That is the number one question credit union leaders ask when considering AI.
Here is the answer.
Start with the member.
I recently had the opportunity to sit down with Kris Kovacks, the founder of Constellation, and join him on The Fintech Combine podcast.
Here are the high-level takeaways from our conversation.
Understanding Member Friction
Member friction is any obstacle hindering a smooth interaction between members and the organization. Identifying these pain points is the first step in addressing them, but it is essential to understand the friction from the member’s perspective to gain a comprehensive understanding.
What data do you need to lessen friction?
Collecting relevant data is crucial for identifying friction points. Various data sources are available, such as member feedback, transactional data, and behavioral analytics. Comprehensive data collection allows organizations to see the full picture of member interactions and identify areas for improvement.
Analyzing Data for Insights
Once data is collected, the next step is analysis. Advanced analytical tools are important for uncovering hidden patterns and trends. This can help credit unions understand the root causes of friction and develop targeted strategies to address them.
Personalizing Member Experiences
Personalization is crucial in reducing friction. By using data to understand individual member preferences and behaviors, credit unions can tailor their services to meet specific needs. Personalized experiences can significantly enhance member satisfaction and loyalty.
Implementing Data-Driven Solutions
The next step is implementation after identifying friction points, developing personalized strategies, and using data to guide decision-making and prioritize actions that will significantly reduce friction. Continuous monitoring and adjustment of these strategies are crucial for long-term success.
Leveraging Technology for Efficiency (this is the AI part)
Leveraging technology, such as AI and machine learning, can enhance data analysis and streamline operations. These technologies can help organizations quickly adapt to changing member needs and continuously improve their services. But it would help if you had the right culture. Read on
Building a Data-Driven Culture
Creating a culture that values data-driven decision-making is essential. Credit Unions are strongly encouraged to invest in training and resources to help employees understand the importance of data and how to use it effectively. A data-driven culture can foster innovation and drive continuous improvement.
Continuous Feedback and Improvement
Ongoing feedback and improvement are essential. Regularly collecting and analyzing member feedback helps organizations stay attuned to changing needs and expectations. This continuous feedback loop and improvement ensures that member friction is minimized over time.
By implementing these data-driven strategies, organizations can significantly reduce member friction, enhance member experiences, and achieve greater organizational success. This will provide a valuable roadmap for leveraging data to create a smoother, more satisfying journey for members.
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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.
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