Data Analytics Spawns ROI

Credit unions are facing new challenges and opportunities to rapidly improve their business performance, member experience and employee experience. With changes in consumer patterns due to COVID-19, member expectations have significantly shifted. The influx of fintech companies and recent changes in the macroeconomic environment requires credit unions to move outside of their comfort zone, if they haven’t already done so, in order to pursue the following opportunities:

• Accelerate their ability to reach new potential members and market segments; • Modernize their digital member experience; • Expand their ability to excel in customer service; • Grow and deepen relationships with members; and • Improve profitability.

The Urgency for Data Analytics Has Never Been Higher

Credit unions must rapidly innovate to offer cutting-edge technology that will improve their business performance and member experience. The best way to do this is to dig into data, the best asset a credit union has, for making and prioritizing critical decisions around innovation. It’s important to give the whole organization access to the right data in a timely fashion via reports and dashboards so they can understand and digest the data, and use it to generate insights, make decisions and take actions appropriate to their role.