A data revolution has been brewing in financial services for a long time – and credit unions are well positioned to lead the charge. In fact, credit unions have unrivaled access to their members’ deposit, borrowing and payment transactional data, which offers a treasure trove of personal and behavioral information.
The problem is not with the amount of data available; it’s in not knowing what to do with it.
According to PwC, financial firms enjoy greater access to valuable customer data than any other type of organization. But, due to the prevalence of legacy systems, siloed data graveyards and disjointed data strategies, these organizations struggle to extract valuable insights, using on average only 0.5 percent of the data available to them[i].
As the COVID-19 crisis has forced credit unions to quickly pivot to a curbside delivery financial services model, it has highlighted the importance of data to the member engagement strategy. The pandemic has also accelerated the urgency of building a strong data culture as a strategic foundation.
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