Do right by your data and your data will do right by you

Trustworthy data correlates to sharper insights from analytics, better member service and lower cost structures in all business conditions.

Apart from a credit union’s members, the member data it stores in multiple systems and databases represent its next most valuable asset. But some credit unions may struggle to successfully find, manage and leverage the value of the vast amount of data they store. Organizations face impacts today that were not imagined in prior strategic planning cycles. Credit unions now see great value in raising the priority of proper data management in their business strategies.

Your data must be trustworthy. This is important in normal times, but even more so in periods of unusually high stress. Credit unions have turned to data as the resource for mobilizing their efforts to ease members’ anxieties.

Four Steps to Data Management Maturity

A formalized data management practice helps credit unions apply a higher level of discipline to the business of keeping their data in good order. Credit unions can benefit from a consultation with a data management specialist who can apply a proven four-step process to assess a credit union’s data management maturity level:

 

continue reading »