Data has been called one of the most important investments an organization can make by Forbes, McKinsey & Gartner.
Yet 92% of credit unions fail to effectively leverage their available data.
One of the biggest reasons that credit unions fail, is that they do not holistically assess their current state of data. Many credit unions start with an assessment of their current technology, but to be successful with data also needs to have a solid and clear data strategy as well as road map that includes talent data consumption.
Here are the five components needed for successful data activation.
1. A clear data strategy
One that is aligned to the organization strategy. Incorporates a pathway to data maturity (with special emphasis on data governance). Includes talent development to consume data. Provides clarity on workplace adoption of data.
2. The ability to translate data strategy into tangible use cases
Focusing on solving the member problem or reducing member friction are ideal because the entire credit union can understand them.
3. A clear, high-level road map.
If you have #1 and 2 above, you should have this. Remember best practice for a data road map is to have it fit on one page and clearly communicate the pathway data will be leveraged to improve member's lives
4. Have a formal data governance program
Many credit unions get overwhelmed with the creation of formal data governance program. Advice: don't boil the ocean; make a nice cup of tea. Start small
5. Talent that can translate data into valuable action.
This is the area where most credit unions fail. Creating a data-centric organization does not occur organically. A defined plan to infuse data into the credit union is a combination of critical and design thinking embedded in a pro-active environment.
Maximize your resources to leverage your CU data!
Give only 4-hours on October 26, for an intensive Data Activation Session and you will receive the following:
- Fundamentals of data strategy
- Identify member friction & the data to solve it
- Best practice data governance
- Framework for building a data capability
Can't make the day?
No worries, register, and we will send you the archive so you can do this at the time that works for you!
We believe that data transformation doesn't have to feel overwhelming or expensive to be impactful. After helping over 600 credit union leaders launch their data journeys, we have identified several consistent knowledge gaps. We have worked hard to fill these gaps with a variety of educational artifacts:
Find out how successful your credit union will be with its data.
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