credit card transaction Source: Shutterstock.

Understanding a member’s needs and how they see their relationship with their credit union means recognizing and exploring how they interact with the outside world. Detailed information about a portion of these interactions can be captured whenever they use their credit union’s products and services to complete an interaction. Debit card, credit card and ACH transactions are gold mines of information about how members are, and are not, engaging with their institution.

Beyond engagement, a credit union leader can learn about gaps in offerings, hidden preferences of their members, and even tactical insights that can help guide product development decisions. This can be done by identifying similar services being leveraged by other financial institutions through transaction data. In addition, transaction data can tell a credit union who their true competition is – which may come as a surprise. It provides a peek into the day-to-day lives of members and helps cultivate a deeper understanding of how credit unions can best serve their membership. Transaction data can also be used to increase marketing efficacy, develop strategies for boosting interchange income and even find new community partners.

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