What would you do if you knew the following information:
- The make, model, and competition for member's next vehicle.
- Where members shop, buy their groceries, fast food, and gas.
- Identify what members are most likely to watch, read and listen.
- Identify who is currently disrupting your business.
And, if you knew all this, how would you change your products, channels, staff and marketplace position to increase the value to your members? Fortunately for the industry, credit unions have robust amounts of data that can be connected to gain insights to help them better understand their members and improve their lives.
Here is how Our Community Credit Union, (Asset size $350 Million) located in the Pacific Northwest, was able to connect their data, create insights and improve their member value. They engaged with OnApproach M360 data warehouse solution and THRIVE Strategic Services to connect their data and build strategy.
The following is a general summary of OCCU’s experience and insights. Information on the complete case study is found here, and the OCCU will be presenting a session at the AXFI Conference, June 11-14 in Minneapolis.
Connected their quantitative data using OnApproach M360 data warehouse solution.
Connected their quantitative data with their qualitative data via the THRIVE Transformation Process.
Worked with THRIVE to study the BI generated from the process and developed impactful growth strategies.
The credit union’s data was combined and analyzed to produce a 56-page discovery report.
The following are insights from one of the credit union’s identified member segments.
Identify your survival strategies
“This process illustrates how important the data is to understanding our members and creating authentic and sustainable value to them.” Said Bert Fisher, CEO Our Community Credit Union.
The data currently housed in core processors, loan origination systems, transactions and other data silos are full of insight that will provide a deeper understanding of current and potential member’s needs. Harnessing this insight to build growth strategies is crucial to succeeding today and sustaining tomorrow.
About the Author
Anne Legg, founder, and principal of THRIVETM Strategic Services, is a recognized credit union expert and thought leader with an MBA thesis on the credit union business model as well as two internationally published whitepapers on credit union business strategy. Anne’s experience in big data coupled with a growth strategy has resulted in one client experiencing the highest loan volume in the recorded history of its credit union.