Analytics

Why is Finding Success in Advanced Data Analytics Journeys so Elusive?

Mark Weber
August 21, 2023

Financial leaders are swimming in a sea of valuable data. But few have translated it into insights to drive adaptive growth strategies and meaningful initiatives that boost member experiences and deepen relationship engagement.

For years, many business intelligence (BI) applications have focused on internally-focused operational processes and automation like fraud detection, automating board reports and regulatory compliance.

Meanwhile, some of the most critical member-focused improvements demanded by consumers right now - to simplify, enrich and personalize their cross-channel experiences - have been neglected and unfunded. These are the key issues that help young people, families and small businesses build resilience in a rough economy, and ultimately help them achieve financial wellness. It should be a top focus of every credit union in 2023.

Is Improving Member Relationship Marketing & Simplifying Experiences a Top Priority in your 2023 Tech Stack?

Successful data journeys must prioritize relevant value creation for members from day one of their onboarding journey. Find ways to tailor communications across channels that help people make smarter financial choices: save time, save money, fund difficult life challenges, and avoid fraud. They no longer want to be sold generic products.

But for many credit unions, that vital job of enhancing experiences and tailoring onboarding is left to the marketing department alone – teams that are often under-resourced and without the expertise to build data-led, omni-channel member journeys.

This is partially due to a lack of understanding among C-Suite leaders of what strategic marketing really is. That is: an organization-wide process that guides smart organizations and cross-functional teams to align around using data insights and well defined audience Personas to simplify member experiences, enhance user engagement, and strengthen their brand reputation and ratings. And this savvy shift to data-driven marketing is being led by a new generation of cloud-based data platforms like Strum Platform.

Many credit unions have been slow to fund or deploy the new generation of intelligent cloud-based marketing data platforms, partnerships and expertise: believing they can “DIY” and build their own marketing platforms. Or they just stick with the legacy software options like MCIF and traditional email systems, that they already know, to try and advance automated, personalized onboarding and relationship building. And they continue to fall further behind advancing dynamic member experiences.

So What Does Data Journey Success Look Like?

Successful Data Transformation journeys begin with an understand that it not easy to build a data-driven culture of leaders collaborating around using shared data insights. It requires early alignment, team prioritization and focus around the most important KPIs to track member-driven success metrics. And a highly simplified set of visualized BI dashboards, data insights, queries and results anyone can understand and deploy.

Yet most leaders are stuck in a world of managing manual, labor-intensive member relationship building processes, siloed and unlinked system data, and waiting in a long queue of IT projects. And your new and longstanding members suffer the consequence of slow, irrelevant communications and ineffective onboarding.

Finding cloud-based workflow automation opportunities to speed, enhance and simplify member experiences, rapid onboarding and reboarding, and tracking and sharing daily marketing relationship results should be a top-level organizational priority.

To learn more about how to accelerate and automate your member journeys, onboarding experiences, marketing ROI results, and focus on building your member relationships and financial wellbeing, learn more here.

Originally published by CUInsight.

Analytics
Analytics
Marketing

Related Blogs