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February is the month of love and we are crushing hard on data analytics. I mean, full blown photo taped-inside-the-locker, daydreamy, writing-combined-names-in-a-heart crushing. And we wouldn’t be surprised if you are too. Data analytics is the hottest topic of the year for credit unions. Some of the questions we are hearing in the industry are: How can a data analytics program be utilized without breaking the budget? Where do we start? How do I hire someone to do this? What do I actually do with the data once I have all of it? How do I show ROI? How do I know if she likes me…wait, that was eighth grade.
Based on our research, only a minority of credit unions have a data analytics strategy in place, and even less are actually running a functioning program. The percentage of small and mid-sized credit unions doing either of these things is much slimmer. Experts across the country are saying that a credit union must have a data analytics program in place in the next couple of years, or it will cease to grow; banks will lure members with a more customized consumer experience.
This is why, as a CUSO, we are obsessed with data analytics. Where are we seeing pain points and how can we address them? How can we become a resource for credit unions who do not yet have a clear path laid out or who feel lost and overwhelmed? Our President/CEO Doug Burke has been consumed with researching data analytics problems and solutions over the past two years, and since coming on board in November, our VP of Business Development and Marketing Nate Rogers has joined in on research.
Throughout 2020, Doug Burke and Nate Rogers will be attending, exhibiting, and sponsoring at three data analytics/tech events, talking with credit unions and learning how we can assist. Our friends at Information Builders are gold sponsors at the CUlytics Conference in Seattle on March 30-April 2 and you can find us at their booth. We will also be at the:
In 2018, we surveyed 54 credit union executives across the country on their pain points. Data analytics was a huge issue: 98% of those surveyed said data analytics was a top priority.
Since then, we have been taking smaller sample surveys, investing in third party research, and holding user group meetings. As the data analytics ecosystem evolves, we must stay informed on what you, the credit union, needs.
We will continue to keep you updated on our progress and research in this field. Thank you for your continued voice and effort in hopes to make available an affordable and practical data analytics solution for credit unions of all sizes. Now, back to carving our initials into a post under the bleachers.