You have probably heard the following statistic – it costs up to twenty-five times more for an organization to acquire a new customer than to keep an existing one. 1 Churn. Turnover. Attrition. No matter how you phrase it, losing members is an issue most credit unions struggle with on a regular basis. Attrition can […]
Who doesn’t want to improve their member’s engagement with your credit union? No one? I didn’t think so. What’s the best way to engage our current members? How will we measure what works? These are common questions our credit union clients ask as member engagement is a vital metric to calculate. Understanding and engaging with […]
Why credit unions should embrace the next frontier in advanced analytics to predict and prescribe outcomes. Advances in data analytics are providing credit unions with powerful new tools to gain insights into their members’ needs and purchasing trends. From using data to assess the past (descriptive analytics) to analyzing data to understand the future (predictive […]
If your credit union is seeking new ways to deliver exceptional member experiences that drive revenue and build loyalty, it’s time to put your member data to work. By 2020, Gartner predicts that more than 40 percent of all data analytics projects will relate to an aspect of the customer experience. (1) Given how critical […]
With the rapid rise of data analytics, there is a high demand for a key player in the workplace — the Chief Data Officer. The CDO is quickly becoming a new hero for financial institutions ushering in digital transformation. From uncovering profitable insights to developing data-backed business strategies and keeping data systems clean and relevant—the […]
For years, financial Institutions have been using data analytics to seek out opportunities, reduce costs, create efficiencies, make better and faster decisions, and ultimately improve the customer experience. Though many have begun the data analytics journey, most are not getting the most value of their data analytics initiatives. To be fair, it’s not the easiest […]
Why do some data and analytics projects fail, while others go on to produce significant business outcomes? Today, many financial institutions are actively using data analytics to turn their data into actionable and profitable insights. However, the reality is most analytics projects do not always translate into easy success and big wins. Too often, these […]
If you have reviewed the important first six steps outlined in our first article on Building an Analytics Roadmap, then you are ready for the final steps to complete the journey. To recap, we firmly believe that analytics in the bank and credit union industry will become necessary for survival. Those who adopt early will […]
Here is a surprising statistic I recently read: more than 90% of strategic plans are not successfully accomplished with 67% of failed plans attributed to a breakdown in execution. (1) I’m a firm believer that strategy without execution will fail and that execution without strategy will also fail. But few organizations have figured out the […]
The Financial Applications for AI and Machine Learning If you’ve been following our FIRST and SECOND installments of this three-part series on machine learning and artificial intelligence, then you are ready for our conclusion of how these advanced technologies and applications are changing the financial services ecosystem. Artificial intelligence (AI) and machine learning (ML) have been major contributors to […]