Setting up data and incorporating into practices
So you’ve got your data collected and cleaned. You understand why data analytics are critical to your credit union. Now we move to the how.
Execution is the critical next step. In a pilot program with six credit unions of similar size, the top performers dedicated resources and changed their practices to act on the insights. The mid-tier performers had a part-time approach, and the lowest performers blamed bad data modeling for not delivering.
Many credit unions don’t know where to start when setting up a data analytics team. And it is difficult because it has to be a full court press; part-time efforts will not achieve the results you seek. The most successful credit unions followed these steps:
- Prioritize solutions – Get the business leaders together. Brainstorm, and then prioritize the ideas.
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