Unleashing the Power of Your Credit Union's Data Strategy
We are all aware of the importance of data, but turning that awareness into a robust strategy can be quite a challenge. If you're feeling lost in the data wilderness, here are a few considerations to overcome these challenges and build an aligned data destination that leads to triumphs.
Asking the Right Questions
When it comes to building an aligned data destination, it's not just about having the data – it's about knowing how to use it effectively. Here are a few questions to ask your credit union leaders;
How do we currently ingest data? And by whom?
How do we currently leverage data to make strategic decisions?
How innovative are we as a culture?
This will help you get a basic, self-reported understanding of your credit union's current state of data. Understanding the who, what, and how your credit union uses data is a great starting point for understanding the current state of data at your credit union.
Identifying Gaps and Opportunities
One of the next steps in this transformative journey is to perform a gap analysis of current data efforts and the member's needs.
How can we identify data gaps?
Assess your current data landscape and see how it supports (or doesn't) your strategic plan. This will uncover areas for improvement.
What Member insights do we have at our fingertips?
Member preferences are at the heart of your credit union's success. Dive deep into your transactional data to gain insights into member behavior and preferences.
This can reveal a treasure trove of information about member behavior, enabling the credit union to craft personalized experiences that truly resonate.
Crafting a Comprehensive Data Strategy
When you start building a data strategy, remember this is a journey, and make sure you focus on comprehensive strategies that align with your credit union's goals.
If you're facing gaps in your data efforts or seeking to gain member insights, THRIVE is here to help you craft a comprehensive data strategy that delivers remarkable results. To learn more, please review the Data Strategy case study we created in collaboration with First City Credit Union.
Ready to
create an aligned, strategic data destination?
We can help your credit union unlock the full potential of your data to elevate its members' lives.
To help credit unions harness and use their data, we partner with you to develop a member-centric, multi-year data strategy focused on solving member friction. We determine the data that is needed to solve the use case and help build the solution. Along the way, we deliver the following;
an enterprise data vision statement
a member-centric data strategy based on actual member data
a data governance foundation
best practices for data analytics capability
a comprehensive data roadmap
a data success scorecard
Data Strategy
CASE STUDY:
First City Credit Union
Learn how First City Credit Union partnered with THRIVE to help them identify their gaps in existing data efforts, gain clarity on member needs and wants, and build a multi-year roadmap for data success.
Launchable
Data Governance
We are offering
LAUNCHABLE Data Governance on Tuesday, October 3, 2023,
from 9 am to noon PST
noon to 3 pm EST
Yes, launchable is a word :) And it describes what needs to happen to your data governance program in 2023! THRIVE will give you the knowledge and framework (aka ppt deck) you need to launch this effort in JUST three hours!
You won't want to miss this virtual Data Governance Deep Dive workshop!
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