What is Member Data Telling You? A Guide to Data Visualization

There is a vast amount of information available to credit unions about their members. The challenge is that it might not be in one place, plus you need to know what you’re looking for. If you are just using generic reporting tools, you’re probably missing key data. 

“Good use of data can increase member satisfaction and help credit unions reach their marketing goals,” says Dean Nolan, vice president of products and marketing at Saylent Technologies said in a recent Credit Union Magazine article. 

Like any business, credit unions need to dig deep into their data to make strategic decisions for marketing, operations and client satisfaction. But sometimes the data can be overwhelming or confusing. It’s time to move beyond spreadsheets, graphs and generic reports to learn more about your members and how you can be a better value to them.

The term “big data” has been a trend for several years now. Credit unions are seeing the value of data analytics beyond marketing. By analyzing your member data, you will get a better understanding of their behaviors. This would allow you to personalize products and services specifically for them across multiple delivery channels.  

Your core provider would be the best place to start, but don’t overlook some of your other vendors. CO-OP for instance has a very robust reporting tool for their ATM processing clients called Total Revelation. It’s a portfolio management tool that helps you boost profitability by gaining unprecedented clarity.

Technology has given your members more options to transact outside the branch, but technology will also allow you to give them more personalized experiences to bolster your relationships with them. 

Top Resources for Credit Union Data Visualization:

• SAS created a very helpful White Paper: Data Visualization: Making Big Data Approachable and Valuable
  
• NAFCU Webinar: Knowing Your Members through Data, Part 2: Building an Analytic Platform for Marketing and Risk Strategy
• The Financial Brand: Busting Barriers to Growth for Small Banks & Credit Unions - Smaller banks and credit unions struggling to reach their growth goals need to embrace the power of data, analytics, segmentation and personalization.
• Filene Research Institute: Big Data and Credit Unions: Machine Learning in Member Transactions