ppt deck) you need to launch this effort in JUST three hours!


You won't want to miss this virtual Data Governance Deep Dive workshop!






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