Successful applications of AI deployment have improved credit union efficiency and productivity and helped them achieve growth goals. What AI and other emerging technologies need to be successful is the ability to leverage data effectively. This is not just an advantage—it's a necessity for survival and growth.
Here is what your credit union needs to leverage its data;
Assessing your credit unions readiness
Many credit unions feel that they have a technology roadmap that will check the "ready box." Here are a few other questions to ask yourself about the state of your credit union's readiness.
You most likely have the data, but can you easily access it and turn it into actionable insights?
How does your credit union use data as a strategic asset?
Do you have a list of business problems you want data to solve?
Is there an identified list of team members who need to be in the room, both from the sponsor and accountability levels?
How many people in the credit union are data literate?
A credit union strategic "why."
What specific problems are you aiming to solve with these technologies? Whether enhancing member experience, improving fraud mitigation, or increasing operational efficiency, clearly understanding the purpose behind adopting these technologies is vital. This strategic clarity will help align your goals with the implementation and ensure the technology serves your credit union's broader mission.
Identifying who should be in the room
Who needs to be involved in this transformative journey? Strategically and tactically, having the right people in the room is essential. These should include key decision-makers, technology experts, and member contact representatives. Building a diverse team with various perspectives and expertise will enhance your strategic planning and execution, ensuring that all aspects of the transformation are covered.
A data literate culture
While talking about the people in the room, consider how data literate your credit union is. Ideally, a credit union should effectively leverage both new and existing technologies. This means not only providing training and education on the technical aspects but also creating an environment that encourages continuous learning and innovation. A literate culture will empower your team to make informed decisions and adapt quickly to technological advancements
A home for activating data
This goes beyond data analytics. A robust operational structure is necessary to launch these technologies successfully. This includes clear processes, defined roles, and a strategic roadmap that outlines each step of the implementation journey. An effective operational structure will ensure that your credit union can seamlessly integrate new technologies, mitigate risks, and achieve desired outcomes.
Ready to get started?
Here is an easy to get started. THRIVE's Data Activation Series is a comprehensive seven-class course designed to equip credit unions with the tools to activate their data assets and achieve strategic goals. The curriculum covers essential components of data strategy, including:
- Assessing the current state of data readiness
- Identifying the strategic "why" behind technology use
- Building a literate culture to leverage data effectively
- Establishing foundational data governance
- Creating operational structures and roadmaps for data activation
What can a credit union accomplish from the Data Activation Series?
Learn from Solarity CU.
Solarity Credit Union's experience highlights the Data Activation Series's critical role in reshaping its data approach. The series helped Solarity's leaders understand the importance of having a clear enterprise data vision and the need for a Member Center of Excellence (MCoE) to address member and staff frictions.
The focus on strategic "why" gave Solarity the clarity needed to align their data initiatives with organizational goals, ensuring that every investment in technology and data infrastructure was purposeful and impactful.
Concrete Results and Benefits
The practical insights and strategic direction gained from the Data Activation Series translated into significant improvements for Solarity Credit Union. Here are some key achievements:
Streamlined processes to enhance member experience, reducing wait times and speeding up processes.
Created a primary hub for policies, procedures, and communication, making resources accessible to employees.
Enhanced integration between Salesforce, Symitar, and MeridianLink to provide a seamless member experience.
Increasing product knowledge training - Ensured employees are well-informed to offer accurate information to members.
Embark on Your Data Activation Journey
As your credit union moves forward into an increasingly data-driven world, the need for skilled data leaders who can navigate the complexities of digital transformation and AI deployment has never been greater.
To learn more about the Data Activation Series and how it can transform your approach to data and AI, click here and request the case study. The series is offered five times a year, with the final class available in September.
Elevate your data leadership today, and prepare to lead your credit union into the future with confidence.
Building a Member-Centric Data Strategy
Data Activation Series Case Study
"The foundation of our data strategy needed to be based around making our members’ lives better."
Michelle Hatton, VP at Solarity Credit Union
& Data Activation Series Alumni.
Discover how Solarity Credit Union transformed its data strategy by taking THRIVE’s Data Activation Series. This case study shares what the credit union learned and how it used its knowledge to significantly improve operations, including reducing wait times and creating a Member Center of Excellence to address member and staff friction.
Now enrolling for the last class of 2024!
Looking for a quick and easy way to
activate your data?
Read Big Data/Big Climb
Called a "must-read book for credit union management" by industry experts as a guide for those who are looking to improve their members' lives using data. This foundational primer on data transformation uses the metaphor of climbing Mt Kilimanjaro to provide clarity and a framework on this subject.
Has your
Data Journey reached a standstill?
Reignite your efforts with an Elevation Session!
These sessions offer an executive coaching program designed to help credit union leaders overcome obstacles in their data journey.
Elevation Sessions focus on:
Strategic Planning: Develop a clear, actionable data strategy that aligns with your credit union's mission.
Overcoming Obstacles: Identify and address the barriers holding you back from data excellence.
Navigating Landscapes: Create pathways to improving data usage, literacy, and activation.
What CU Leaders say about Elevation Sessions
"The long-term impact of the Elevation Sessions on our organization cannot be overstated. We've not only achieved our immediate data goals but also built a sustainable framework for continuous improvement. The sessions have empowered us to think bigger and aim higher."
CIO
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