7 Keys to Operationalize Your Credit Union's Analytics
by Rhonda Sheets | Founder, President, CEO
Don’t take this personally, but you’ve got issues.
Deep-rooted ones. You see their effects in member attrition and stalled growth, as you compete with fintechs and other disruptors in a digitally transformed environment. To make it more frustrating, you suspect the answers are somewhere in all the data you collect. But you can’t put your finger on those answers and put them to use in a way to divert from unwelcome trends.
How much easier would it be to drive the outcomes your credit union is aiming for if you could quickly transform your data into enterprise-wide action? In other words, actually operationalize your analytics. It would save your organization the time and trouble of having to sift through the data for something of meaning, leading to some kind of action! Getting the most value from your analytics means applying them to executive-level strategies with action items that address systemic issues, such as friction, across various areas – digital, operations, sales, MX. If you’re in perpetual reaction mode – just responding to fires as they spring up – you will never reverse the trends that are truly determinative of your success.
There is a way to achieve greater operationalization of your analytics, but it involves a welI-defined process of applying them to target your biggest problems. Properly executed, this process will guide you to the results you want.
“Senior leadership has to provide the vision of the outcome, then intentionally drive the organization toward it.”
– Jennifer Bolivar; Senior Vice President Business Transformation
Suncoast Credit Union’s Jennifer Bolivar, Senior Vice President Business Transformation, is an expert at moving an organization from analytics to enterprise-wide action on key MX issues. From an in-the-field conversation about her work for our client, $15.8B Suncoast CU, we shaped these 7 Keys that a credit union of any size can use to guide the successful operationalization of its analytics: