Analyze Your Data: 4 Easy Things You Can Do Today [+ Examples]
According to one recent study, approximately 90% of all data we have today was created in just the last two years.
But data on its own is meaningless--especially for your credit union. Without proper data analysis, you're talking about little more than 1s and 0s on a hard drive somewhere. You need a way to get to the true story hidden underneath all that raw information.
Thankfully, there are many simple ways that your credit unions can utilize its data today--you just need to know where to start.
1. Personalize With Behavioral Data
It's no secret that the type of data being collected by your credit union can help you better understand your membership in a literal sense--meaning where someone lives, what educational background they have, their employment history, and more.
But there is also an important opportunity here to dive beneath the demographic information on the surface to look at how they're actually behaving. How do they spend money? What products do they take advantage of? Do they invest, and if so, in what? Behavioral data can help your credit union offer more relevant products and services.
Example: If a member just got married, market products and services that newlyweds usually need, like a mortgage loan or to meet with a staff member to combine finances.
2. Use Predictive Marketing to Cross-Sell
Once you have a foundation of behavioral insight to work from, you can also use this credit union data to fuel not only your predictive marketing efforts, but your cross-selling tactics as well.
Example: If you know that someone just took out a new car loan, you can offer gap insurance and refinancing opportunities to predict what they will need in the near future.
Related Content: How to Create an Unbeatable Cross-Selling Plan for Your Credit Union
3. Analyze Product Performance
By analyzing the internal data of your credit union, you can gain valuable insights into the performance of your products and services, identifying what is working and what is not, and understanding the reasons behind it. If a product or service is performing lower than expected, take the time to figure out the cause. With this new information, you can modify, discard, or revamp it to increase ROI.
Example: If your credit union has a fraud solution system, which averages a 200% ROI, and you are consistently losing lots of money every year due to fraud, find out why it is not working. This might mean switching fraud solutions or holding more frequent meetings on how to combat fraud.
4. Utilize Internal Data to Increase Efficiency
Lastly, your credit union's data can be a great way to identify opportunities to improve your organization. Look at productivity, wait times, phone call volume, and seasonal trends within your own branches and offices.
The better informed you are about what is going on, the easier it will be to take advantage of certain trends and patterns that would have otherwise gone undiscovered.
Example: You can learn which branches see increased traffic volumes on which days--so you can schedule accordingly to cut down on member wait times. This improves member experience and increases efficiency.
Take Control of Your Credit Union's Data: The Time to Act Is Now
In the end, the sheer amount of data you're dealing with is only going to grow larger as time goes on. It's imperative that your credit union put a system in place today to help manage, analyze, and make sense of it all so you don't find yourself even more overwhelmed moving forward.
If you feel as though your credit union doesn't know where to begin, FLEX is here to support your credit union in utilizing its data right now. To find out more information about how your credit union can more effectively use its data, click on the button below. Otherwise, contact us today to discuss data analytics in more depth.