To get valuable insights from the enormous quantity of data generated, credit unions need to move towards enterprise integration of data. This is a company-wide data democratization process that helps all departments within the credit union to manage and analyze their data. It allows each team member easy-access and proper utilization of relevant data.
However, awareness about the advantages of enterprise-wide data analytics isn’t sufficient for credit unions to deploy this system. Here is a three step guide to help credit unions get smarter in data handling.
A robust and functional customer data set is of foremost importance. Unorganized data will hinder forming correct opinions about customer behavior. The following steps will ensure that relevant data enters the business analytics tools.
The business analytics tools for credit unions should perform the following analyses:
Important decisions like growing revenue, mitigating risks and improving customer experience should be based on insights drawn using analytics tools. Hence, accessing the data should be a simple process. These following user-interface features will help make data user-friendly.
Dashboards- Dashboards makes data comprehensible even for non-techies as it makes data visually-pleasing. It provides at-a glance view of the key metrics, like lead generation rates and profitability sliced using demographics. Different datasets can be viewed in one place.
Scorecards- A scorecard is a type of report that compares a person’s performance against his goals. It measures success based on Key Performance Indicators (KPIs) and aids in keeping members accountable.
Automated reports- Primary stakeholders should be provided automated reports via mails on a daily basis so that they have access to all the relevant information.
Data analytics should encompass all departments of a credit union. This will help drawing better insights and improve KPI tracking. Thus, the overall performance of the credit union will become better and more efficient with time.
Technologies that help organizations draw valuable insights from their data are becoming very popular. To know more about these technologies follow Dexlab Analytics- a premier institute providing business analyst training courses in Gurgaon and do take a look at their credit risk modeling training course.
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