AUX Blog

Filling Organizational Data Knowledge Gaps

February 24, 2022

In this article, our new data analytics coaching and education resource Anne Legg (learn more about our relationship here) shares recommendations for filling knowledge gaps – a common issue among credit unions.

Transforming a credit union is no simple task. A recent survey performed by MX found that 92% of credit unions do not leverage their available data effectively. Consulting firm McKinsey cites the top five reasons why data effort fail as;

  1. Lack of clear data strategy.

Only 30% of FI surveyed by McKinsey had a data strategy .

  1. Inability to translate data strategy into tangible use cases.
  2. Do not have clear road maps.
  3. Do not have foundational data governance.
  4. Have not leveraged their talent to translate data into valuable action.

For a credit union to be successful with data, it must acknowledge its organizational data knowledge gaps.

It is difficult to move forward when it feels like no one is speaking the same language. Understanding the core competency in data knowledge will only strengthen a credit union’s success in launching a data effort.

To build proficiency in a data core competency, a credit union should identify its current knowledge gaps.

Here is a list of the following educational domains that elevate their enterprise data success:

  • Enterprise data vision
  • Member-centered data use case
  • Understanding/defining data maturity
  • Essentials of data governance
  • Creative data consumption by enterprise talent
  • Workplace adoption of data

Assess the leadership team on their understanding of these domains. In most cases, credit unions have some elements of each domain but are not formally leveraging their knowledge. Once the credit understands where the knowledge gaps are, they can build an education program to fill those gaps. Education can come from various sources, including books, articles, webinars, and online classes. Make sure the education is credit union industry-specific and offers application of the knowledge.

For true data success, take the time to build up a data knowledge capability. It will pay back in dividends.

About THRIVE

THRIVE is a data and education consultancy that educates, accelerates and elevates credit unions in their pursuit of data to improve their members lives.

Founded by award-winning, industry expert, author, educator, member-centric data strategist Anne Legg, THRIVE has worked with over 600 credit union leaders to simplify their data transformation and identify new revenue sources, lessen member friction, increase talent productivity to truly change member lives.  She is the author of Big Data/Big Climb: A credit union playbook for leveraging data and talent to achieve revolutionary member relationships,  also the text for the Southwest CUNA School of Management course on data analytics, where Anne is the lead faculty.

For more information on THRIVE, please visit anneleggthrive.com.

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