Credit unions have discussed collecting customer data for years and, like banks, most already are doing it. But knowing how to use the data collected is more important than simply accessing it. Using data to actively target customers is an area where many credit unions struggle.

An active analytics program is a data research and management and marketing solution that uses precise customer information to deliver targeted, relevant offers to increase cross-selling opportunities. Used correctly, active analytics programs give you the opportunity to do what credit unions do best – personally interact with customers – while simultaneously increasing profitability through deeper relationships built by attracting the customers you want at the right time.

Where Most Credit Unions Struggle

Consumers today have come to accept that banks, stores, credit card companies and others know a vast amount about them. Consumers know that stores track the items they buy; they know why they’re asked for their ZIP codes when they check out; they know their Internet searches are logged and their credit purchases are filed somewhere. Most importantly, consumers know this information is used to market things to them.

For that reason, blanket marketing has become rude to many consumers. If marketing is not relevant to them, not targeted to them individually, they consider it offensive. They want to see that you know something about them.

That’s an area where credit unions, in particular, must take note. Credit unions are known for their personal touch, except when it comes to marketing. Most credit unions still use generic advertising and marketing to reach customers. Not only is this a bad idea to build your membership, it also misses out on valuable connections that customer data can provide.

The Benefits of Active Analytics

Active analytics allows a credit union to:

• more effectively target customers—find the members who most need a service or product you provide and reach out to them at the most effective time;
• develop deeper, more personal relationships with members—increase loyalty and create more satisfied customers by customizing the way members relate to you; and
• better compete against large banks—tap into new revenue streams while also increasing loyalty among members, which will make you a stronger competitor in the marketplace.