How member analytics can affect your credit union’s bottom line

More so than other financial institutions, credit unions’ health depends on the choices made by consumers who use their products and services.

Whereas banks can solicit supplemental capital freely, engage in speculative real estate deals, concentrate their holdings in business lending, and generally have greater wherewithal to take part more readily in loan participations and derivatives, the factors of regulation and philosophy focus credit unions’ business strategy on serving individuals. 

So, what could be more crucial than understanding the needs, values, desires and behaviors of your target audience?

And what could be more pivotal than recognizing the characteristics that define that target audience, so as to concentrate your organizational energy toward serving existing and potential members with those traits?

The information age has empowered credit unions and other consumer-facing organizations to solve those riddles with facts as opposed to suppositions. In recent years, as thorough data analysis and review has been validated as standard operating practice when making decisions of any magnitude, investments in customer analytics platforms has grown by leaps and bounds.


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