The massive amount of data generated by daily transactions, piled on top of immeasurable historical information in multiple formats, departmental silos, and locations, can be an overwhelming challenge for any credit union regardless of its size. Yet still, given its undeniable value, data aggregation and the effort to make this information actionable and reportable is a necessary undertaking.
Often requiring ample time and abundant resources, this challenge traditionally relied on a combination of software, services, and employee’s time. With new enterprise digital tools powered by machine learning and deep-search capabilities, credit unions can easily leverage data from across the institution and all channels, presenting it in easily viewable formats conveniently housed within a centralized platform. The results? Newly empowered credit union staff who gain immediate access to customizable reports, dashboards and visualizations.
By incorporating insights like feature adoptions, user behavior, fraud data, and more, credit unions can better prepare for the future with more personalized, engaging, member-focused services outlined in the three use cases below.
No. 1: Transform Data: From Siloed and Unstructured Into Your Credit Union’s Most Valuable Resource
When positioned at the crossroads of your acquisition channels, the right data analytics and reporting platform captures data from every channel, driving actionable business intelligence and personalized service offerings. Aggregating all incoming information from digital and mobile banking, lending, information management, and transaction workflows into a single, holistic view, benefits employees at every level from in-branch operations to executive management. Additionally, the flexibility to integrate with external transaction streams amplifies data insights, fully leveraging organizational intelligence to assess operational efficiencies, product feature adoptions throughout their lifecycles, user journeys, or to see where improvements are needed.
No. 2: Fully Customizable Data Visualizations Are Paramount For Uncovering Invaluable, Actionable Insights
With up-to-date, real-time enterprise-wide information in a centralized platform, credit unions transform dense raw data into visual reports like charts, graphs, tables, maps, and more, presenting key trends and other actionable data points in simple, user-friendly dashboards based on roles and permissions. This contributes to quick business decisions, while effectively eliminating data silos across lines of business by providing cross-channel and cross-platform intelligence critical to their roles. By rendering fully customizable, comprehensive views with drill-downs for more specific, granular analyses, this knowledge enables full-spectrum transparency vital for meeting dynamic user needs, and strengthening institutional loyalty through more targeted offerings.
No. 3: Supercharge Data Analytics And Reporting With Modern, Advanced Capabilities
Every interaction is an opportunity to act upon fundamental data showcasing behavioral patterns and trends to deliver effective, differentiated, targeted services. Since no two credit unions are the same, integrating a robust data analytics and reporting engine that leverages predictive analytics, deep search capabilities, and machine learning delivers modern, advanced access to support the unique needs of your transactional ecosystems. With configurable solutions, APIs, and the ability to work with external data streams, your credit union is armed with visualizations and robust reports for efforts like deep item search, rapid image and data retrieval, along with an archived repository of check images and meta-data for granular, in-depth analyses. And with scalability, you can be sure your credit union won’t outgrow their continuously evolving needs for today and whatever tomorrow may hold.
Own your data with AWARE, Alogent’s data analytics and reporting platform and aggregate all incoming data, from all touchpoints and channels, into a single, holistic view. Drive powerful business decisions, enable hyper-personalized services, better understand user journeys and points of risk, and support employees with access to actionable business intelligence. Learn more: http://bit.ly/aware-for-credit-unions
Ashish Bhatia is VP, Product Management, at Alogent.