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.
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.
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.
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.
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.