Getting Your Data In Order – A Recipe for Digital Success
Data is fundamental to your digital transformation. Customers must be able to efficiently and effectively manage transactions online. Credit Unions must be able to infer customer needs from those transactions and reach out to customers where they “live” online, whether through email, social media, or text. This blog post presents a simple recipe for getting your data in order as a foundation for digital success.
Lead Scoring – Getting to know your members
Media coverage of last week’s Visa/Mastercard settlement predictably- and appropriately- focused on the impact to merchants and the card network behemoths. Fortunately most news outlets avoided the dubious claim that consumers would somehow benefit from the estimated $30 billion fee concession (there were exceptions- looking at you, New York Times).
Studying Gen Z banking – from my living room
With 2 Gen Zs in my house, I’m really taking the opportunity to study who this generation is first-hand. My oldest recently got his first checking account. He doesn’t need to write checks but he needs a debit card. In fact, he’ll probably never write a check in his life.
The State Of The Credit Union: Analytics Adoption – Part II
In our last blog, we explored results from The National Survey on Credit Union Data Analytics and Decisioning Trends and touched on their implications.
The State Of The Credit Union: Analytics Adoption – Part I
Large banks, Regionals, and fintechs continue to invest heavily in data management, analytics and decisioning.
Data Analytics: Now’s The Time To Up Your Investment
For most credit unions, the concept of using data analytics to better meet members’ needs is not an unwelcome innovation. With a reputation for hands-on service, it should be no surprise that the majority of credit unions have strategically committed to using digital services and data analytics to:
No Time To Be A Tortoise: Credit Unions Are Running Out Of Time To Catch Up
“We are not moving fast enough. We need to move 2x or 4x faster,” says John Janclaes, CEO of the $1 billion Partners Federal Credit Union headquartered in Burbank, CA. “Some might say faster is in order”.
Family And The Bulletin Board
When I first started credit unions, branches were the thing. Home banking hardly even existed at that time and involved things like sending disks to members so that they could dial in to your organization like it was AOL.
Artificial Intelligence, Banking, And The Customer
Now there are people who would argue that blockchain technology or the distributive ledger is the most important new technology, and I certainly think that both of those are transformative. But when it comes to finding a really good fit between the customer and the banking industry, there is no more transformative technology than artificial intelligence.
A Credit Union’s Biggest Cultural Challenge: Its Smart Use Of Data
Many credit unions are successfully building the fundamental skills and infrastructure they need to utilize data more effectively. They’re aggressively investing in analytic tools, staff skills, and warehouses, but less so in the newer tools of decisioning, fraud, and predictive machine learning and AI technologies.