Data analytics is no longer available only to massive technology corporations and big banks. In fact, with access to enough data, even smaller credit unions can join the fun. With several data analytics platforms that are accessible and affordable, credit unions of nearly any size can start taking advantage of integrated access to data. Plus, it’s surprisingly easy to start your own credit union data analytics journey.
At first, it might seem outlandish. Can you really keep up with the Amazons, Googles, Netflixes, and Facebooks of the world? Maybe not at their global level, but in many cases, credit unions have more data about each individual member than Amazon has about each of its customers. Well, sort of. But you can definitely catch up to the Wells Fargos and the JP Morgan Chases out there.
So, how does it happen? How does it all start?
Step One: Find a Project
If you want to establish your own credit union data analytics program, your first step is to find a project. Your project can’t be vague! It’s not enough to choose “use analytics” or “become more data-driven” as a goal. Analytics itself isn’t a goal—it’s the tool you use to accomplish one.
When you choose a goal or project, choose one that addresses a need at your credit union. Some examples that credit unions have had success with are: