Driving through rural America, the silo is a common sight. These useful structures are storage for harvested crops kind of crop. Each silo is separate from others around it so different crops in each silo don’t get mixed together.
The silo is a great analogy for the clusters of data stored in every organization. Every function has its sets of data. Even within functions there are discrete sets of data. Often these “silos” of data are not connected even though they share common attributes. However, what is good on the farm for crops is not good when it comes to data in organizations.
A typical example within credit unions is data about members. Providing excellent service requires having comprehensive information about each member. Problems can occur when information about all accounts and services delivered to the member is not consolidated. For example, data on a member’s checking account might not to be connected to information on that same member’s investment accounts. This lack of visibility due to data silos is inefficient at the very least and at worst a terrible lost opportunity.
In order to make smart decisions about improving service and increasing wallet share, credit unions need to have a complete picture of each member. By breaking down the walls of data silos with innovative solutions like OnApproach M360™, credit unions can identify opportunities and solve problems like never before.