How does leveraging data help serve members?



August 11, 2021 | Allied Solutions  

This article was originally published on Credit Union Times 

Digital banking trends are not just growing more popular, digital options and functionality for members are enhancing their member experience and quickly becoming a service expectation.  Taking a thoughtful approach to making your member experience easy at every touchpoint will be a competitive differentiator.  Think about what you used to go to a store to buy and now have Amazon just deliver it to you. In order to effectively leverage these tools, data plays a critical role. More automation, artificial intelligence, and machine learning tools are being introduced that help provide actionable insights to  credit unions that enable profitable growth. 

Ongoing digital expansion provides the unique challenge and opportunity for more keen, nuanced data sources to provide the ‘who, what, where, when, and how’ of member behavior. To respond to digital trends, credit unions need to not only be gathering necessary data but intentionally deploying and leveraging it in order to best serve their members. A data-driven strategy can be used to generate personalized service interactions and relevant product offers for members. 

Data Optimization: Why it Matters

Many times it can seem like credit unions are looking in the rear view mirror and reacting to events that have already happened, rather than looking for and anticipating what’s ahead. This isn’t usually due to a lack of data, but a lack of data analytics to best interpret data trends. By investing in data analytics and predictive modeling, institutions can yield powerful insights that can enable a more strategic view into their member services, loan offerings, and risk management. Identifying profitable growth opportunities enables credit unions to continue to invest in the technology needed today and tomorrow. 

Data analytics and predictive models can help you see how future economic trends impact different scenarios that help: 
  •  Set expectations on portfolio performance
  •  Empower confident decision-making
  •  Set pricing strategy to optimize for yield, payoff, and profit
  •  Conduct product and service analyses and recommendations
  •  Monitor and observe user behavior and create profiles that help you target similar members
  •  Analyze competitors and compare with benchmarking metrics
  •  Effectively assign and deploy capital
  •  Mitigate risk

Read the full article here

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About Allied Solutions

Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology-based products and services customized to meet the needs of over 4,000 banks and credit unions, along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains over 10 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc.




Content in the blog posts are the opinion and views of the writer, and don't necessarily reflect the opinions or views of Allied Solutions.

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