Credit Union Spotlight: A data-driven approach to primary financial relationships

People over profits is one of the main principles of the credit union movement. That said, it is necessary to seek out and nurture profitable members in order to support the services and solutions credit unions use to serve their members who need the most help. In order to maximize these efforts, credit unions should identify their primary financial relationships (PFRs) and seek to maintain and grow them further.

Recently, Trellance hosted a webinar with Ideal Credit Union, who explained their data-driven approach to identifying and maintaining their PFRs.

Identifying your profitable products and members

Ideal recommends a data-driven approach to identifying your profitable products and members. They utilize a combination of data warehouse and an analysis program to review their data and identify those members that bring in the most money to the credit union, as well as the products and services that generate the most revenue.

Using this system, Ideal is able to generate a number of dashboards and reports, allowing them to review the data in real time and adjust their marketing strategies as needed. They are then able to ask questions – what if we increased the number of members with this product, what if we stopped offering that product?


continue reading »