We’re not going to sugarcoat it. Diving into the world of data analytics is a big, huge step, but if you want your credit union to not only survive, but thrive, it’s a necessary one. Your journey should begin sooner, Trellance Data Experts suggest, rather than later.
If your credit union is just starting to dip its toes into the cool, dark data waters, here’s an important thing to remember: Your first step in the process is to completely change your mindset from anything you’ve ever known about business.
OK, maybe it’s not quite that dramatic, but whether you’re new to the game, or you’ve already taken a few key steps toward a data transformation, now is the time to start looking at your business from the perspective of your members. And for the most part, that is the gift that analytics gives you – times a thousand! What do each of your members need from your Credit Union? Are they getting it? if not, what can you do to change that? What will convince each and every one of them to hang around?
Hint: There is no single answer for all.
And that is the second gift analytics provides. Analytics gives you a recipe for marketing to each member individually to meet their needs. In fact, many of the ingredients are already lurking in your existing data, but where? — Which brings us back to that big leap we were talking about. How can your Credit Union possibly meet the individual needs of each member without knowing what they are?
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