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Five V’s
Data is too important to be left to chance
Data needs to answer business questions with
actionable information
So, what’s getting in your way?
7
Member
Perception?
Lack of software or resources?
Lack of Time?
Where do we
With a Data Strategy
Data Strategy1. To provide the data, data integrity and data awareness, the reporting and
analysis expertise and the tools and services to allow the credit union to become a data driven organization for strategic, financila, marketing, and operational planning
a) Create marketing efficiencies by target product and service offerings
b) Use data to discover organizational efficiencies
c) Change decisions from “I think” to “I know”
2. To win, we need to excel at
a) Data Access
b) Data Mining
c) Data Analysis
d) Data Visualization
Where is your Data Located?
How is data accessed?
How is Data used?
What Data is Missing?
Who Else Has Your
Data?
• LOS
• CRM
• PFM
• MLOS
• Sold Mortgage
• Indirect auto
• Website
• Wealth Management
• MCIF
• OLB
• Mobile Banking
• Bill Pay
• Credit Card
• Social Media
Creating a Data Driven
Culture
From Looking Back with Data
To Looking Forward
Building a Roadmap
Create the Project List
Start with Core
What’s in Core?• monthly ACH deposit to another FI
• monthly bill payment via providers website
• automatic loan payment to another FI
• with no checking
• With no debit card
• with inactive checking/debit
• without a credit card with you
• with A credit and low deposit balances
• with high deposit balance and no loans
• without mortgages with you
• with one auto loan
• with $10K of deposit balances
Budget and Skill
• Identify tool and resource gaps
• Plan to fill gaps
• Establish utilization and reporting elements
Set Milestones
• Data Strategy organizational buy-in
• Create definitions
• Evaluate Data gathering, storing and mining tools and resources
Definitions• Member• Household• Core Deposit• Term Deposit• Consumer Loan• Mortgage loan• Active Member• Active Account• Inactive Member• Inactive Account• New Member
1. Data sources
2. Data you don’t have
3. Aggregate data
4. Set definitions
5. Determine the budget and staffing
model
6. Choose the tool/software
Rich Jones, PrincipalLeading2Leadership LLC
720.256.4936@rich0747
"INFORMATION IS THE OIL OF
THE 21ST CENTURY, AND
ANALYTICS IS THE
COMBUSTION ENGINE”Peter Sondergaard, SVP Gartner Research
