Data drilled down: Choosing a credit union toolset
According to author and consultant Geoffrey Moore, “Without big data, you are blind and deaf and in the middle of the freeway.” While most people in our industry no doubt recognize the importance of and the need for data and analytics, finding a way to access and make it actionable is easier said than done and can often require a significant investment in the tools and resources needed to derive data-driven insights.
In order to avoid the pitfall of finding yourself without your primary navigation tools in the hazardous digital fast lane, it is important for credit unions to engage partners that are dedicated to making the strategic investments in technology, platforms and resources. When it comes to big data and analytics, several considerations should be top of mind:
The old paradigm for accessing data was to download it, dump it into a spreadsheet and work with it from there. The problem with this, in addition to oftentimes working with outdated data, is that the information wasn’t secure. Web-based toolsets accessed through an online portal are far more secure and allow the user to work off of real-time data.
Ease of use
All the data in the world can’t help you if you aren’t able to quickly and easily make heads or tails of it. The ease in which data and information can be accessed and made actionable is key. Features like easy-to-read dashboards, prebuilt templates, customizable query builders and data that is presented visually ensure users can quickly and easily find the information they need.
Data and analytics programs tend to be complicated, hard to understand and even harder to use. And they often require a significant investment of time and money. The result? Missed opportunity. Credit unions should seek out platforms and tools that are as turnkey as possible so they don’t have to do their own heavy lifting, and can instead focus on engaging with members at the branch level.
Ultimately, we all have a shared goal: to better serve members and grow our portfolios. By sharing information, successes and key learnings with colleagues, everyone can benefit from the power of big data.
Thanks to a new suite of tools from PSCU, which rolled out earlier this year, member credit unions are able to rapidly forecast credit union members’ financial needs and quickly receive targeted recommendations based on their cardholder data. Member Insight uncovers information and data that credit unions need to understand the performance, profitability and opportunities in their credit, debit and ATM portfolios.
The functionality in the analytics platform also provides credit unions with opportunities to deliver exceptional service to members. For example, analytics will let you quickly know the members that frequently shop at home improvement stores and the level of their spending. This information can form the basis for a HELOC offer campaign for members that fit that shopping profile.
The latest Member Insight tool DataVue is an easy-to-use mining tool that provides users with insights and data to shape strategy and drive value to overall member relationships. If a credit union wants to know how many transactions its premium cardholders are conducting compared to standard cardholders, or find out which age groups have the lowest usage, DataVue can get the job done with just a few simple clicks. Credit unions can drill down to understand even more about how their members are using their card products – including what specific merchants are being shopped – to determine ways to increase penetration, activation and usage.
DataVue also includes a new module called CommunityVue, which leverages the power of the cooperative model. CommunityVue contains prebuilt interactive templates that credit unions can use and customize to gain actionable data in real-time. Everything created through CommunityVue can be shared with colleagues and incorporated into new templates, which can then be available to PSCU’s member-owner credit unions with access to Member Insight.
Every aspect of Member Insight was designed with the credit union user in mind, featuring an easy-to-navigate portal that neatly organizes access to analytics tools. And PSCU takes security very seriously – we spent more than two years investing in the tools to support Member Insight. We believe it’s our responsibility to live up to and exceed both credit union and member expectations for data privacy.
To learn more about PSCU’s Member Insight, visit PSCU.com/MemberInsight.