How to capitalize on member intelligence
The power of data analytics to inform and personalize credit union outreach represents a new frontier for member service.
The role of member intelligence in deepening relationships and propelling growth is dominating conversations and to-do lists at credit unions of all sizes across the United States. Gleaning actionable insight from vast stores of transactional, demographic, and geographic data is pushing cooperatives to work with one another in new ways and to turn to technology suppliers for help in integrating dozens of disparate data formats.
At conferences, during roundtables, and in strategic planning sessions with credit unions, leaders at Callahan & Associates have noted several recurring themes the firm has identified as opportunities for 2019. One of those themes: How can credit unions capitalize on member intelligence?
Credit unions are approaching the opportunity in different ways. Some are creating independent teams staffed by subject matter experts dedicated to supporting departmental efforts. Others are embedding analysts across the organization and challenging them to share best practices to the benefit of the larger organization. No matter the structure, credit unions with their eye on intelligence are striving to better understand member behavior and leverage data to build a better business.
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