Without a doubt, credit unions have access to an abundance of data that can truly empower and drive member engagement efforts. But with so much data on-hand these days, from so many disconnected systems, it’s becoming increasingly challenging to identify what data to focus on. So, which data is actually the right data?
I’ll generalize here and say that any data points, when combined, can provide an essential “truth” about a member at any given time. By connecting those data points, we can create a holistic view of that individual.
Think of data points in terms of three big buckets
Beyond the high-level gender, income, or geography stats we usually see, we’re looking for things like:
- How many kids do you have? How old are they? Do they have savings accounts?
- What kind of car do you drive? What policies do you hold?
- Are you a wealth management client?
- Are you a veteran?
- Do you have a different language preference over English?
- Are you conservative in managing your finances?
- Do you love to travel?
- Do you use your tablet or phone for research? For banking?
- Do you respond well to direct mail?
- How do you prefer to do your financial transactions?
- Do you prefer to go online or visit your local branch?
- Have you responded to surveys?
Understand what data offers - rear-view or windshield insights
So, there’s no such thing as bad data, it’s just a matter of how we use it. At AdvantEdge Analytics, you will often hear our team use the terms “rear-view data” and “windshield data.” Rear-view data provides a historic perspective of what has worked and what hasn’t. Windshield data is what defines where your organization will go. Both are essential to engagement planning.
Many organizations look to the windshield data as their guide. All too often, this is occurring before they have clarity or context. In other words, before you look at the windshield data, reach a consensus as an organization about where you want to go. With that direction in mind, your credit union will better understand what information is needed to get you there. You can better identify which data can inform that journey: who that ideal target member is, what their individual experience should be, and which channels should deliver that experience.
Pull together your roadmap
Now you’re ready to pull all those data points in and create a roadmap that’s right for your organization. After all, you can’t be all things to all people, and the goal is to be contextually relevant at all times. That’s what those connected data points are going to inform.
Deliver Hyper-Personalized Experiences
Knowing who an individual is – their preferences, patterns and more – helps fuel your ability to create hyper-personalized experiences.
- What information would you need to create a personalized experience for your member?
- What type of infrastructure would you need to have in place to support a personalized experience?
- What existing (rear-window) data might you have that can help you build a better service experience?
The goal is for your member to know you are as invested in them as they are in you. Think about how many steps it may take a member to do business with you, and then work from there.
To create or support these enhanced member experiences, credit unions need to act holistically:
- Use data-informed marketing strategies and contextually relevant messaging. Carry this across all engagement channels including front line, call center engagements and more. Introducing content or solutions that have limited relevancy to your members not only depresses response, it impacts your credibility.
- Centralize your data. When all the data is living in disparate systems, it’s difficult to get a true, real-time picture of the member. This impacts your ability to respond and effectively engage with your member across relevant touchpoints.