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Filene Reports CUs at ‘Sink or Swim’ Point with Tech
Thursday, February 18, 2016 6:50 AM

Credit unions have not unleashed the power of data technology in transforming the way they do business, according to a new report from the Filene Research Institute, “The State of Data Technology in Credit Unions: The Sink-or-Swim Crossroad Ahead.”

The silver lining is the potential that data analytics still offers credit unions. Among the opportunities the paper identifies for credit unions:

  • Actionable data. Transactional, current data from a wider range of sources, including outside the organization, present significant opportunities;
  • Member scorecard. While many organizations have a good understanding of some member metrics, many reported feeling they do not have a good 360-degree view of their members’ impact on the organization. A complete member scorecard that integrates member acquisition, retention, monetization and referrals would improve decision making;
  • Predictive analytics. Predictive analytics based on a wide range of data could provide the data necessary to bridge the gap between the ever-changing needs of the member and the credit union’s understanding of their members’ current need;
  • Multichannel relationship management. Leading credit unions may consider moving toward a relationship management model that uses a wide range of data (including transactional data) and predictive analytics and facilitates interactions with all channels (including mobile); and
  • Simpler banking enterprise ecosystem. There is a clear need for a simpler enterprise platform that has a far lower cost of operation and that permits seamless integration with modern analytics tools. Besides traditional data there is a richer (and far more voluminous) source of data originating from user interactions on mobile devices and Web applications. These user-activity logs are a gold mine of information that can allow credit unions to better understand their members and their present frame of mind.