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What Your Credit Union Needs To Know About Business Intelligence And How It Will Impact Member Experiences

Identifying patterns and trends is key to translating information into improved operational efficiencies and more engaging member services.

Peter Sondergaard once famously said, “Information is the oil of the 21st century, and analytics is the combustion engine.” Data has become an invaluable resource, and, like oil, must be mined, or analyzed, to produce insights that matter to organizational success. Regardless of industry, every company must rely on the value of data, and credit unions are no different if they want to remain competitive and keep pace in today’s innovative environment.

Credit unions certainly aren’t lacking data. In fact, they collect large amounts of demographic, transactional, behavioral, and account holder information from various sources. For many, the challenge is how to make sense of the data they collect and translate it into engaging and personalized member experiences at every stage of the banking relationship.

Although the need to use data is well known, how to get started is not as simple. Investing in intelligent technology that helps to identify patterns and trends, such as feature adoptions or user journeys, is key to translating information into improved operational efficiencies and more engaging member services.

Data often sits idle in financial institutions, but when it transforms into meaningful business insights with the right tools, it drives innovation and competitive advantages. These types of business intelligence platforms work best when paired with other enterprise solutions or line of business platforms, aggregating large volumes of data from various channels, to unveil a comprehensive view of the institution for current and future decision-making. Implementing this type of capability eliminates guesswork and provides employees with visual reports and dashboards that are easy to understand and quick to action.

With an intelligent platform in place, your credit union gains access to tangible data insights on a holistic level, bringing business intelligence (BI) to the forefront, with role and permission-based access. Team members can then leverage the data they need for faster decisions and deploy targeted messaging and campaigns based on a deeper understanding of your membership base. Upsell, cross-sell, and even educate based on spending habits, eligibility, risk, and other data points that will ultimately increase institutional loyalty.

Equally important, an intelligent platform enables credit unions to uncover areas for operational improvement — such as overhead costs — and more smartly mitigate risks — such as fraud risk by day of the week, time, device, or location. Every business unit, from business development to human resources, in-branch, back-office and executive management teams, benefits from faster access to data insights and the ability to make quicker decisions and adjust strategies.

Credit unions have endless volumes of valuable data, but the competitive advantage is being able to leverage it into tangible outcomes. Improve member services and operational efficiencies with a data-driven approach and secure your long-term future through innovation.

AWARE, Alogent’s data analytics and reporting solution, is positioned at the crossroads of your image acquisition channels as a companion platform that aggregates large volumes of data from multiple points of presentment and business units. Combining this data into a single, enterprise view, AWARE delivers real-time data visualizations and reports and turns dense volumes of information into knowledge with its predictive analytics, deep search, and machine learning capabilities.

Watch a video or download our solution overview to learn more.

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 6, 2023

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