How-To Leverage Your Treasure Trove of Enterprise Transactional Data to Strengthen Member Services

Originally published on Callahan and CreditUnions.com, Team Alogent looks at ways to leverage data to provide hyper-personalized experiences as well as proactive risk management. Read the original article here.

The 2024 Retail Banking Trends and Priorities report revealed that 52% of financial institutions are prioritizing data and analytics capabilities as well as their use of insights, compared with 32% just last year. Data is king, not only in providing hyper-personalized experiences but also as a source of enterprise-level insights, supporting decision-making and enabling institutions to be proactive in their risk management.

You’re already sitting on a goldmine of member data, but how can you put it to work?

In this article, we explore ways to leverage transactional data for improved member services, deliver better revenue-generating programs, and arm employees with fast access to role-based reporting for better data-backed decisions.

Is Real-Time Data The Answer To Combating Fraud?

Deposit workflows are a rich data resource, even when captured remotely and without in-person interactions at the branch. Do your line of business solutions offer a centralized database for all transactions — to adjudicate all information, fight duplicates, or even power a streamlined user journey?

Today’s modern deposit solutions are baked with data-rich features, powered by a centralized database that aggregates transaction information from all deposit channels. In addition to allowing employees visibility into key metrics, this data can also combat fraud. Combined with custom business rules and other fraud mitigation engines, leveraging real-time data to build a risk scoring model can quickly impact your strategy. This holistic approach, inclusive of members’ banking behaviors, transaction habits, and duration of membership, for example, helps thwart suspicious activities by detecting patterns and anomalies, duplicates, and other fraudulent behavior. Taking these risk scores a step further, ensure a streamlined user journey with auto-decisioning — across all deposit channels.

Financial Wellness And Planning Tools As A Data Source

If you think of personal financial management (PFM) and planning tools as just engagement features, then you’re missing an opportunity to capitalize on vital first-party data. Valuable engagements come when your credit union can understand the data around members’ financial interactions and turn them into actionable banking insights.

Giving your members access to a financial wellness and planning tool within your digital banking platform, such as an aggregated view of all account information from third-party institutions, helps manage money, build financial education, and enables the ability to upsell and cross-sell. Keeping users in-solution through sticky, data-backed capabilities is also beneficial to boost the success of marketing campaigns for products and services, enabling next-level personalization.

Modern Solutions = Better Data = Stronger Member Relationships

Transactional and financial wellness data is rich in intelligence. Stay ahead of the competition by strengthening member relationships and empowering employees with role and permission-based access to enterprise-wide reports that ultimately drive better, faster decisions and stronger products. Combined with predictive analytics, deep search, and machine learning for cross-channel insights, access user journey mappings, data warehousing, and other real-time data visualizations and reports.

Discover Unify, the market’s only deposits platform that addresses all full- and self-service channels with a single API. Deploy enterprise-wide or by line of business, and benefit from access to real-time image and data validations, archiving, cross-channel dashboards, and more.

Learn more about Unify in this eBook

Considering a new digital banking solution? NXT offers a unified platform with integrated consumer and business banking features, including deep core banking integrations and robust capabilities like PFM, personalized marketing campaigns, and data insights and analytics for employees through a robust admin console.

Learn more about NXT in this eBook

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