The credit union industry looks very different now than it did twenty years ago. At that time, it would have been hard to imagine remote deposit capture, peer-to-peer payments, or even mobile banking.
What will the next twenty years look like, and where does that journey start? Just as we couldn’t have predicted the credit union landscape of today, the future is equally hard to imagine. However, one thing is certain: the trend of digital transformation will continue. For many credit unions, data analytics will play a big role in that.
Credit unions don’t necessarily need data analytics programs. However, credit unions that leverage their data remain better-positioned to provide individualized member experiences, remain in compliance, uncover new sales opportunities and identify members in danger of leaving—and that’s just the tip of the iceberg. It all comes down to the idea that knowledge is power – and data provides that knowledge. As credit unions continue to consolidate and disappear, those that leverage data to retain a competitive advantage will thrive. Below are some basic success factors for credit unions utilizing data analytics.
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