You govern your loan. Why not your data?

If you saw the following stats…

• 30 to 40 percent more efficient in data requests
• 20 to 30 percent reduction of costs related to data management
• 10 to 15 percent bottom line growth related to better decision making
• 25-30 percent bottom line growth related to advanced analytics

…you would most likely say, “Yes! How do I get those results?”

Before you turn to lending, turn to your data. The “downstream” benefits above can be achieved from a robust data governance program.  And they illustrate that data, like loans, can be tied directly to the bottom line.

Unfortunately, most credit unions don’t even think about their data in this way. But, once the importance of data governance is well-understood, the implications can be eye-opening. In fact, data has been identified as a strategic business asset by many organizations. So, like any strategic asset, it needs to be governed by key components that are based on best practices to fully maximize the financial and operational benefits.

 

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