The Decision Maker

Leveraging Data to Create Exceptional Member Experiences at Ideal Credit Union [VIDEO]

Posted by Mark Portz on Apr 17, 2018 1:02:00 PM

 

MnCUN Interviews: Ideal CU and OnApproach Work Together to Leverage Data Analytics' Potential... from CUbroadcast on Vimeo.

At the Minnesota Credit Union Network (MnCUN) Annual Conference, Paul Ablack, CEO, OnApproach and Alisha Johnson, Executive Vice President of Operations for Ideal Credit Union, joined Mike Lawson, Host of CUbroadcast, to discuss data access, member profitability, member engagement, data lakes, timely and targeted marketing, chatbots, real-time analytics, and credit union collaboration.  

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Topics: Video, Case Study, Membership, Analytic Data Model

7 Ways to Make the Most of Credit Union Member Data

Posted by Steven D. Simpson and Paul Ablack on May 16, 2017 11:01:00 AM

Leaders and business intelligence at credit unions are putting a tremendous focus on ways to use advanced data analytics to identify trends, detect patterns and glean other valuable findings from the sea of information available to them. Without question, member data is valuable. But the greatest value lies in the ability to empower each line of business to achieve strategic initiatives and performance goals. When this empowerment is coupled with improving member service, a proven, repeatable best practice results.

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Topics: Leadership, Data Analytics, Data-Driven, Membership

Building Member Risk Scores with Data Analytics

Posted by Nate Wentzlaff on Aug 12, 2015 10:59:00 AM

Many credit unions rely solely on FICO scores for their lending decisions.  Data analytics now gives them the ability to develop their own forward-looking member risk scores.

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Topics: Big Data, Membership, Data Analytics

6 Steps to Develop Member-Centric Models

Posted by Nate Wentzlaff on Jul 22, 2015 11:11:08 AM

As financial technologies become more complex, credit unions must design their business and data models around the member.

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Topics: Big Data, Analytic Data Model, Membership, Collaboration, Data Analytics

Contact Analytics: Going Beyond the Call Center

Posted by Nate Wentzlaff on Jun 10, 2015 12:00:00 PM

As digital strategies continue to proliferate throughout the credit union industry, the contact center has become essential.

Calling a company about an issue can be a miserable experience.  Being transferred to four departments and having to explain an issue, not to mention basic account information, four different times will frustrate the most patient consumers.  These experiences have given the call center a bad image in the minds of consumers.  Stereotypes of call center agents who do not speak fluent English failing to understand a problem have been burned into the American culture.  However, the necessity for remotely assisting consumers has never been greater.  Redesigning the call center into a contact center will enable credit unions to give their members excellent service.   It will also empower credit unions to continue learning about their members through every interaction.

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Topics: Membership, Analytic Data Model, Data Analytics

6 Steps To Deliver Omni-Channel Experiences

Posted by Nate Wentzlaff on May 18, 2015 11:00:00 AM

In an age of increasingly complex relationships, members expect an omni-channel relationship with their credit union.

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Topics: Marketing, Membership, Digital, Data Analytics

Why Your Members Don’t Need You

Posted by Austin Wentzlaff on Apr 6, 2015 11:56:54 AM

Consumers, particularly millennials, are becoming less interested in meeting actual people to solve their problems and more interested in doing it themselves.  With the rise of the internet, information is readily available to all.  This allows consumers to search and find solutions to meet their needs in a matter of seconds.  This is a tremendous opportunity for consumers but it is also a serious challenge for retail institutions.  This is especially true for retail financial institutions such as community banks and credit unions.

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Topics: Big Data, Membership, Digital, Data Analytics

6 Steps to Develop a Data-Driven Vision

Posted by Nate Wentzlaff on Mar 19, 2015 12:30:00 PM

As an industry in the middle of a massive shift, credit unions must steer in the best direction to enter a prosperous future.

The Financial services industry has traditionally been an industry where change happens gradually at the direction of a few large institutions.  Since the introduction of the internet in the 1990’s, finance has been in a state of exponential change.  The digitalization of money is causing an even more powerful catalyst of change: the proliferation of data at a pace most credit unions cannot fathom.  Consequently, credit unions must form a data-driven vision to act as a strong rudder to navigate through the data storm.

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Topics: Big Data, Data Integration, Data Integrity, Membership, Collaboration, Data Analytics

4 Ways “High Tech” meets “High Touch” in Credit Union Big Data/Analytics

Posted by Nate Wentzlaff on Nov 18, 2014 11:26:00 AM

Member-focused initiatives must be blended with high tech solutions in the credit union industry

In his #1 New York Times Bestseller book, Megatrends, John Naisbitt predicted that with the rise of “high tech” solutions, people would increasingly feel a need for “high touch” connections to balance technology overload.  The need for personal touch in financial services has been continuously met by the credit union industry.  Many banking customers have become disillusioned after being treated as just another number in a bank’s system.  The mission of credit unions is to deepen relationships with their members to provide them with exceptional products and services.  However, they realize that technology on its own will not bring about superior service for their members.  By keeping the High Tech/High Touch balance in utilizing Big Data/Analytics (BD/A) solutions, credit unions will bring efficiency to their processes and excellent service for their members.

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Topics: Big Data, Membership, Branch, Lending

3 Ways Business Analytics Cultivate Cooperative Culture: An Example From Retail Mortgage Lending

Posted by Nate Wentzlaff on Aug 20, 2014 4:36:43 PM

In my previous blog, 3 Steps to Build Business Analytics in Mortgage Lending, I explained the steps a credit union should take to implement Business Analytics (BA). A great entry point for credit unions to begin establishing BA is mortgage lending. Once BA has been implemented, opportunities for deepening the cooperative culture of a credit union arise. Cooperation is the DNA of the Credit Union Movement. BA gives credit unions the ability to establish clear communication to strengthen their cooperative-oriented culture. Data-driven decisions and effective communication delivered by BA (embedded in business processes) will reinforce the cooperative strategy of credit unions.

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Topics: Reporting and Analytics, Business Intelligence, Big Data, Credit Unions, Membership, Data Analytics