Community Chair

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Almost every financial institution, nowadays, is dealing with urgency and pressure to come up with quick decisions. With data and strategic analytics, making quick decisions, and staying still in the market have suddenly become a priority for these institutions. This is the right time to invest in data warehousing and digital, and use data to stabilize operations and infrastructure in these uncertain times.

Here are some reasons why your credit union should be investing in data and digital, now-

  1. Stay Relevant in the market - With data, you have the right information at the right time, and about both – the individual and aggregate behaviors of your members. You are aware of the trends, the likely behaviors are predictable, and you will be able to set foot in the market accordingly. You will also be able to retain your members. Data Warehouses enhance the quality of data, make it more consistent, and help you gain a competitive advantage.

  2. The best experience with another brand is the new normal expectation - Your members are engaging and interacting with leading brands. Their experiences with those brands are becoming the new normal and that is what they are expecting from you when they are engaging with you across any channel. That is where data is your most reliable ally. It will help you create experiences that your members have come to expect from the brands that they work with.
  3. You have rich data about members who can delight them - You have very rich information about the members, their transaction details, transaction metadata, their behaviors, etc. Recognizing the needs of the members through prompt and insightful data can help you reach them with the right services at the right time. Digital tools and software will help you analyze features like sectors of expenditure. You will be able to segment the members into different categories and cater to them accordingly. It helps you to take care of your members, and communicate with them consistently and smartly.
  4. Change is the new constant - Even in the Post COVID era, norms like work from home, digital transformation, and built-up information security are bound to stay. On one hand where a situation like COVID-19 is inevitable and cannot be foreseen, what the financial institutions can maintain and build upon is a sound infrastructure, which would be a strong basis for sustainability in the future. In this new normal, data is your strongest tool, and with the right investment in data warehousing, you will be able to cope with the changing trends and take smart, calculated decisions.
  5. Your members need you - Through the right data, you will be able to directly address the needs of your members. There might be some members who are facing difficulty in accessing cash frequently and might need your help in using digital platforms or would want to be relieved of the financial stress through easier loan terms or waiving of interest payments, fines, fees, etc. A data warehouse helps you to store data from various sources in one place, and this can help you analyze behavioral patterns, and spending trends, with which you can make these prompt decisions.

CONCLUSION

In this uncertainty, investing in data warehouses and digital will help you forecast with a certain amount of confidence, and with the aid of real-time and effective data. The information is streamlined, it is promising in the delivery of business intelligence, puts the member first, provides you with the ability to make quick decisions, and helps you cater to the right member with the right service by addressing what the member needs.

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