April 8, 2021

Data visualization for credit unions: 4 use cases

Jon M. Deutsch

Topic:   Industry Focus

Last updated: April 13th, 2021

Credit unions focused on maximizing their data’s business value can use data visualization to make it easier for team members to benefit from the intelligence that analytics tools provide.

Data visualization gives credit union decision-makers a powerful tool to turn insights into concrete action—for example, to develop product offerings that meet customer expectations.

With data visualization embedded into workflows, even non-technical employees can more quickly and easily access, understand, and act on the insights that data analytics engines provide.

(Learn more about data insights that help you serve your members in this CUlytics session.)

The following four use cases demonstrate how credit unions can benefit from using data visualization.

Use case #1:React faster to changing rates

When interest rates drop, a credit union decides to roll out a marketing campaign focused on the benefits of locking in low rates with a new mortgage or refinance. The campaign successfully converts leads, and it is renewed for another round of ad buys.  However, the second round is a failure, with poor lead conversion relative to ad dollars invested.

What happened? Had the marketing team had quicker access to data visualizations of campaign performance over time, they would have noticed that most of the converted leads occurred early in the first campaign, before the interest rates went up again. Forearmed with that knowledge, the team would not have invested money in another round of ads. Data visualization could have saved the credit union money, time, and effort.

Use case #2: See the complete picture across departments

A credit union prepares a new savings account offering with a bonus interest rate to attract new members. The campaign is rolled out and attracts a few new members, but the lack of digital new account sign-up functionality results in lackluster results overall.

After-action analysis reveals that the operations department has data showing that new member sign-ups tend to be digital rather than in-person, but this data was overlooked because it is not easily accessible by the marketing department.

If the credit union had a centralized data analytics solution with data visualization capability, data silos would not exist and decision makers could access critical data needed to see the complete picture.

Use case #3: Track new services adoption

To better meet customer expectations in the wake of the pandemic, a credit union seeks to understand changes in member behavior. The credit union adopts a data visualization tool to provide the insights required to respond to changes quickly. This tool enables new service adoption trend analysis, which reveals that members are responding favorably to contactless services. As a result, the credit union increases the roll-out of these services, boosting member loyalty and new member acquisition.

 

Use case #4: Keep pace with members’ financial situation

A credit union’s customer engagement department uses visualizations such as bar charts and line graphs to identify members who are experiencing distress as a result of the pandemic. They track metrics such as discontinued direct deposits and late credit card payments that indicate members’ changing financial situation. Based on these insights, they can reach out to affected members and offer assistance in the form of financial counseling sessions and other measures. Not only does this proactively manage credit risk, this initiative helps boost member loyalty, positioning the credit union to expand revenues from those members in the long run.

Make the most of your data with data visualization

Credit unions must be nimble to meet member expectations and position themselves for growth. Data must be analyzed and presented in a form that is easy to understand and update frequently.

ibi, a TIBCO company, offers next-level data analytics with visualization capabilities that make it easy to benefit from the insights gained from data analysis. Our solution works with virtually any data ecosystem, so you have the flexibility to optimize your data however it is generated. With our configurable, scalable technology, you can use the tools most suitable for your situation and scale them to meet your needs, no matter how large your datasets are.

We use machine learning and artificial intelligence to cleanse and optimize your data to improve its accuracy and quality for insights that are both relevant and actionable. To learn more about how ibi can help your credit union achieve profitable growth, download the ebook, How credit unions achieve profitable growth with data and analytics today.

 

Forge a path to data and analytics for your credit union

About the author:
Jon M. Deutsch is Senior Director of Financial Services at ibi, a TIBCO company.  Jon leads the effort to develop market-leading enterprise data and analytics solutions for global financial services, with a focus on Credit Unions.