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Turn Your Transactional Data Into Improved Products And Loyal Members

Leveraging data from across the credit union delivers optimized products and services, as well as enhanced member experiences that foster stronger, more trusted relationships.

180 ZB of data! That’s how much data some estimate will be created and consumed worldwide by 2025.

Credit unions are no strangers to this growing mountain of information, and, unfortunately, many admit that tackling their data strategy has taken a back seat to other projects. However, those who let it sit idle and siloed are arguably losing one of their greatest assets one that can deliver not only optimized products and services but also enhanced member experiences that foster stronger, more trusted relationships.

With the new year upon us, isn’t it time to reconsider your data analytics strategy?

Making sense of day-forward data unfortunately isn’t always sufficient, as historic information trapped in archives and silos is critical to gaining big-picture views that affect both the credit union and its members. With new data analytics solutions powered by predictive analytics, machine learning, and deep-search, credit unions quickly gain access to data from across the institution and all transaction channels, presenting it in simple, visual formats within a centralized platform for a holistic view.

This newfound access to real-time data user journeys, feature adoptions, fraud stats, transaction volumes by channel, and more enables credit unions to make better, faster decisions and identify trends and gaps more easily. With role-based access and reports pertinent to employees’ roles, the benefits and operational improvements are felt across the institution, from executive management to line of business teams.

The results?

  • Products and services more closely linked to market trends and member needs: Bringing new products to market quickly is crucial to staying relevant and competitive. Equally important is the ability to make informed decisions about needed product enhancements or sunset strategies based on member needs or market trends and gaps. With access to information like user journeys, feature adoptions, drop-off points, and other enterprise-wide insights, teams easily gain a better understand of how products and services are utilized. Make data-backed decisions that benefit both your members and institution.
  • Increased solution adoption and hyper-focused personalization: Uncover user behavior data that can be applied to personalized campaigns for increased member engagement and to improve the user journey, regardless of when or where someone transacts. Leverage information from your members’ financial stories and spending habits, recommend new services or financial wellness advice, and deliver consistent messages across both in-branch and remote channels that boost engagement and improves institutional loyalty.
  • Mitigated risks: The first step in preventing fraud is understanding where, when, and how it is occurring. With access to enterprise-wide data from all transaction streams, uncover fraudulent behavior trends and mitigate future risks by identifying vulnerable channels, target geographic locations, and granular details like a specific branch or device-type of concern.
  • Time and cost savings with less manual tabulation: Fully customizable access linked to personas and permission-based visual dashboards allow employees to easily locate the data they need for their specific roles. A holistic view of the institution provides enterprise-wide insights and eliminates pain points associated with siloed data speeding access to mission-critical information for faster remediation and more streamlined operations.

Don’t keep delaying your data analytics strategy. It’s time to put idle, fragmented data to work for your credit union.

Own your data with AWARE, Alogent’s data analytics and reporting platform. Aggregate all incoming data from all touchpoints and channels into a single, holistic view. Drive powerful business decisions, enable hyper-personalized services that boost trust and loyalty, and support employees with access to actionable business intelligence by leveraging machine learning, predictive analytics, and deep search.

Learn more about turning your transactional data into improved products and deeper member relationships.

Wendi Klein is the vice president of marketing and communications at Alogent.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
March 7, 2022

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