Credit unions are challenged more than ever with increased competition and changing market dynamics. To remain competitive and meet member expectations, they need powerful tools to understand and anticipate the motivations of their cardholders. As consumers continue to receive greater personalized experiences from fintechs, Amazon and other big technology players, their expectations have shifted for the future.
Knowing that credit unions are looking for real-time, up-to-date information to manage their portfolios and drive operational efficiencies, PSCU realized the need to develop stronger capabilities around reporting and data delivery – even prior to the pandemic. We have placed a greater focus on predictive analytics so that our credit unions can proactively connect with members on a personalized basis and better understand their behaviors and preferences.
Over the next few years, we’ll continue to accelerate our efforts to leverage the vast amount of data we collect, including payments data, household information and data from our various channels such as digital banking, mobile apps and contact centers, to create an omni-channel marketing and service experience. In fact, we launched two services around growth and attrition using our predictive analytics technology to help credit unions identify members that may be attriting from their services, enabling them to leverage offers and incentives to bring them back to the credit union credit card.
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