CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » SPONSORED BY Finastra
Sponsored Content
Sponsored Content
Description+goes+here

It’s the perfect time to analyze member data

Analytics and intelligence are critical for success in today’s disruptive environment.

May 18, 2020
Michele Yurcich
No Comments
Michele Yurchich

In today’s information-rich environment, you can access Netflix and find incredibly specific recommendations for movies and TV shows based on your viewing history. Many retailers use big data to identify who you are and push products and services that are designed to achieve high conversion rates on products you might want.

Business intelligence (BI) and business analytics (BA) are tremendous resources for growing customer acquisition and retention in the retail industry. So why isn’t the financial industry employing the same methods?

Content Sponsored By:

Finastra

Credit unions are battling disruption

The new reality is that having BI and BA is no longer a luxury, but a necessity in a world where some fintech startups are stealing wallet share away from financial institutions. Banking as we know it is undergoing a huge paradigm shift. Nontraditional players are challenging the established order by using data to fuel account holder-centric innovation. Most credit unions have vast amounts of data, collected over years of operations. This data is how you can innovate and compete in a fast-moving world. But to make that happen, you need to acquire or optimize your ability to gain actionable insights from those massive data stores.

Building the member journey through marketing strategies

Credit union marketers know that focusing on member needs is the key to survival. In the same way nontraditional entrants have utilized technology to compete, so must credit union marketers—and it’s important that we stop viewing technology as IT departments’ domain, but as tools for marketing and overall strategic success. Analytics can offer a better member experience at a fraction of the current cost, while utilizing a successful digital strategy and data touchpoints to understand the member and build a proper journey view.

In a 2019 McKinsey survey, BI/analytics was among the top five investment priorities. But dollars alone won’t turn data into revenue-producing insights. Employ new data skills to deploy new services based on what you’ve learned from the data. This is what fintech disrupters are doing, and it’s the model credit unions should emulate.

Why BI and BA matter

For marketers, BI and BA are important for sheer opportunity cost. A robust data culture, process, and infrastructure translates directly into increased conversion and revenues.

Here’s a snapshot:

  • 37% of account holders say that personalized service from tellers or other employees at a financial institution is an important factor in their banking decisions.
  • Financial services organizations estimate that if they were able to successfully offer customers and employees a highly individualized experience, they would earn an additional 14% in annual revenue. For a $1 billion credit union, that’s $140 million a year in additional revenue.

The bottom line is that BI and BA aren’t just about getting more helpful information. They’re about using data to drive marketing performance and transforming marketing campaigns into high-performing, revenue-generating acquisition strategies.

Initiating and growing

You can’t sit on the sidelines as disruption and digital demands are reshaping how credit unions attract and retain members. Now is the time to build a roadmap to bring BI/BA into your institution. Data can fuel overall success in ways that will be transformative to bottom lines.

The idea of member centricity is crucial—if credit unions focus exclusively on members and their specific needs, they can tap into their unrivaled scale and reach to stave off competition and experience tremendous success.

Michele Yurcich is retail and digital marketing lead at Finastra.

KEYWORDS analytics business intelligence data

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • Reps introduce bipartisan Credit Union Board Modernization Act

  • Compliance: Experts analyze NCUA’s 2023 supervisory priorities

  • CFPB must convene SBREFA panel for credit card fee rulemaking

Tweets by CUNA_News

Polls

How do you feel about the economy in 2023?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us