Data affects almost all functions of a Credit Union. Some functions might depend on analytics more than others. In this article, we will discuss such opportunities and challenges which can incur in the way in organizations. We will discuss questions
Chatbots provide users with the ability to use a conversational interface to facilitate interaction with companies and help accomplish tasks. As Artificial intelligence continues to power automatic solutions, conversational tools like chatbots have n
Through effective branch and ATM networking, Credit Unions can provide services to members across diverse geographic locations. The challenge remains to maintain this access at the same time as generating revenue and driving growth. In this article,
How deep is your credit union relationship with its members?
Credit Unions want to build a deep relationship with their members. It is beneficial and most cost-effective for a credit union to get an additional account from an existing member in comp
For Credit Unions, branches represent an important channel to engage with the members. However, it is also one of the most expensive channel with high capital and operational costs. The location, utilities, staff and other expenses add up very quickl
The most sought after process for Credit Unions when it comes to marketing is sending the right message, to the right person, at the right time, and in the right place. In this article, we discuss how close Credit Unions can get to this holy grail o
Data analytics should not exist in a vacuum. For the member focussed framework of credit unions, decisions need to be based on meaningful data that can be put to use productively. Through business intelligence data is transformed into actions. Busin
Delinquency ratio is the number of past-due loans divided by the total number of current loans. It is an indicator of the quality of a bank's loan portfolio.
A lower delinquency rate signifies the higher quality of the loan portfolio; however, it may
There are multiple channels through which members engage with the credit union, which is accompanied by a tremendous amount of data, which makes the overall marketing function complex for credit unions. There are two big issues which credit unions a
The members of a Credit Union contribute to a lot of varied data. How can this varied data be used practically to achieve a social currency through members? In this article, we provide you with some answers to this question so that you do not end up
Credit card programs, as beneficial they are can face challenges like lacking focus, requiring a completely new system to learn, unimpressive products, no encouraging metrics, etc.
So, how do you push for an incremental, low cost, data-driven win ar
With abundant and diverse data, it is important to know how to manage this data consistently. Also, it is important to know how to govern the data so that you can extract meaningful information from it and become compliant in the regulatory and secu
Investing in data warehouses and business intelligence initiatives is an absolute necessity if you want to master your data.
Insights from data can be used to establish a competitive advantage if your organization has efficient tools and skills to l
Loan pricing is not an accurate science rather it requires adjustments as per the ever-evolving business environment. So a better way to return proper value to its members is through the reassessment of loan pricing by using analytics of loan-pricin
With the abundance of data and a wide range of data regulations in place, creating systematic and strategic processes for data governance is what your credit union should be prioritizing to manage. However, there are challenges like making data mana
To deal with digital marketing, credit unions need to have an understanding of where they are standing in terms of digital marketing transformation, how their processes stand, and what they need to do to perform better. The digital marketing maturi
Credit Unions report Advertising, publicity, and promotions expenses – essentially marketing expenses every quarter for their credit unions in call 5300 report.
Looking at the Dec-2019 reports, here are some interesting trends.
Here are the credit un
Investment in digital and data is an absolute necessity and not just a nice-to-do item in the long lists anymore. It helps you to stay relevant in the market, engage with members that they expect from modern organizations that delight them, and help
Funding institutions in general earn (70- 85) % of their income from lending. So it is expedient that the funds should be priced adequately. Because the risk involved with improper pricing is that they might end up losing all the volumes that they h
Fee Income per member refers to the fees charged by credit unions to their members for membership or services. This includes the fees for overdraft fees, ATM fees, credit card fees, etc.
We have created a list of top 50 Credit Unions that are chargin
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