The credit union industry looks very different now than it did twenty years ago. Just think about what credit unions will look like twenty years from now. Where does the journey for the next twenty years start? Twenty years ago, it would have been hard to imagine remote deposit capture, peer-to-peer payments, or even mobile banking. It is equally hard to imagine what banking will look like twenty years from now. However, one thing is certain: the trend of digital transformation will continue. For many credit unions, data analytics will play a big role in that.
Credit unions don’t necessarily need data analytics programs. However, credit unions that leverage their data remain better-positioned to provide individualized member experiences, remain in compliance, or identify attriting members—and that’s just the tip of the iceberg. It all comes down to the basic idea that knowledge is power. And data provides that knowledge. As credit unions continue to consolidate and disappear, those that are strongest come out ahead and leveraging data is a competitive advantage. Here are some basic success factors.
The Right People
How many people your data analytics program needs depends on the resources available to your credit union. Typically, larger credit unions can commit more personnel. The most important person is someone from the management team – every project needs an internal champion. They own the process and serve as a driving force, keeping everything moving and on track.