2020 has brought lots of ups and downs for all of us. In the first two months, things were supposed to be great. Businesses were ready with their business plans, focused on continued growth, projects, and schedules were aligned and related things were ready to go. Then COVID happened and businesses got a big hit as traveling got banned, stay at home orders have affected the lives of 90% + US population & lives of people in many countries across the globe.

But, we have to move on by adapting the current situation and taking measures that would be beneficial for businesses in establishing a huge client-base and maintaining long term relationships.

So, to help you understand the right use of data to drive digital experiences, Chris Danvers, Vice President Digital Strategy & Payments at American Airlines Federal Credit Union shared his thoughts at the 5th Annual CULytics Summit.

Data show that in the initial months of 2020, it was anticipated that everything will go smoothly. Fluctuations started with the start of COVID-19. In March and April, there were 14 % fewer debit card transactions. People were restricted to stay at home means a big NO to go out for eating, traveling, meeting folks, etc., which means the less use of credit cards. But the one thing that worked fine during the Pandemic is Online & Mobile access trends. A sizeable increase has been witnessed in online transactions that were an average of 3.5 Million before the Pandemic and 4.5 Million logins during the pandemic. So, how can we respond to this dynamic and changing environment, let’s understand from Chris:

• Keep an eye on your member’s behavior:

  Focus on the new requirements that your members and consumers are in need of. Make sure that the provided digital experiences are enough and if there is any gap, try to fill it on priority. Remember, the customer is god in business.

• Identify the Trend:

  Another crucial parameter that can help you make your business effective is identifying the trend. Know which trend will be helpful in the long and short term. Notice the impact of the same on the behavior of the team-members and consumers. Now, we can not refer to books that we were used to use for understanding the consumer’s behavior and techniques to bring effectiveness in operations; put those books aside and work on the data that is coming out of the pandemic situation.

• Innovation:

  Try finding new ways that will be beneficial for all- businesses, team members, and consumers.

• There is “No Escape”:

  Everybody is operating from home no matter what’s the job position. Managing kids, family, and work in one space is a tedious task. So, take feedbacks, understand the impact, and try figuring out a solution to keep your workforce contented.

• Project Roadmap:

  Re-evaluate and realign your growth perspective to know which decisions are strategically important, which needs to be paused, and which needs to be redesigned to meet the requirements.

And, data can help you balance out all of the above conveniently. Use data to help make decisions to manage all of the key points to manage through the new normal. Also, explore your market and figure out what is going to be relevant for you and your organization.

Here you can find the Full Keynote Video along with similar Keynotes.