Is Data Education the Key to Credit Unions’ Survival?

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Data is generated by every credit union transaction that occurs, and adequate analyzation of that data can lead to numerous positive outcomes for credit unions, including the ability to gain new insights into member behavior and enhance the member experience, increases in product usage and income, and the chance to identify new lending opportunities. While credit union leaders recognize the importance of a strong data analytics strategy, many have a ways to go when it comes to developing and implementing one, and those that delay their work in this area by too long could suffer dire consequences.

That was the point driven home by Anne Legg, founder of the San Diego, Calif.-based THRIVE Strategic Services, and Alan Bergstrom, vice president of marketing and business development for back-office services CUSO Aux, who recently teamed up to create a new data education program, in a recent CU Times interview. All new users of the Lakewood, Colo.-based CUSO’s data analytics solution Cuery are given the option of enrolling in the program. Named the CU Elevation, the data education and coaching program lasts one year and is led by Legg, who teaches data analytics for the Southwest CUNA School of Management and has helped over 600 credit union leaders with their data analytics strategies.