Understanding the How and Why of Credit Union Data Governance

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We’ve all undoubtedly heard the call and read the articles about the, in no uncertain terms, dire need for data governance, but rarely does anyone address “why,” so let’s start there. The banks, fintech disruptors and even the credit union across town with its recently expanded charter are all putting pressure on your credit union – pressure to increase dividends and service quality, while at the same time cutting interest rates and expenses, and pressure to improve product offerings to better meet the needs of consumers.

This new world of competitors, and even now the cross-town rivals, employ a secret weapon in their relentless pursuit of wallet share: Data. And not just data but actionable data, which allows for better, faster decision making and process automation. Data governance is the discipline that allows your credit union to use data to meet your members’ needs at scale, make smarter decisions and grow efficiently. Simply put, data governance is the critical fuel for the financial success of your membership and the future of your credit union. A future governed by data – that is the “why” of data governance.