How Can Data Drive Smarter Decisions for Credit Unions?

Credit unions are frequently looking for ways to make smarter decisions when it comes to their members. Part of that involves looking at their own role in the future. How can they stay relevant to members both today and in the future? What differences should they put in place to ensure they survive into the next decade? Often, the answers lie in making small changes. The key, as some successful credit union CEOs have found out, is to listen to members. It can only be by listening and acting that credit unions can retain their membership. Often the differences needed are relatively small and easy to put in place. Some have found simply by implementing advanced systems for processing credit cards for credit unions, they have received a boost. The most successful credit unions are now recognizing the need to question everything and to make decisions driven by data.

Getting the Correct Data at The Correct Time

Without the correct data being delivered at the optimal time, credit unions cannot make smart decisions. These data involve both members and employees.

For senior management, it is important to be able to evaluate the effectiveness of their strategic initiatives. Putting ideas into practice is one thing, but how effective are those ideas? Without following up on them, the efficacy remains unknown. This is clearly not an efficient way for any financial institution to operate. For example, simply adopting a system for processing credit cards for credit unions isn’t enough. It is also essential to monitor its take-up

While many credit unions are beginning to recognize the need to implement new initiatives, fewer are monitoring their progress. The failure to keep track of the initiatives’ success, however, means they have missed opportunities for growth in the future. It’s all very well to make a change, such as putting in place new payment solutions, but are they working? Not only that, but they also miss opportunities to tweak and change existing initiatives to improve them.

The most successful modern credit unions are taking steps to rectify this problem. Not only are they putting in place new ideas and ventures, but they’re also keeping a close eye on them. For example, these organizations may implement a new IVR telephone payment system to benefit members. However, they won’t rest on their laurels. They will monitor how frequently their members use it. They will also monitor their members’ reactions. They will determine levels of satisfaction and find out which improvements they could make. They will identify any opportunities for making more advancements in the near future. By doing this, they are maximizing their effectiveness and are staying relevant in a changing industry.

Listening to Members

The entire point of a credit union is that it is there for its members. However, some have begun to lose touch with this element of their function. The most successful organizations are taking steps to rectify this. They are taking the time to find out what members really want from their financial institutions. Often, what credit union employees think members want bears no relevance to reality. Now, the most efficient CEOs are starting to go right to the heart of the matter. They are approaching members directly to find out what they want and need. By taking those demands on board, credit unions can then offer members the positive experience they desire.

For example, if members are asking for more convenient ways of making payments, credit unions need to resolve that need. Adopting solutions that facilitate processing credit cards for credit unions will address their requirements. This is something a credit union can easily achieve, and it can make an enormous difference to members. By implementing change in line with members’ wishes, credit unions can stay relevant in the future.