The importance of data has never been clearer. While credit unions navigate their digital transformation path, including the shift in processes, culture and skillsets, data is a powerful tool to understand the behaviours, motivations and insights from your members.
Think about the lives of members before the pandemic. Sonya, a longtime loyal member, would stop by two times a week after her morning coffee to drop off her cheques. Tim, another member, has never used digital technologies to do his banking. As branches closed down, for members like Sonya and Tim, their ways of banking were upended. Now, they relied on booking appointments to visit their local branch (possibly), phoning for support and dealing with wait times, or using technology to perform their routine transactions. Regardless of preferred method, a great deal of members had to shift their banking behaviours to counter the temporary loss of branches.
Fast forward to today, where we’re slowly seeing the pandemic restrictions alleviated. Now is a valuable time to harness the power of your data to enhance the member experience and foster loyalty.
Think about a member that may have lost their job. Your data would indicate that their consistent payroll was eliminated and had been replaced with the $2000 monthly support cheques. How as a credit union could you provide advanced support to that member as they get back on their feet? Think about how much the member could benefit from hearing advice on the tax implications of that untaxed income. This could potentially result in opening a savings account, which could be used to put money aside each month for those implications next tax season. It’s that level of care and support that differentiates credit unions from big banks.
What about members like Sonya and Tim that never envisioned using digital banking on a regular basis or ever? How can your data support the measure of change between member behaviours pre-pandemic and now? Did the majority of your member base shift to digital methods, or did they wait patiently for an announcement that their local branch was opening up? Based on the story from this data, what modifications could be made to your branches? While not fulfilling the comprehensive nature of designing a digital strategy, your data in this instance could be used to modify the way you provide your services. More effort could be put into managing member relationships through digital channels, targeting members with phone calls to check in and offer support.
Think about yourself as a credit union member. How did the past few months change your banking experience? How would the data behind your behaviour as a member, allow your credit union to enhance your banking experience? In any brainstorming process like this, empathize with your members. Recognize the pain points of their experiences and put them at the forefront when using your data to enhance the member experience.
In this article, Celero’s Director of Digital Transformation, Deborah Moore mentioned reaching out to better understand members’ needs as they emerge. Pairing the quantitative data from within your organization, with the qualitative data of member feedback, could enable your organization to initiate the movement towards a more member-centric culture.
Your data can provide you with strategic insights that guide your digital transformation strategy. Investing in solutions to better understand your data will accelerate your roadmap to enhance the member experience.
If you consider your data to be near the forefront of your credit union’s digital transformation efforts or would like it to be in the future, consider these ten steps to creating a data-driven culture.
Celero is a leading provider of digital technology and integration solutions to credit unions and financial institutions across Canada. Clients trust Celero’s proven track record delivering innovative banking technologies, digital and payment solutions, cloud computing, outsourcing, IT and advisory services.
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