February 24th, 2022
Incorporating a data analytics program couldn’t be more pressing for credit unions as we enter 2022. We are finding that many credit unions, especially those under $1B in assets, are really starting to buckle down and begin the planning process for tackling data analytics in ’22. That being said, many credit union executives (more than you’d think!) just don’t know where to start.
This month, our experts Maddaux and Penny visit Tim Tibbals, VP of Data Analytics at Aux again to help credit unions understand the bare-bones framework of a data analytics strategy. Tim is also the head of Cuery, Aux’s ground-breaking data analytics solution for small and mid-sized credit unions. Let’s take a look:
December 2021: Ask Maddaux
Q: How do I get my credit union started in data analytics?
We know it can seem terribly overwhelming! We’ll break it down for you step by step in this quick guide.
- First, you need to identify what are your key challenges across your credit union. If I knew X, then I’d be able to do Y. How often do I need the answers to each question for to be effective? For example, Monthly, Daily, or Systemic as part of a member facing process? Prioritize each challenge based on impact to your credit union’s overall strategy be it financial, service, or qualitative goals.
- Secondly, identify where your key data sources are to be able to answer those questions.
- Ask yourself if you have the right skillsets on staff to be able to analyze the information. Find resources either internally or externally to be able to answer those questions and operationalize them to be repeatable if necessary.
- Learn by repeating this process on a regular basis. Don’t be discouraged if the first jump into data analytics isn’t successful as it takes time to learn how your organization can best use your data to be successful.
Have additional data analytics questions? Confused about something you’ve read in the news? We are here for you! Drop us a line at email@example.com