How does leveraging data help serve members?

by Mike Bryan, Allied Insights

Digital banking trends are not just growing more popular, digital options and functionality for members are enhancing their member experience and quickly becoming a service expectation.  Taking a thoughtful approach to making your member experience easy at every touchpoint will be a competitive differentiator.  Think about what you used to go to a store to buy and now have Amazon just deliver it to you. In order to effectively leverage these tools, data plays a critical role. More automation, artificial intelligence, and machine learning tools are being introduced that help provide actionable insights to  credit unions that enable profitable growth.

Ongoing digital expansion provides the unique challenge and opportunity for more keen, nuanced data sources to provide the ‘who, what, where, when, and how’ of member behavior. To respond to digital trends, credit unions need to not only be gathering necessary data but intentionally deploying and leveraging it in order to best serve their members. A data-driven strategy can be used to generate personalized service interactions and relevant product offers for members.

 

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