Rosie the Riveter is an iconic image from World War II that has evolved to define the ability to accomplish seemingly difficult tasks. If Rosie were a credit union data journey, she would be Local 20 IBEW Federal Credit Union. Local 20 IBEW, located in Grand Prairie, Texas, serves over 3,000 members associated with either the Local 20 International Brotherhood of Electrical Workers or the Local 756 Sign Painters & Decorators. With assets of just over $7 million and a staff of three, they might seem like an unlikely credit union to leverage their data.
But in the words of Brandi Boney, Local 20 IBEW FCU's Loan Officer and GL Specialist as well as data champion, "It is what you CAN do, not what you can't."
Motivated to embrace their data because of a plastic conversion, they kicked off their data journey to understand what data they had and how to leverage it. The following insights were generated from a break-out session featuring Brandi and her credit union's journey held at Cornerstone League's IMPACT 2022 premier educational event in April 2022.
Who did you need in the room to say YES:
Because this was a card conversion, it was pretty easy to say yes. We informed the Board, and that was pretty much the extent.
What was the most surprising obstacle?
The most surprising obstacle was our member's ability to embrace changing to a new card. We placed information in all the communication channels we offer, statements, branches, newsletters, and the website. Still, we did experience a surprising number of calls from our members filled with confusion.
What was the most unexpected success?
This transition gave us far more data to sort through to better serve our members to see their needs and meet them. With our older card services, we didn’t have a way to know much of anything. With the new service, we will have countless reports at our fingertips that we can use to pinpoint needs.
If you had a "do-over," what would you do differently?
I would have begun this transition far sooner to prevent further fraud losses and increase our ability to assist members.
What advice would you give other credit unions in their data journey?
My advice would be that no data is bad data. It’s all about how you use it. You can wear the data hat and help your members. The data will speak for itself. Trust the process.
Regardless of resources, every credit union can start its data journey. To learn more about creating a data journey, visit the Data Education Center to find articles, books, and classes.
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