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Leveraging Big Data to Build Incredible Member Journeys
Monday, July 17, 2017 6:40 AM

By Sundeep Kapur, Digital Credence Inc.

Imagine the embarrassment of not speaking your members’ language and not knowing what they want, do, or have. Now imagine doing this again and again.

We are all guilty of these scenarios every day. Whether it's not recognizing a member's preferences at their ATM, (re)mailing a credit card offer to someone who already has the same card, or even saying that awkward and inappropriate thank you months after the transaction has taken place, making this repeated mistake consistently embarrasses you, and you lose your likability as a brand.

Success starts with knowing the member, which comes from data collection. This collection can only be triggered by acting on tangible data. Fintechs excel at this, and they are changing the way our industry operates. Data is becoming the most valuable resource used in the workplace. Credit unions are facing a necessary pressure to join the transformation, explore new territories, and have an opportunity to revolutionize the member experience for good.

Experts have explained that complicated data and programming tools are not always necessary for finding a solution. Conducting a survey and sorting the results can be the first step to your big data project. Using this data across the company is a way to engage in the right conversations.

Sometimes, something as simple as recognizing a member at an ATM and offering them their favorite transaction can help transition to the next step of making an offer. Designing your data projects around offering members what they want at the right time is often the way to earn their loyalty.

A mobile-first presence is a necessity that credit unions should currently embrace, if they haven't already. Members should be able to keep track of their accounts on their mobile devices, and credit unions should use data to create unique offers that will appear on their mobile applications.

Data engages, empowers, and optimizes. Start with simple member journeys. Look within your organization for data you already have; seek external data when you need it; keep testing and optimizing; evaluate the results in real time; and simplify your methodology to gain business user buy-in.

Big data is driving today’s industry, yet our data does not have to literally be big. The brilliance behind data is its ability to transform something despite its size. Currently, we are all sitting on ideas. It's our responsibility to be innovative and implement those ideas. There's no better time to begin than now.

What are you waiting for?


You can see Sundeep Kapur live at the 2017 Marketing and Business Development Conference in Houston, Oct. 25-27. Kapur will present "Deciphering Big Data to Create Incredible Member Journeys."

Haven't registered for the Marketing and Development Conference yet? Here's your opportunity! Register now and get the best rates.