First City Credit Union partners with THRIVE to shape its multi-year, transformative data strategy
LA JOLLA, CA (August 24, 2023) — First City Credit Union, based in Pasadena, has joined forces with THRIVE, a leading data strategy consultancy, to embark on a transformative journey aimed at unlocking the potential of their member data. This strategic partnership has yielded a comprehensive five-year data strategy, enabling First City Credit Union to gain deep insights into its members’ needs and preferences while charting a clear course for data-driven growth.
In an era where data’s potential is limitless, First City Credit Union recognized the need to transform data awareness into a tangible, actionable strategy. Their challenges included navigating the complexities of data utilization and resource allocation. THRIVE’s expertise in credit unions, data activation, and strategic planning made the firm a natural partner for this crucial endeavor.
Anne Legg, a respected data expert and founder of THRIVE, emphasized a practical approach to leveraging existing data for specific use cases, such as member financial wellness. This approach resonated with First City Credit Union’s leadership. First City CEO Nav Khanna noted that the focus on data governance and strategic roadmap aligned perfectly with their aspirations.
The three-part data strategy process included an in-depth assessment of their data culture, member insights, and current data practices. As part of the assessment, transaction data was analyzed to create a vivid picture of First City’s membership demographics, spending patterns, and preferences. This exploration culminated in a “data scorecard” outlining the credit union’s data maturity and alignment with best practices.
By analyzing member interactions, the credit union identified valuable opportunities for personalized offerings, including a potential integration of solar initiatives based on member interests. This eye-opening approach stimulated crucial dialogues within the team, fostering the understanding that data is not just about the information but about building strong member relationships and delivering value.
The comprehensive strategy developed by THRIVE also examined possibilities for a tailored data ecosystem, ensuring it was aligned with First City’s unique requirements and culminated with a five-year roadmap, a step-by-step guide to advancing data maturity and driving growth.
” The roadmap’s detailed steps made it remarkably clear and actionable.” Said Nav, “It also provided unexpected value in its role in shaping their hiring process for a new Chief Information Officer, as well as sparking vital conversations about evolving and deepening member understanding.”
“Partnering with Anne was invaluable. Her focus on building a cross-functional team aligned with our data strategy stood out. She understands that data isn’t just an IT project; it’s a collaborative effort,” said CFO Lourdes Ruano.” Anne’s emphasis on the “why” of data strategy led to alignment within the team and a clearer vision of how data can help the credit union compete effectively in today’s data-driven landscape.”
First City Credit Union’s collaboration with THRIVE has marked a turning point in the credit union’s data journey, setting a transformative precedent for credit unions seeking data activation and strategic growth.
About THRIVE Strategic Services
THRIVE is on a mission to simplify data activation to help credit unions quickly and easily harness the power of their data to improve their members’ lives. THRIVE partners with credit unions to educate, accelerate, and elevate them in their pursuit of data activation. We accomplish this by filling enterprise knowledge gaps, developing member-centric strategies, and delivering results in 90 days or less. Learn more about THRIVE here.