A fascinating new report by McKinsey & Company highlights that credit unions can drive organizational value by creating an analytics culture.

The report recognizes that financial services analytics has reached a point where marketing was in the 1970’s for the banking sector. Prior to that time, sales and marketing initiatives for credit unions and banks were rare. In 2017, a credit union would find it difficult to survive without some level of marketing effort.

Credit unions today are beginning to acknowledge the potential benefits of analytics. Some brave pioneers in the industry have already gained experience in this area. Now, analytics is poised to be a mainstream activity. To this point the authors admonish credit unions and banks to, “establish analytics as a business discipline”. The implication is organizations must make a serious commitment to building an analytics culture.

What can a credit union do to support such a commitment? The report lists 10 essential guidelines.

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