Data analytics: More than just numbers

With analytics foundations in place, credit unions can expand their data sources and business intelligence reach.

As more credit unions firm up their data analytic foundations, excitement over early wins may fuel speculation about what else is possible on the business intelligence front. What other organizational issues can be identified and addressed through these evolving tools, and what other data sources are available?

Weekly sessions on BI planning at $1.5 billion TwinStar Credit Union often “end up going so far down rabbit holes about what we could do” with existing and future data sources, such as the ability to tap into social media, says CUES member Elkan Wollenberg, VP/digital transformation of the Olympia, Washington, credit union.

“Google Analytics will give us a ton of information about website usage, but if we could compare that with other data sources, such as what members are saying when they call us or come into the branch, that would really expand our centralized view,” Wollenberg says.

Credit union leaders should let strategy guide the identification of new avenues to track down information and deploy data analytics, recommends Emily Engstrom, director of client relations with CUNA Mutual Group’s AdvantEdge Analytics, Madison, Wisconsin, a CUESolutions provider.


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