Elements Financial, a $1.4 billion credit union based in Indianapolis, is tackling the challenge of data transformation head on. In recent years, Elements has evolved from a single SEG credit union for employees of Eli Lilly and Company to one that serves 90,000+ members throughout Indiana and even nationwide with an increasing focus on digital excellence. Underpinning that effort is a transformational approach to data that will enable Elements to make smarter strategic decisions, shape future product and service offerings and provide a member experience that is both fast and personalized.
“Five or six years ago, we really started to think about bringing all of our disparate data into one place,” says Chris Sibila, EVP & chief information officer. “We didn’t begin by building a data warehouse, but we built data repositories, so that we could collect our data from transactions, our core system, mobile and online banking. By taking these steps, we knew where that data was and could use it to run analytics.”
At the same time, the digital experiences members were having made a serious impact on expectations. “Our competition out there is not banks,” says Sibila. “It’s Uber, Netflix and Amazon. They’re continuing to refine their data processes and strategies to look even smarter for their customers. That makes doing the same an imperative for us.”continue reading »