What Do Credit Unions want from their Data Analytics in 2020?

A Survey of Credit Union needs

2020 has taken a sharp turn that no one saw coming – and, there are still many questions about where it will go. But there is one thing that is certain: everyone is re-evaluating their plans in a completely new context – and credit unions are no exception.

To better understand the changing goals for credit unions and their data analytics needs in 2020, CU Rise Analytics conducted a survey of its credit union clients to determine their key priorities for the remainder of 2020 and 2021.

The survey asked credit unions to rank their data goals in the following four categories from a pre-selected set of choices.

  • Impact of the changing economy
  • Data dashboards & Need for strong business intelligence
  • Assessment of their Products & Services
  • Streamlining & Enhancing Operations

The respondents were organized into three groups based on asset size:

  • Group 1: below $200M
  • Group 2: between $200M- $500M
  • Group 3: more than $500M

Here are the top two priorities for each category, by group.

Group 1: Credit Unions with assets below $200M:

Group 2: Credit Unions with assets between $200M-500M

Group 3: Credit Unions with assets more than $500M

Key Takeaways

  • Credit unions are assessing their cash flows. With small business closures, decreasing paychecks, and economic turmoil, this was a concern for credit unions of all sizes. Interestingly there are credit unions on both sides of this, some flush with deposits and struggling to loan and others struggling with liquidity.
  • Credit unions are concerned about profitability. When asked what they want to track on their dashboards, credit unions of all sizes emphasized CU profitability and growth and profitability.
  • On the product side, smaller credit unions are more concerned with risk spikes, while larger credit unions are concerned with their ability to processing loans and managing the change in deposits.
  • When it comes to managing operations and processes, credit unions of all sizes are interested in a strong loan origination process. Beyond that, smaller credit unions are more interested in measuring the success of their marketing campaigns.

Adapting to uncertainly is the theme of 2020. With the year not yet half-over, it’s very probable that much more re-evaluating and reprioritizing is in store. CU Rise will continue to take the pulse of credit unions and their data analytics goals as conditions evolve.