White paper reports on the data analytics experiences of three credit union card teams
DES MOINES, IA (November 7, 2013) — In a new white paper issued by payments processor The Members Group (TMG), three credit unions report on their experiences with data analytics strategies. Leaders at IH Mississippi Valley Credit Union (IHMVCU), Spokane Teachers Credit Union (STCU) and University of Iowa Community Credit Union (UICCU) share lessons learned and advice for colleagues, as well as early results of the card marketing programs they enhanced with data analytics strategies.
The paper, which is available for free download, is authored by three directors of client relations who are working alongside the credit unions throughout their engagements with TMG’s data analytics partner IQR Consulting. The writers open with this observation: “Data analytics is a long-term strategy. Results can take many months to appear. Yet the financial institution leaders who have recently tapped into the power of data analytics will tell you there’s value even in the preparation and practice of business intelligence strategies. These leaders report it’s an eye-opening experience that has the potential to change a credit union’s entire culture of decision-making.”
IHMVCU shares how data analytics enhanced the credit union’s cash advances and balance transfer deals and outlines how the card team plans to use similar strategies in the future. STCU offers similar insight, yet goes on to tell how the successful use of segmentation strategies in the credit card portfolio has influenced other departments within the cooperative. UICCU points to the value of data analytics in taking an already successful cards program to new levels.
“Data analytics is not reinventing the wheel; it’s reshaping it,” the authors write in the white paper. “Often these strategies simply boost the results of programs a card team is already familiar with, like balance transfers, holiday promotions or line increases.”
To download the white paper “The Data Analytics Experience,” visit themembersgroup.com/BigData.
The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com.