What your Credit Union Needs to know about Business Intelligence and how it will Impact Member Experiences
Originally published on Callahan and CreditUnions.com, our VP of Marketing, Wendi Klein, looks at how credit unions can leverage data to enhance member experiences. Read the original article here.
Peter Sondergaard once said in a now famous quote, “Information is the oil of the 21st century, and analytics is the combustion engine.” Data has become an invaluable resource, and like oil, must be mined, or analyzed, to produce insights that matter to organizational success. Regardless of industry, every company must rely on the value of data, and credit unions are no different if they want to remain competitive and keep pace in today’s innovative environment.
Credit unions certainly aren’t lacking data. In fact, they collect large amounts of demographic, transactional, behavioral, and account holder information from various sources. For many, the challenge is how to make sense of the data they collect and to translate it into engaging and personalized member experiences at every stage of the banking relationship.
While the need to utilize data is well known, how to get started is unfortunately not as simple. Investing in intelligent technology that helps to identify patterns and trends, such as feature adoptions or user journeys, is key in allowing credit unions to translate information into improved operational efficiencies and more engaging member services. Data often sits idle in financial institutions, but when it transforms into meaningful business insights with the right tools, it drives innovation and competitive advantages. These types of business intelligence platforms work best when paired with other enterprise solutions or line of business platforms, aggregating large volumes of data from various channels, to unveil a comprehensive view of the institution for current and future decision-making. Implementing this type of capability eliminates guesswork and provides employees with visual reports and dashboards that are easy to understand and quick to action.
With an intelligent platform in place, your credit union gains access to tangible data insights on a holistic level, bringing business intelligence (BI) to the forefront, with role and permission-based access. Team members can then leverage the data they need for faster decisions, and to deploy targeted messaging and campaigns based on a deeper understanding of your membership base. Upsell, cross-sell, and even educate based on spending habits, eligibility, risk, and other data points that will ultimately increase institutional loyalty.
Equally important, enable the ability to more smartly mitigate risks and uncover areas for operational improvement, such as overhead costs, as well as fraud risk by day of the week, time, device, location, or another demographic data point. Every business unit, from business development to human resources, in-branch, back-office and executive management teams, benefit from faster access to data insights, and the ability to make quicker decisions and adjusted strategies.
Credit unions have endless volumes of valuable data, but the competitive advantage is being able to leverage it into tangible outcomes. Improve member services and operational efficiencies with a data-driven approach and secure your long-term future through innovation.
AWARE, Alogent’s data analytics and reporting solution, is positioned at the crossroads of your image acquisition channels as a companion platform and aggregates large volumes of data from multiple points of presentment and business units. Combining this data into a single, enterprise view, AWARE delivers real-time data visualizations and reports, and turns dense volumes of information into knowledge with its predictive analytics, deep search, and machine learning capabilities.
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