Five tips to build a data-driven credit union

It’s no secret that data analytics are more important than ever to today’s businesses. No longer confined to just giant technology companies, data analytics have found their way into finance, and savvy credit unions utilize them to stay competitive, improve member retention and discover new business opportunities. Data analytics provides credit unions with a unique opportunity to better understand and anticipate their members’ needs.

Despite this growing importance of data analytics, many credit unions are still not “data-driven” organizations. Often the biggest roadblocks to embracing data analytics are driven by inaccuracies or misinformation. Below are five top tips for building a data-driven organization and addressing resistance to data analytics projects.

1. Use Pre-built Solutions

Most credit unions think that it can be expensive to pursue data analytics projects like data warehouses. While it’s true that a data warehouse might cost a larger organization millions of dollars, for most credit unions the results are significantly more cost-effective.

 

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