In our changing and uncertain world, it is more evident than ever that the long-term success of our credit unions depends on transforming how we operate, engage with our members and delight them with our products and experiences.
Data is a powerful catalyst for digital transformation. Credit unions have very rich data available to them as a result of the footprint that members leave behind at the digital, retail and other channel interactions. When this data is properly managed, then it can be leveraged to better understand members, improve overall business function, and achieve better returns on any investment.
With appropriate focus on right technology, processes and people training, data can be incorporated into everyday business and can transform the success of any credit union. Data can provide us an edge in competing with deep pockets of big banks by reducing cost and improving outcomes.
Recently, I have been cataloging various opportunities that exists in various business functions across the organization to drive discussions and engagements. Here is the draft mind map. This map is by no means exhaustive and I believe it is just scratching the surface and the opportunities exists through out the organization, in each and every business function.