Community Chair

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Member product breakthroughs come when organizations can drive insights and innovation through well-built and reliable data.

In this article, we will learn how Sound Credit Union used data insights to drive member value and financial strength. The insights in this article have been discussed at the panel discussion at the 6th Annual CULytics Virtual Summit, 2021.

The Challenge

For Sound Credit Union, some common challenges were as follows - 

  • Checking account product mix had not changed in some time.
  • Checking rewards programs had high expenses, low usage, and unknown impact.
  • Competitive analysis and member needs research indicated gaps in their offering.

They concluded that they needed to do better.

By leveraging their data warehouse, they took advantage of various data points to create a complete member activity profile. Through analysis, behavior patterns indicated three definitive member segments -

  • Heavy users of debit
  • Medium users
  • Users with Big balances 

Sound CU determined that by offering products that fit member behavior, member activity and member value could be increased. 

Product Launch

The team worked with their CFO to finalize cashback and interest rate benefits. They validated product design with operations and formalized offerings. The final step was to soft launch to checking account members and completion of the migration. This was done in phases mainly to manage the number of queries that were anticipated.

The Outcome

Following the marketing requirement, an operational dashboard was built that illustrated metrics, trends, and the roadmap. The dashboard helped monitor the progress of the project by providing relevant and actionable insights.

Here are some conclusions were drawn by the Credit Union

Early returns indicated that they have increased member value.

  • They have eliminated fees for members.
  • Dividends have been paid to those with high balances.
  • Tangible cashback benefit has been provided for heavy debit users.

By using data insights the credit union was able to build better solutions for members. For example - By determining account behaviors and usage they were able to eliminate checking account fees. This is how data insights can be used to build personalized relevant products for members.

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