Aberdeen Research recently conducted a survey among credit unions and other banking organizations to determine their use of business intelligence (BI) tools. In one major section of the study, Aberdeen analyzed the results in terms of institutions that used BI to analyze their customers and those that did not.
The comparison between the two groups on several key measures showed the customer analytics group achieved superior results.
Aberdeen came away with these recommendations:
Gain insight to retain members and increase market share
Knowing more about members will allow credit unions to understand what programs work and choose new programs to increase membership and retain existing members.
Use customer analytics to increase wallet share and drive profitable relationships
Cross-sell and upsell opportunities are vastly simplified with solid customer analytics. By identifying high potential targets among members, the probability of success for these programs is improved.