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Digital Adoption Correlates With Credit Union Growth: Does Your Credit Union Stack Up?

by Ben Richey, on June 30, 2016

For all the loyal followers of our blog, you might remember that a few weeks back we wrote a short post that highlighted a new study published by financial product comparison site MagnifyMoney. For those of you who are first time visitors, the study found that the top Credit Unions in the US are also the ones utilizing technology as part of their customer service, account management, and marketing. We took this study one step further and built a quick data visualization in Tableau.

The more we examined our viz though, the more we felt that this data told a very interesting story, one that could be investigated further. So we gathered the same Call Report data sources that were used for the MagnifyMoney study, re-calculated the Digital Adoption Scores (DASs), the scores used to determine which Credit Unions are the most tech savvy, and then used Alteryx to blend the datasets together. When it was all said and done, we had compiled a dataset that included over 6,000 Credit Unions (CUs) spanning all 50 states, plus DC and 3 territories! 

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We then handed our findings off to one of our Data Visualization Analysts, who used her Tableau expertise to create an interactive dashboard that expanded on our initial viz with the new data that we compiled ourselves. The first view of the viz will give you a quick overview of the study and how the CUs breakdown in terms of asset class and average assets per member, and the second view gives an overview of how the DASs breaks down across the entire population of CUs. The third view focuses on the CUs at an individual level by allowing you to search for an individual CU and see how it stacks up to others in its asset class, state, and type of membership. 

How does your Credit Union stack up against the rest of the pack?

 

 

If you're interested in learning more about what your Credit Union can do to bump up their Digital Adoption Score, you can check out our free eBook here! You can also check out how we helped St. Mary's Bank, one of the Credit Unions in this study, with their Core System Conversion here

As our previous blog post highlighted, increased digital adoption has a strong correlation to increased total assets. If your Credit Union is looking to boost their Digital Adoption Score, download our new ebook - 5 Steps to Improve Credit Union Digital Adoption Score

 

Topics:Data Science