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Through technology, credit unions have expanded the accessibility of their financial services, providing members with options to bank virtually anywhere. But what differentiates these institutions from nontraditional competitors and neobanks, if they’ve traditionally been considered as a pipe for payments? Credit unions need to be more than a place to manage money, but right now, they’re often not. These institutions have largely won on people and community, but to succeed in a digital banking world, they need to translate the great service and support they’re known for, or they risk substantial market share. That’s where SKU-level data can help.

Financial institutions have an opportunity to leverage SKU-level data to make digital interactions more meaningful and personal. These deeper contextual-level insights allow the credit union to provide more relevant tools and resources to help their members create healthier financial habits. This level of insight is how credit unions can compete on the service and support that differentiates them. Without differentiated data sources, the credit union is no different than any competitor that uses transactional data as a way to profile its customers and deliver more value within the digital banking channel.

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