The rapidly evolving and improving data warehouse technologies have greatly benefited the financial services industry, allowing organizations to easily retrieve and store valuable data about members, products, services and more. Data warehousing solves the ongoing problem of analyzing data from disparate systems and transforming it into actionable information you can use. As mentioned in a previous article, a data warehouse provides a plethora of benefits to a credit union, such as ensuring data consistency, providing a single source of truth, improving speed and accuracy on insights, and generating greater efficiency and time-saving solutions.
Making confident business decisions based on fast and easy-to-access data holds the key for credit unions to successfully compete in today’s crowded market space. However, a common derailment to data warehousing success has been time to market and the ability to quickly deploy analytics to make informed decisions in a flash. For many credit unions, the investment in time from strategy to implementation, deployment and return on investment has been just too long. Reports of the actual time required vary from several months to several years with some vendors. The numbers are open to debate, but for most organizations, implementing a data warehouse solution has been an involved, time-consuming endeavor.
The faster credit unions can reach the right decisions based on accurate data analytics, the faster teams can carry out action items, provide competitive value, and delight members with superior quality and service.
Data is most valuable when one can turn it into action. Action requires two things: insights that arrive quickly to guide your decisions and insights your team can trust to act upon. In today’s season of uncertainty, it’s critical to quickly turn data into action.
For those organizations without a data platform currently in place, it is just not feasible to wait six months or more to get a data warehouse solution implemented. Waiting so long means that you’re waiting for another strategic planning cycle to finally take advantage of the insights gained through an analytics solution.
Are You Ready to Put Your Data into Action in as Little as 72 Hours?
This why we built the VeriCU Data Platform. Credit unions need access to their immensely valuable data as fast as reasonably possible. That is why we designed our data platform to be implemented in as little as 72 hours. Built by past credit union employees, VeriCU is designed for credit unions by the people who know them best.