Create an aligned, strategic
Member-Centric Data Strategy
Data Analytics Capability
Credit unions really do have more data than Amazon. Unfortunately, it lives in 60 to 100 different systems, making it difficult to leverage and harness.
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
To learn more, we have curated the following case study, articles, and suggested book chapters.
Of course, our favorite way to learn is from you. Please click here to set up some time to chat.
Curious about the current state of data at your credit union?
Take this quick data success assessment to find out.
Enjoy a deeper dive with a case study on data strategy creation
CASE STUDY:First City Credit Union
The Challenge: From Disporate Data to Synthesized Strategy
Many credit unions grapple with the challenge of translating data into actionable strategies. First City Credit Union was no exception. Faced with the dilemma of leveraging their member data effectively, they turned to THRIVE for a transformative solution. The crux of the problem lay in where to start and whether they possessed the necessary resources to support such an endeavor.
The Solution: A Comprehensive and Aligned Data Strategy
First City Credit Union's partnership with THRIVE encompassed a three-part process: evaluating their current data culture, gathering insights on members, exploring suitable data destinations, and crafting a multi-year roadmap.
In this process, a survey was distributed throughout the organization to gain cross-functional insights into member friction, data culture, and desired capabilities. The data strategy journey extended further with an in-depth analysis of member transaction data spanning 90 days. This meticulous examination unveiled a vivid picture of the membership demographics, spending patterns, and preferences. A "data scorecard" provided a clear benchmark for measuring their current data efforts against industry best practices.
These brief articles provide additional insight
Big Data/Big Climb:
A credit union playbook for leveraging data and talent to achieve revolutionary member relationships
This book will provide you and your credit union with the tools you need to reduce member friction, analyze actual competition, and identify disruption to improve your members' lives and gain competitive advantage.
Chapters 2, 3 & 5