Credit Union Management magazine’s latest “CFO Focus” column, written by FICO blog author Chisoo Lyons, shares insights on the value of analytics for credit unions. Here’s an excerpt:
But what’s the best way to reach Sally with this custom offer? A good analytics system can help with that, too.
The CU knows that Sally frequently accesses her checking account via her mobile device; she also uses Web banking and handles all her CU communications electronically. Put this information together with the fact that she most often accesses her accounts in the evening at 8 p.m., a good analytics system might suggest that the offer be sent via email or text at 8:05 p.m.
Credit unions have recently been enjoying an influx of new members at the expense of larger banks. While that’s welcome news for credit unions, getting a new customer in the door is only the beginning of the relationship, as the example of Sally demonstrates. Using tools like analytics to leverage information CUs already have about their members to customize product offers and reach out when members are most likely to respond—using their favorite channels—can only make a CU more effective in deepening member relationships, not to mention better competitors in the marketplace.
Read the full article.