The emergence of advanced financial technology has democratized reliable service delivery and forced credit unions to reaffirm their commitment to member experience. To create eye-catching offerings with real value, a significant number of CUs are measuring indicators of member satisfaction via cutting-edge business intelligence technology. In fact, nearly 70 percent of all U.S. credit unions have invested in analytics solutions over last year, according to research from the Best Innovation Group and On Approach. Of the many modules that come packed within these products, one particular feature seems to consistently garner heavy attention: the data visualization dashboard. Why?
Data viz allows decision-makers and other key staffers to access reliable insights that lay the groundwork for improvement. Credit unions with this capability can make data-based product development choices and roll out offerings that are tailored to the needs of their members and therefore unique.
What is data visualization and why does it matter?
For most, the term data visualization might bring to mind colorful pie charts and line graphs. There is some truth to this perception. However, data visualization solutions go beyond static imagery, allowing users to view interactive reports that update automatically. This negates the need for unwieldy recordkeeping processes centered on difficult-to-maintain spreadsheets.
Credit unions that develop sustainable data management workflows can facilitate quick processing and accurate end product free of duplicates and database-skewing typos.
How can data visualization tools streamline credit union reporting?
Credit unions typically segment operations pertaining to products like retirement accounts, home loan and credit cards to prevent confusion and streamline member service. While this model is fairly effective, it can hinder data sharing.
Say marketers in the mortgage department at your credit union declare a recent campaign successful after converting 300 leads. Encouraged by these results, decision-makers decide roll out a similar campaign next quarter. However, analysis after the fact reveals that 90 percent of mortgages sold during the initial campaign were actually in default, meaning the campaign netted only 10 percent of the potential sales.
If your credit union had leveraged a more centralized business intelligence solution with easy-to-access data visualization dashboards, leaders in the mortgage department, along with their colleagues in other divisions, could pick up on this detail and avoid investing in similarly ineffectual efforts.
Advanced data visualization tools give credit unions integrated solutions that allow executives to make informed decisions in less time. This gives credit unions the ability to build better customer experiences and maintain accurate and accessible internal reports.
Credit unions have a lot of tasks to accomplish to remain competitive. Business intelligence through data visualization supports the goal of making members feel like people, not numbers. Data visualization, done right, accomplishes this task.