10/18/2016

News Release - Harness the Power of Data and Analytics Today

CUNA Mutual Group’s Steven Rick Shares Data and Analytics Strategies, Objectives and Barriers at Discovery Conference

MADISON, Wis. – Credit unions must start leveraging and analyzing members’ data to unlock significant potential and remain competitive with their financial industry peers, attendees of CUNA Mutual Group’s seventh annual Discovery Conference were told today.  

“Credit unions are awash with data, but they’re not sure what to do with it,” said Steven Rick, chief economist, CUNA Mutual Group, during the conference’s opening keynote address. “The real value of data is how credit unions use the findings to drive better member experiences. Specifically, credit unions can harness the power of data to define more accurate member segmentation, response rate modeling and marketing campaigns, to name a few examples.”

Developing a data and analytics strategy isn’t a top priority for many credit unions. But, according to Rick, it should be. “Most business decisions are surrounded by a cloud of uncertainty,” Rick said. “Data and analytics are a way to disperse this cloud and increase the probability your business decisions will be successful.”

During the keynote, Rick shared insights from a 2016 online research study of credit union executives, conducted by CUNA Mutual Group. According to the study, credit unions stated important considerations for success include defining the why in one’s data strategy, talking to peers about what works and what doesn’t and ensuring the strategy can account for different types of data.1

“When it comes to effectively using data and analytics, the secret of getting ahead is getting started,” said Rick.

Begin your data journey by using analytical tools and techniques readily available to mine existing data, and then look to more advanced tools. Keep in mind, even simple Excel spreadsheets or regression models can help credit unions discover patterns and relationships buried in the data. 

“In order to maximize the data journey, credit unions must have a system in place to measure and monitor their progress, and make updates accordingly,” said Rick. “It’s easy to get distracted by the shiny new tools, techniques and facts that come with data. Remember to keep your eye on the prize and use insight to drive actions that impact achievement of business goals.”

To learn more, watch Rick’s Discovery Conference keynote address, “Credit Union Data & Analytics: Knowledge IS Power,” on-demand.

The Discovery Conference is an annual, web-based event sponsored by CUNA Mutual Group. It attracts a national and international credit union audience of more than 1,300. Content is geared toward credit union CEOs and senior leadership teams, and is available on-demand at no cost.

About CUNA Mutual Group:
CUNA Mutual Group helps people plan, protect and invest for their future – regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking Americans build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Corporate headquarters are located in Madison, Wis.

Source:
1 CUNA Mutual Group, “Proprietary Consumer Survey on Data Privacy / Security Perceptions,” 2016.

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