Data has been called one of the most important investments an organization can make by Forbes, McKinsey & Gartner
Credit unions are rich with data. And yet, knowing how, when, where and why to begin can prevent so many institutions from acting. According to a survey performed by MX, 92% of credit unions fail to effectively leverage their available data. When done well, not only do credit unions benefit from understanding their data, but so do their members.
Credit Union’s benefit from data by:
1. Increased member acquisition and retention;
2. Delivering relevant value to the member;
3. Risk identification and early warning systems; and
4. Creating innovative products to lesson member frictions and increase engagement.
Mountain West Credit Union Association offers an integrated data education program that will fill knowledge gaps, provide insights, and build enterprise capabilities to leverage enterprise data for less time and money than you think.
According to McKinsey & Company consulting firm, the top 5 reasons data efforts fail are:
1. Lack of a clear data strategy;
2. Inability to translate data strategy into tangible use cases;
3. Lack of a clear roadmap;
4. Lack of foundational data governance; and
5. Talent has not been leveraged to translate data into valuable action.
Data Scientists need not apply! You do not need to be a data lover or even a math lover to leverage your data to improve your member’s lives. The only criteria to attend is that you want to enhance your member’s lives. Join our program today.