Make Systems Integration a Priority

According to Zilker, one of the main factors preventing credit unions from optimizing their analytics technology is poor systems integration, which can make it difficult to obtain actionable information. "Having a seamlessly integrated environment for your debit, credit and ATM transactions makes it easier to construct a comprehensive member view and to spot trends in member behavior," he said.  "When these systems are not integrated, identifying all the many ways your members use your products and services can be an arduous manual task. Fraud detection can be more difficult as well."

Take Advantage of Turnkey Reporting

When it comes to presenting the data, Zilker recommends selecting an analytics solution with reporting options included for key departments such as management, sales, marketing and operations. "Employees are busier than ever today, so the reporting process needs to be as simple as possible," he said. "Turnkey reports based on industry best practices can make it easy to provide your organization with valuable information that can help employees make more informed business decisions."

Bring in the Experts

Outside resources can help as well. "Every organization is different," said Zilker. "Make sure your provider offers consulting and training services. Tapping into the expertise of an experienced industry partner can help you develop a strategy based on proven results while positioning your credit union well for changing consumer trends and technologies."

Engage Your Colleagues

For the long term, Zilker emphasizes the importance of cultivating company-wide support for analytics initiatives – from the C-suite on down.

"Your employees may not fully understand what data exists in the systems, what that data looks like, or what they can do with it," he said. "So the key is getting broad-based input on what type of information is important to isolate. It doesn't take a whole new department to accomplish this, but it does take collaboration across departments to make sure you deliver the right information in a format that makes it easy to understand." 

He continued, "Remember that member information is both a unique asset for your credit union and a strategic advantage you have over competitors. This information teaches you how to talk to members, what to do in your branches, and how to serve members with the right products and services at the right time. Analytics can help you move your business forward in profitable new directions, reduce expenses, minimize fraud, and increase your value proposition to members." For insights on how to put your data to work to combat fraud and better serve your members, click here.

Bill Prichard is senior manager, public relations and corporate communications, for CO-OP Financial Services. He can be reached at (800) 782-9042, ext. 3450, or [email protected].