By 2025, it is estimated that 463 exabytes of data will be created each day globally. In this age of ever-increasing data generation, the challenge becomes how to resolve the greatest obstacle in the path of most data-driven organizations: Avoiding data silos.
For credit unions, scattered and siloed data creates poor communication between departments, systems and processes, leading to an inability to meet both members’ needs and business goals. Moreover, if important business decisions are based on misinformation or just core data, it can have disastrous effects.
With the increasing volume of information collected through a variety of channels, credit unions need a single interface where data is collected and stored – integrating data from common non-core applications such as loan origination systems, third-party servicers, credit and debit card processors, GL systems, and much more.
Below, we explore the importance of data integration and how it can enable a holistic view of the credit union across all areas of operation.
Why Data Integration?
Data integration refers to the technical and business processes used to combine data from multiple sources to create a unified, single view of the data. The ultimate goal is to provide users with consistent access and delivery of data across the entire credit union. Data integration benefits everything from business intelligence and member segmentation to data governance and real time information delivery.
Improve Decision Making
Access to data that is integrated into a single source of truth will provide the credit union with invaluable information about the entire organization’s operations. This insight enables credit unions to uncover opportunities and identify potential issues before they arise. Your teams will be equipped to deploy valuable analytics applications in the areas of member engagement, attrition, and profitability. This ensures that data is used as a decision-making tool.
Enhance Member Relationships
Data integration provides a multi-dimensional view of each member. This allows you to target your members with the right message at the right time to improve services, products, and loyalty. Bringing integrated data from loan origination systems, CRMs, survey data, and more will allow the credit union to better prepare for the future, reduce member churn, and make more informed decisions that can enhance member experiences.
Volleying between numerous systems to gather insight will negatively impact efficiency, productivity, and timely decision-making. By properly integrating data into a single data platform, you gain immediate access to clean data and greater visibility into the operations of all departments. Integrating these critical sources of data will bring much-needed efficiency to your reporting and analytics efforts. Your teams will spend less time gathering data and focus more time on analysis of critical trends and future opportunities.
Are you ready for a single view of the member?
The VeriCU Data Platform can transform your data into actionable insights with our unparalleled data platform in as little as 72 hours! VeriCU integrates seamlessly with internal systems to give you greater visibility into all facets of your credit union’s operations.
Want to hear how VeriCU has helped credit unions just like yours transform data into actionable insights? Click the button below to schedule a demo.