With systems designed to capture a robust amount of data on every transaction that occurs throughout the credit union, standard data sets are required to form strong analytics.
by: Nate Wentzlaff
Credit union leaders must develop a data-driven vision. The ideals cast in this vision give clear direction to employees. That being said, without standard data sets to monitor business processes, credit unions will fall into a worse condition than before establishing an analytics program. Employees will bring data to meetings but will have different versions of the truth. Standard data sets are essential for a solid analytics foundation.
Before establishing an analytical data model (ADM), credit unions must engage in activities to support its mission and business processes. Analyzing the current state of its business processes is essential. Any business can be broken down into processes and sub-processes. In order to establish standard data sets, a credit union’s processes must be mapped, modeled and monitored.
With advances in data management technology, business processes throughout the credit union can be monitored in detail (at the transaction level). Whether it is originating a mortgage, opening a checking account or using a mobile device to complete a transaction, credit unions have the data on every transaction. Many credit unions consider this data as a liability and ignore its true value. It is important for credit unions to recognize their data as an asset and use it to improve business processes.continue reading »