By the dashboard light
How three CUs effectively use these data visualization tools
It is no secret that credit unions face significant information management challenges—largely as a consequence of operating in an industry where sensitive financial information, security and privacy considerations are so central to the business model. Wouldn’t it be great to have a tool that overcomes these challenges by coordinating and consolidating data, while providing meaningful metrics to improve efficiency, make informed decisions and satisfy reporting and compliance demands?
To sort through the clutter and drill down into the essentials, credit unions are increasingly turning to dashboards: data visualization tools that make it possible to review essential information in real time. The best dashboards integrate multiple streams of information into a single data-driven narrative, putting critical data in context and generating valuable new insights. Effective dashboards achieve all this not by adding complexity, but by focusing on simplicity and clarity—while also being accessible and intuitive.
The best dashboard solutions are robust and customizable with a simple user interface that can be implemented with little to no code or programming. This provides users with nearly autonomous control over the data displayed on their dashboards and offers the flexibility to alter and adapt as needed in a short amount of time. With a simple-to-use solution, a dashboard can be up and running in as little as a few days.
Credit unions can use dashboards in a variety of circumstances, including monitoring employee productivity, tracking transactions, reviewing applications and new accounts to evaluate risk profiles, and producing time-sensitive and customized reports for audits and other compliance needs.continue reading »