Credit unions today are increasingly aware of the mountain of valuable data accumulating in their core and other operational systems. With technology evolving at a rapid pace, opportunities to leverage this data are becoming not only more available but also more affordable than ever before.
As an industry in the middle of a massive shift, credit unions must steer in the best direction to enter a prosperous future.
The Financial services industry has traditionally been an industry where change happens gradually at the direction of a few large institutions. Since the introduction of the internet in the 1990’s, finance has been in a state of exponential change. The digitalization of money is causing an even more powerful catalyst of change: the proliferation of data at a pace most credit unions cannot fathom. Consequently, they must form a data-driven vision to act as a strong rudder to navigate through the data storm. As a result, many credit unions have invested in a business intelligence and analytics platform to serve their members more effectively.
Analytics is top-of-mind for many credit union executives. Yet, as with all new technologies, there is a concern that it won’t work. The concern is well justified. There are many technologies that promise to make organizations more successful but fail to yield much for the company besides higher cost every month.
The failure of these technologies isn’t always the fault of the technology itself or the company providing the technology. Rather, it is the failure to properly integrate the new technology into the organization. In the case of analytics, there are several factors that will make or break the technology. Here are 5 factors to consider when implementing analytics:
- Integrate Analytics Across the Organization
In an industry where data is the most valuable asset, data integrity is essential. Building a successful credit union begins with data integrity.