5 steps for making analytics work for your credit union

by: Austin Wentzlaff

Analytics is top-of-mind for many credit union executives. Yet, as with all new technologies, there is a concern that it won’t work.  The concern is well justified.  There are many technologies that promise to make organizations more successful but fail to yield much for the company besides higher cost every month.

The failure of these technologies isn’t always the fault of the technology itself or the company providing the technology. Rather, it is the failure to properly integrate the new technology into the organization.  In the case of analytics, there are several factors that will make or break the technology.  Here are 5 factors to consider when implementing analytics:

  1. Integrate Analytics Across the Organization

Some credit unions look toward analytics to solve only one of their pain points.  A great example is the implementation of Loan Application Analytics.  Although this provides great value, very few analytics providers are focused on only one business area.  So, while the lending department might be benefiting from analytics, the company itself is actually paying for loan application analytics, marketing analytics, financial reporting analytics, and so on.  If a credit union wants to successfully implement analytics, it needs to be expanded into all areas within the business. In this way the credit union becomes more of a data-driven organization which makes it more of an Analytics Competitor.

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