More than ever, real-time information is available to all of us. We type in questions on search engines about any topic of interest — or verbally interact with our home virtual assistant to get data. Merely state your query and answers are instantly provided.
In the same way, new debit and credit analytic tools are available that are just as easy to use — and essential to help you effectively manage your card program objectives. They can retrieve your data and present it in easy-to-digest portions, allowing you to get quick answers to your most pressing questions.
These tools can provide you with actionable analytics and rapid insights that can drive the development of meaningful strategies and execution of transformative business decisions — to help you evolve your card program to meet members’ needs. They’ll give you immediate and direct access to a broad spectrum of data points necessary to optimize your portfolio’s profitability, expense structure, and overall performance.
Integrate Your Data Into Your Decision Making
The best tools provide a holistic view of member behavior and preferences — from your ATMs, fraud and risk mitigation system, loyalty program, contact center, alert and notification system, core data, and more. And with real-time alerts, you’ll be notified of key metric variances in trends, allowing you to focus your time and attention on what’s important to your business.
Ideally, data is represented on crisp, understandable dashboards featuring charts and graphs that provide interactive views of important metrics and critical trends. By making your data simple to see, its strengths and opportunities become more actionable. If the data you are searching for isn’t readily presented, you should be able to type in a question — just as you would via a search engine — to obtain your answer. Easily. Quickly. Effortlessly.
Predictive analytics are one example. An interface with a weather service could help guide your decisioning when a major storm is forecast for your area. Consider how the storm will impact your business, cardholder spending, and ATM fleet. You may need to get a message out to your members, increase daily card limits, remove cash from ATMs that could be offline, or add cash to outlying ATMs that may experience higher traffic.
Another example is perspective analytics that integrate data and modeling capabilities which can have a significant impact on your cross-sell and upsell strategies. Your data can be used to create a full picture of your member relationships — which products and services they use, and how often. This valuable information can be used to segment your customer base and directly feed your marketing and sales strategies.
Why does it matter? Using your data to “know your members” will help you build frictionless payments experiences that translate into more meaningful sales opportunities and deepen member relationships — with potentially fewer branch visits and contact center calls. You’ll be able to provide your members with a personalized payment journey that can include:
- Pertinent offers and rewards
- Product recommendations
- Education and outreach opportunities
- Relevant communications
- Optimal service experiences
Differentiate Your business — And Win
Using your data appropriately can help you understand — and transform — your business. Finding the right analytic tools will ensure you see information that clearly identifies your challenges and creates business opportunities. Make sure you choose tools that provide:
- Easy-to-use and intuitive data presentations that truly become a resource for your business.
- Actionable data you can use to transform your business and help you stay competitive in your market.
- Access to an integrated view of all your data, to include your card portfolio as well as other data applications.
- Predictive and perspective analytics that will help you identify growth opportunities for your business and generate member engagement.
By choosing wisely, you’ll enable your credit union to make informed business decisions that lead to deeper member relationships, mitigate attrition, proactively drive desired member behaviors, and grow your program.