Best Of Analytics 2018

Data mining and skill refining were top-of-mind for many credit unions in 2018. Put lessons from these innovators into practice in 2019.

 
 

Credit unions and every other business vertical are investing in the tools and talent to slice, dice, and deliver on the potential stored in their consumer data.

Call it business intelligence. Call it member analytics. There are more names, too, for the rapidly developing techniques and technology used to drive better decision-making and improve internal efficiencies.

Here are seven of our favorite feature articles and blogs about member analytics that appeared on CreditUnions.com in the past year.

7. Data Analytics Doesn’t Need To Be Daunting

Anyone with a core processing system full of data is ready to dive into analytics, and it doesn’t have to be intimidating. All that’s required to get started is some curiosity and creativity combined with readily available tools like Microsoft Excel, PowerBI, or Tableau.

6. A 4-Year Journey Into The Heart Of Analytics

America’s oldest credit union used new techniques to clean up its database during a core conversion. That was just a start for the technologists at St. Mary’s Bank ($1.0B, Manchester, NH), who build a database from scratch in the process and, using Tableau, now are seeing unprecedented efficiencies in reporting and benchmarking.

5. What’s A Director Of Business Analytics?

At Centra Credit Union ($1.5B, Columbus, IN), that’s Carrie Jenkins, and she’s the person responsible for leading a team that uses predictive analytics to provide decision-makers with actionable insight as they plan and executive on new strategies, products, and services.

4. 2 Lessons From A $3 Billion Data Powerhouse

BCU ($3.3B, Vernon Hills, IL) has long been a front-runner in adopting new technologies for its enterprise, and also in sharing its knowledge with the rest of the movement. Here, the Chicagoland credit union’s chief data officer describes how his shop is learning to query and understand the potential of its vast stores of member information.

 

 

 

3. How To Build A BI Team That Drives Results

The world’s largest university credit union seems like a good place to learn how to understand and use member data. Michigan State University Federal Credit Union ($4.1B, East Lansing, MI) is now leveraging its learnings across departments, including driving e-statement adoption and credit card use with targeted campaigns informed by predictive analytics.

2. How To Embed Analytics Minds Across An Organization

Wings Financial Credit Union ($5.0B, Apple Valley, MN) is letting creative minds take flight across the organization. The suburban Twin Cities cooperative’s Internal Practitioner program trains interested employees to build data queries and prepare visualizations for their own departments, combining those leading edge skills with the employees’ existing knowledge about their own products, services, and back-office functions.

1. 4 Ways To Turn Data Analytics Into A Credit Union Differentiator

Last but not least, credit unions need to consider consumer protections and their own ethics as they hone their ability to interpret and target member data. Read up on these four smart ways that data analytics can turn a credit union’s communications strategy from potentially creepy into authentically clever. 

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