4 ways to turn data analytics into a credit union differentiator
The smart use of data analytics can turn a credit union’s communications strategy from potentially creepy into authentically clever.
Analytics has been a major topic for some time among credit union strategists and is only growing in importance. Meanwhile, using analytics ethically has come to the fore globally, with the May 25 go-live date for the General Data Protection Regulation by the European Union.
The GDPR might not directly impact credit unions that don’t have members in Europe, but it’s a new bar for such things as reporting data breaches and obtaining consent for data use.
The idea is that users of consumer data — like credit unions — need to do so ethically. Now, “ethically” to one organization might mean something different from what it does to another. Determining what is ethical is a tough question every credit union needs to answer in its own way, and the answer might not remain the same over time as channels and products evolve.
Additionally, new standards will arise to help credit unions define the line between “convenient” and “creepy” and maybe even cross into “clever.”
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