Thu, Aug 13, 2015
Rancho Cucamonga, California
By all measures, analytics can be a game changer for your credit union, giving you valuable insights into your members’ behaviors and preferences. With the right analytics technology and strategy, you can ensure a superior member experience, minimize the impact of fraudulent activity, and make your sales and marketing initiatives more efficient and effective.
While the power of analytics has been widely touted across the credit union industry, there are several common roadblocks that can prevent you from making the most of your member data.
“There is tremendous hidden potential in your credit union data that analytics technology can help you uncover,” said Ryan Zilker, business manager, product development for CO-OP Financial Services. “However, like many organizations, you may just be scratching the surface of what these tools can do. There are many reasons why it can be difficult to optimize your analytics solution – and many benefits to overcoming those hurdles.”
Make Systems Integration a Priority
According to Zilker, one of the main factors preventing credit unions from optimizing their analytics technology is poor systems integration, which can make it difficult to obtain actionable information. “Having a seamlessly integrated environment for your debit, credit and ATM transactions makes it easier to construct a comprehensive member view and to spot trends in member behavior,” he said. “When these systems are not integrated, identifying all the many ways your members use your products and services can be an arduous manual task. Fraud detection can be more difficult as well.”