The Decision Maker

Using Data to Create a Unique Member Experience

Posted by Erika Hill on May 7, 2019 10:59:00 AM

Enhancing member experience has been the subject of many blogs and white papers, and there is a reason why this topic is so popular. In fact, there are three good reasons why this topic is especially relevant now.

  1. Competition- Competition among financial institutions, challenger and online banks is getting fierce. Banks and online financial institutions like Marcus and Ally need your members’ deposits to fund their loan activity, and are offering higher returns for their business. Also, the huge credit card issuers want to put their cards in your members’ wallets, and are enticing them to do so with sign-up bonuses. Plus, every financial institution wants your best members’ loan activity on their income sheets.
  2. Technology– Technology has become affordable for credit unions of nearly any size. The technology to harvest data to drive decision making, segment your members, create targeted offers, and get a real-time view on each member, is much more accessible.
  3. Expectations- Your youngest members as well as the next generation that could become your newest members, demand a unique experience. They, like other customers (retail customers and e-commerce shoppers), all want a customized, digital experience. If it’s not fully digital, they want an experience that has some digital component. How do we create that experience?

The Answer is Technology

Of the three factors that make this topic especially relevant, technology is the one that drives everything else. Creating a personalized, positive experience that differs for each member relies heavily on data. This includes collecting, normalizing, and combining data from multiple sources to create a unique view of each member. This view is then used during the narrow window of opportunity you have while the member is in the branch, on the phone, in an online chat session, or engaged in online or mobile banking. This unique member-centric view is also used to determine which of your members should receive a special offer, which member should get fees waived, which members deserve bonus interest on money market accounts and other business decisions that help to enhance the member experience.

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Topics: Marketing, Membership, Data Analytics

Millennials in the House: Leveraging Data about Your Young Members to Attract More

Posted by Peter Keers, PMP on Jul 17, 2018 10:03:00 AM

“Where are the millennials?”. This question has been echoing throughout the credit union industry since this age group (18-36 year olds) was first seen on the horizon in the post-9/11 landscape.

After the Great Recession of 2008, millennials were expected to flock to credit unions due to their well-documented distrust of banks. Yet, it hasn’t happened.  There are estimated to be 71 million millennials but too few are becoming credit unions members. About a third of older age groups (Baby Boomers, Gen-X, etc.) are credit union members but only about 25% of millennials are.

This is a problem since the conventional wisdom is that once a young person becomes a member, he or she is liable to stay as a credit union member for a long time.

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Topics: Marketing, Millennials

Winning with Data: Top Analytics Use Cases for 2017

Posted by Brewster Knowlton (The Knowlton Group) on Jan 5, 2018 11:01:00 AM

Data is rising at an incredible pace, covering all aspects of a consumer’s life. In the past two years, more data has been created than in the entire previous history of the human race. (1)

2017 has certainly been the year that data and analytics has redefined the financial services industry. For those financial institutions leading the way in data analytics initiatives, a survey reported that 48% of organizations are achieving measurable results from their data analytics investments – the first time the survey has found a near majority since it began in 2012. (2)

As we look back on data analytics maturity in 2017, here are a few highlights of use cases shared by financial institutions that are experiencing real value—and a substantial return on investment from their analytics initiatives.

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Topics: Marketing, Case Study

6 Steps To Deliver Omni-Channel Experiences

Posted by Nate Wentzlaff on May 18, 2015 11:00:00 AM

In an age of increasingly complex relationships, members expect an omni-channel relationship with their credit union.

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Topics: Marketing, Membership, Data Analytics, Digital

The Digital Revolution: Prepare for the Millennials!

Posted by Nate Wentzlaff on May 1, 2015 10:53:00 AM

As a generation who has been raised online begins its financial journey, digital demands on financial services will begin exploding

The credit union industry is the middle of a digital revolution.  As technological innovations continue, members will shift toward digital channels to interact with their credit union.  Basic transactions continue to take place though online and mobile banking channels where members can take control of their financial needs.  Depositing checks, transferring money, and paying bills can all be accomplished through this channel.  Members no longer need to rely on the branch for basic transactions.  The main drivers of digitization are the millennials who were born at the advent of the internet.  Their lives have been surrounded by the interconnected digital world.  Consequently, they will demand a digital credit union that meets all of their financial needs when (and where) they need them.

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Topics: Marketing, Millennials, Data Analytics, Digital

How Credit Unions Can Leverage Big Data [Video]

Posted by Austin Wentzlaff on Feb 5, 2015 11:30:00 AM

 


 OnApproach's Founder and CEO Paul Ablack discusses today's evolution of Big Data and how credit unions can benefit from this increasingly refined information to provide more specific products and services for enhanced value.

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Topics: Reporting and Analytics, Business Intelligence, Big Data, Credit Unions, Data Integration, Marketing, Data Pool, Video, Analytic Data Model, Data Analytics, Collaboration, Podcast, Digital, Lending

The Recommendation Engine: Using Big Data to Improve Mobile Banking Applications

Posted by Austin Wentzlaff on Sep 11, 2014 7:42:00 AM

“…credit union members are being conditioned every day to expect more personalized information at their fingertips through all aspects of their lives. This information expectation will soon, if not already, be a top strategic priority…” – Paul Ablack, Founder and CEO of OnApproach

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Topics: Big Data, Credit Unions, Marketing, Digital