The Cooperative Credit Union Association and Arkatechture launched a new data strategy assessment program designed to help credit union leaders evaluate their data capabilities, identify gaps and develop a roadmap for improvement.
The Credit Union Data Strategy Assessment Program is intended to give leadership teams an objective view of how their organizations currently use data and where improvements may be needed. Arkatechture, a data and analytics consulting firm serving financial services organizations, developed the initial data strategy assessment and deployed it with more than 10 credit unions before partnering with the CCUA to expand the program, drawing on the association's insight into the needs of its member institutions.
The CCUA represents almost 200 credit unions in Delaware, Massachusetts, New Hampshire and Rhode Island.
"Our member credit unions are already making thoughtful, strategic decisions every day," Melissa Pomeroy, EVP and COO of CCUA, said. "This program strengthens that work by bringing greater clarity to how data can support and elevate those decisions, providing a clear, unbiased view of current capabilities and a practical path forward aligned to their goals," Jamie Jackson, Arkatechture's CEO, said credit unions already have more useful data than they may realize.
"The leaders who use it best are not always the ones with the biggest teams," Jackson said. "They are the ones who know where to focus. This program gives every credit union that clarity."
The program follows a four-step process: Align, analyze, architect and act. Credit union leadership first establishes shared goals and defines what effective data use should look like for the institution. Leaders and key stakeholders then participate in surveys and guided discussions examining areas such as culture, people, governance, processes and technology. From there, the program delivers a customized data strategy playbook outlining priorities, ownership and a timeline for implementation. The goal is to leave participating credit unions with a clear plan for next steps, whether that means executing the strategy internally, issuing a request for proposals or expanding an existing partnership. Most credit unions complete the program without disrupting normal operations, program leaders said.
Joyce Moed can be reached at joyce.moed@arc-network.com
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