First, define data strategy and develop secure capabilities that empower members to own and manage their data. It's also critical that leadership considers how different analytics help teams better understand and serve members, collaborate between key business functions and acknowledge data management hygiene and compliance. Explore how trends like open finance will make more member data accessible, creating opportunities for tailored services and growth if approached strategically. 

How do we identify the changes needed across organizations, systems and data to transform and deliver on member engagement? Here are four strategies to leverage member data.

• Analytics Strategy: Define the analytics (business, predictive, prescriptive) required to enhance decision-making and competitiveness.
• Data Strategy: Break down silos and develop an enterprise-wide data approach linking data strategy to overall business objectives and ensuring sufficient talent to execute. Consider strategic partnerships and qualified vendors to fill in talent gaps.
• Organizational Strategy: Support a digital, data-driven culture by working together to revisit organizational models, evaluate current structures and design new approaches to maximize revenue growth.
• Technology Strategy: Successful credit unions nurture strategic partnerships between departments and marry business and technology strategies. Use roadblocks to refocus leadership on the broader vision that drives change.

Step 2: Tear Down Data Silos and Foster Integration

Internal silos and lack of access to external member data from CUSOs and partners prevent a holistic member view. Credit unions must actively enhance cooperation and communication throughout the ecosystem. When leadership supports a strategic framework that fosters synergy between departments and partners, teams align on goals and expectations and establish communication channels for richer information exchange. 

Tearing down silos requires leadership to develop a strategic framework that drives synergy among departments, aligning short and long-term success. Stress that everyone's role is critical for success. Remain transparent to keep departments up-to-date on joint efforts. Transparency enables different teams to share, fine-tune and optimize strategic initiatives.

Step 3: Harness APIs and Platform Engineering to Untangle the ‘Data Hairball’

The data hairball is a tangled mess of systems, applications and data that accumulates when credit unions lack a structured approach to information management. This complexity holds valuable insights. It also poses the biggest obstacle to member engagement.

How can you unravel complications and start harnessing the power of data-driven strategies? Here are step-by-step suggestions:

1. Define the vision. What member experience does your credit union want to deliver? Research members' current journey, paint a picture of their future and set goals to make the vision happen.

2. Outline questions that need answers. Identify what data reveals about member needs.

3. Assemble strong teams. Secure executive support and cross-functional collaboration. 

4. Identify data requirements. Teams must understand how to manage data-sharing consent and authorization and identify which data drives desired member experiences. Review accessible data and map future needs based on present abilities. Gaps exist. That's OK.

5. Encourage teamwork to uncover data sources. Legacy data holds value. So does data from vendors and partners. Look across the enterprise to identify the remaining gaps and additional data needed.

6. Build the single source of truth. Most organizations integrate member journeys and technologies to achieve a single, verified source of data. Collect structured and unstructured data for analysis and insights and create a master data-management solution to create a single source of usable member information.

7. Populate your single source of truth. Consolidate and integrate data to inform strategy, campaigns and initiatives that elevate member experiences. Develop new collection processes and governance policies from lessons learned.

8. Start small. Small-scale pilot projects test a strategy's feasibility with fewer resources and risks. They offer experience and knowledge to unravel data in stages. Measure and assess progress. Deliver quick wins and identify and address landmines before proceeding. Chart crucial points where more data will be available to improve member interactions or campaigns and test those, too. Keep untangling, project by project, so the data hairball becomes more manageable!

Leveraging data for member growth requires implementing technologies facilitating data accessibility and integration. APIs (Application Programming Interfaces) are fundamental channels for accessing and using data, enabling innovative product development and partner vendor integrations. They untangle hairballs quickly and unlock legacy data, making it understandable.

APIs and platforms enable credit unions to leverage new technology and form strategic partnerships, resulting in innovative products and growth-generating member interactions. APIs are building blocks for data collaboration, whether outsourcing IT to partners or managing data and processes in-house. Prioritize platform engineering practices that offer reusable integration APIs and simplify the reuse and embedding of data into new applications. 

Step 4: Make Member-Centric Metrics Your Mantra

The entire organization must align on which metrics matter most and how understanding them contributes to member growth. Teams should dive deeper and drill down into granular data points like product adoption, member retention rates, and returns on growth-generating marketing and technology investments. Consistently measuring and analyzing member-centric metrics offers insights into impactful strategies, optimizes efforts and builds confidence in data-driven decision-making. 

Focus on results. Ensure everything ties back to your strategy and continue to evaluate which metrics matter and which outcomes drive revenue and member retention. 

Step 5: Agile Processes = Continuous Improvement

Data-driven growth is ongoing, replacing "taped-together" technologies with modern solutions to enhance performance and member experience.

• Define processes clearly. Replace old-fashioned procedures with purpose-built activities made possible by technological and automation advances. Determine the required analytics to better understand member journeys and operational performance.
• Use processes to accelerate accountability. Collaborate across departments and with partners to bolster team accountability, address data gaps and develop comprehensive strategies. Accountability strengthens collaboration through insightful feedback and dialogue. The right processes clarify roles, time usage and communication.
• Reevaluate processes periodically. Question existing silos, tools and systems and focus on consolidating technologies, channels and data.

Embrace modern APIs and solutions platforms to unlock data, unify core business applications and streamline processes. Develop processes for managing and leveraging AI-driven insights for stronger member interactions and growth opportunities.

Data Is the Engine for Growth

Sustainable member growth requires commitment to data-driven strategies. This includes adopting a clear vision, focusing on member-centric metrics, dismantling silos and leveraging modern processes, APIs and platforms. By aligning leadership, integrating systems, prioritizing analytics and embracing innovation, credit unions can transform member engagement, unlock growth opportunities and position themselves for success in the evolving financial landscape.