In the fast-paced world of credit unions, data is the new currency. But as any credit union leader will tell you, wrangling that data into a well-crafted strategy is no small feat. Most credit unions are drowning in data, struggling to make sense of the scattered information and turn it into actionable insights. Sounds familiar, right?
To help jumps start your strategic efforts, here are some key insights to consider:
1. Cross-Functional Alignment:
Creating a successful data strategy requires more than just a technology overhaul. It demands a cross-functional approach that involves every team in your organization. Ensure that every department understands the significance of data strategy and is on board. After all, data affects everyone, from marketing to operations to finance. This goes beyond education. Make certain you have cross-functional teams working together to leverage data to create efficiencies, mitigate risk, and improve member experience.
2. Start with "Why":
Every great journey begins with a clear sense of purpose. Before diving into the depths of data strategy, clarify why it matters to your credit union. This "why" becomes your guiding light, ensuring every decision and action aligns with your larger goals. The power of a shared purpose can't be underestimated – it creates commitment and enthusiasm across your organization.
3. Leverage Existing Data:
Don't feel compelled to build a complex data infrastructure from scratch. Focus on leveraging your existing data. Identify specific use cases that resonate with your members and concentrate your efforts there. This targeted approach maximizes your existing resources while delivering tangible results.
4. Data Governance:
No data strategy is complete without a strong foundation of data governance. This entails ensuring data quality, compliance with regulations, and ethical usage. Establish clear guidelines for data management, access, and security. Doing so creates a trustworthy data environment that underpins your entire strategy.
5. Craft a Comprehensive Roadmap:
Mapping out your data strategy journey is like plotting a course on a treasure map. Develop a comprehensive roadmap that outlines the steps needed to achieve your data strategy's goals. This roadmap should be ambitious and realistic, guiding your credit union toward data-driven growth and success.
Take these insights to heart, and you can create an aligned, strategic data destination that drives growth, insights, and member satisfaction. Your data is your treasure trove – it's time to unlock its full potential.
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
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.
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!