Connecting the Layers of Member Data for Big Results

Consumers today know what they want, and they research and shop around to find the best deal for the best value. Your members are doing the same. And with member expectations at an all-time high, credit unions should be proactively aligning with their members' needs. One key to doing that, and in turn, building loyalty, is observing member behavior through data analysis.

The use of big data allows credit unions to observe patterns and trends in member behavior. In theory, the more data a credit union collects, the more patterns and trends they can identify. Data is undoubtedly available and can be connected layer by layer. The first steps are understanding the data points and identifying the problems that need to be solved. From there, the best approach is to take small, manageable steps that yield actionable results.

Start with the core data needed to identify the member. Next, you can layer on product usage, transaction data, market intelligence and beyond. By having a “single source of truth" about members, credit unions not only address compliance, authentication and regulatory issues, but also harness the data for use in identifying opportunities.

Credit unions are regularly faced with opportunities to make a wide variety of business moves, from staffing branches to selecting vendor partners. Evaluating member behavior patterns and trends can help detect needs or gaps in your branches and can point to products or services that are in demand, which might lead you to a particular vendor’s offering. Member behavior data can help you make smarter business moves and foster member retention and loyalty.

Big data also provides opportunities to streamline operations. With Generation Z fueling what is being termed the “Now Economy,” identifying metrics that need improvement in call centers and understanding member emotions is imperative. Metrics such as “average handling time” or “first contact resolution” can reveal a lot about your members’ experience. To better understand member emotions, two great sources of data worth analyzing are surveys and social media comments.

Targeted marketing campaigns can be enhanced using big data, too. Analyzing behavior from click-through rates on different types of communications allows the credit union to determine the ROI on their efforts. Armed with results, a credit union can quickly shift gears to ensure their messaging is directed to achieve the intended goals.

The last critical piece of the puzzle is ensuring the multiple layers of customer data are available in your CRM platform and employees are properly trained on how to access that data. Having the data dots connected provides a more streamlined service and allows credit unions to do more with less.

Most importantly, the credit union mission of “people helping people” should be the reason behind collecting and using this data, and a thoughtful and member-centric approach to interpreting the data is always key.