Make better decisions using your credit union data
Is the fear of undertaking a core conversion holding your credit union back from making better business decisions that can lead to the growth? In the article, “Two Products That Will Increase Credit Union Growth,” it is discussed how the number of credit union members in the U.S. represents approximately 43% of the economically active population, a number that is continuing to grow as distrust in big banks continues (think Wells Fargo). Additionally, a commitment to product development by CU executives has contributed to the sustained growth we are experiencing. However, what works for one credit union doesn’t always work for another. How can you be sure you are investing in the technology that your members demand if your existing credit union core provider does not deliver meaningful data and reports?
While reporting is not the focus of credit union core systems, providing useful access to stored data within the core is imperative when budgeting and planning season comes around. Your member data, when reported in a relevant way, can not only tell you what products are best positioned for cross-selling to different members, it can provide insight into how your product investment dollars should be spent. For instance, knowing how and when your member base uses mobile banking can drive the direction your mobile app takes.continue reading »