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Suchit Shah, COO of CUES Supplier member CU Rise Analytics, a CUSO based in Vienna, Virginia, reports that over the last decade, data analytics has played an expanded role in propelling the growth of credit unions.
“If you look at credit union growth numbers, the picture post-2010 is altogether different than the picture from the decades before,” he says. “That’s when the genesis of data analytics-driven strategies came in. … As a result, credit unions are growing more, they’re cross-selling more and they’re becoming more aggressive in the marketplace.”
Shah reports that some credit unions turn to CU Rise to address a specific problem, such as improving credit card performance or reducing member attrition, while other organizations are looking for help in devising an overall business intelligence strategy.
The key to using analytics effectively is to then arrive at a reasonable course of action supported by the data. “We call this analytics-driven action,” Shah reports. “After those actions are taken, we monitor to see the success of that action. Did it do what it was supposed to do? Did it succeed? If not, what could have been done differently? What did we learn?”
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