How credit unions can get started with data analytics
For most marketers, getting a handle on data analytics is an obvious need. Recent studies say that greater than 70% of marketers see the need. The challenge is, they have never done it. And given the reality that “no one wants to fail,” many don’t begin. Others find themselves asking, when will I have the time to do this along the 273 other tasks and obligations already on my “to-do” list.
Data isn’t going anywhere. And most everyone knows that the need for analytics is rising to meet the availability of this data.
So, where do you start? My hope is that the following roadmap offers you some guidance.
If you have never employed data analytics in marketing, you need first to understand what the software tools that help collect and analyze your account data, do and why. Often, this analytics software is called an MCIF system. The term, “MCIF” is an acronym for Marketing Central Information File. Essentially, it is a database that pulls in data from all of your internal loan and deposit systems. As you may know, you have many internal databases that manage the transactions unique to your specific loans and deposits. This means that data is held in multiple, independent silos. None of it has been combined to offer a full view of a client relationship. This is the first thing an MCIF does.
Want to learn more? Would you invest 30 minutes to maybe an hour? Most of your peers won’t. If you want to rise above your competitors and elevate your personal value to your credit union (or the next credit union which will value your knowledge more), then invest the time. I promise to make it easy and fun.
I have pulled together e-books, fun videos and white papers that illuminate the value of data and analytics. Access this wealth of knowledge in one place, here.
Once you have a basic idea of what data analytics means and why you may want to employ it, seek out folks you know, and ask them about their experiences. How are they addressing this growing need for data analytics? Your credit union associations offer plenty of vendor resources on-line. Also, look for articles in the trade press that help illuminate the benefits and pitfalls further. Talk to vendors. They will share more than you can imagine. Each vendor wants you to become educated on what is possible, how to do it and how their solution will help you accomplish your goals. You need to understand all of this to get what you want.
Data isn’t going anywhere. And most everyone knows that the requirement for analytics is rising to meet the availability of this data. As you may know, the C-Suite across credit union land is growingly interested in the information, action and certain results that data analytics delivers.
So, where do you start? If you avail yourself of the data analytics resources in this article, your journey has already begun. Congratulations, you just got started with Data Analytics!
Check out the resource page now. You will even be able to access case studies and personal copies of one or more of my books.