The NAFCU Journal May - June 2019 - 20

''

DELINEATING THE DATA

You're really looking for
general trends, and small
anomalies shouldn't throw you
off too much.

Demographic and
financial data

- NICOLE JASS, SENIOR VICE PRESIDENT
OF PRODUCT, WORLDPAY

Before you can start collecting data, you
need to know exactly what you want to
collect and why. The following categories can be mixed and matched to meet
your credit union's particular needs.

Demographics are what we often
think of when we hear the word "data";
that is, where members fall in terms of
age, income, education, homeownership,
job status, marital status and so on. Combining this information with the other
categories can turn up valuable insights.
Knowing members' demographics can
also help credit unions send the most
relevant promotions and messaging.
InFirst Federal Credit Union in Alexandria, Va., for example, delights members
by sending them a virtual birthday cake
via their mobile app on their special day.

Then, there's the financial data that
credit unions collect, which includes
credit scores, the value of members'
homes and automobiles. InFirst uses
Visible Equity data analytics software
to glean this information. "It has been
really one of our more successful
products as far as being able to get
people's credit scores, the value of their
home and even information about
their automobiles," says Marty Wye,
InFirst's president and CEO. Data such
as this allows financial institutions to

''

determine whether a home equity line
of credit (HELOC) should be revoked
because the member's home value
or their credit score has decreased.
Monthly, InFirst's Member Solutions
department (collections team) uses
Visible Equity to actively manage risk
by identifying and flagging real estate
loans that should be closely monitored
based on the changes in home values
and credit scores.

Payment data
Knowing what your members are paying for has clear benefits. For example,
FedChoice Federal Credit Union in
Lanham, Md., runs a report out of its
Core that identifies and categorizes
outgoing ACH transactions. "At this
time, we're looking for members who
are making payments on student loans,
so we can target them with student loan
refinancing," says Mark Shell, FedChoice's information and creative
services director. This same strategy
could also be used to identify car
payments and mortgages outside of
the credit union.
Knowing where your members hold
cards and accounts at other financial
institutions also provides benefits.
First, it helps credit unions figure out
where they need to change or improve
their own offerings. Take Michigan
State University Federal Credit Union
(MSUFCU) in East Lansing, Mich. "We
included payments data in our analysis to determine where members are
sending payments to other cards that
are similar to ones that we would like
to provide as a product choice," says
April Clobes, MSUFCU's president and
CEO. "It's possible if they're not using
our cards it's because we don't have a

20

THE NAFCU JOURNAL MAY-JUNE 2019



The NAFCU Journal May - June 2019

Table of Contents for the Digital Edition of The NAFCU Journal May - June 2019

The NAFCU Journal May - June 2019
Contents
Conferences
From the Chair
Washington and Industry Briefs
The Bottom Line
Welcome, New Members
Knowledge Is Power Credit unions leverage data and analytics for strategic business growth.
Lowering the High Cost of Internal Fraud Policies, culture and training work together to improve fraud detection and prevention.
2019 Annual Conference Exhibitor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal May - June 2019 - The NAFCU Journal May - June 2019
The NAFCU Journal May - June 2019 - Cover2
The NAFCU Journal May - June 2019 - Contents
The NAFCU Journal May - June 2019 - 2
The NAFCU Journal May - June 2019 - Conferences
The NAFCU Journal May - June 2019 - From the Chair
The NAFCU Journal May - June 2019 - 5
The NAFCU Journal May - June 2019 - Washington and Industry Briefs
The NAFCU Journal May - June 2019 - 7
The NAFCU Journal May - June 2019 - The Bottom Line
The NAFCU Journal May - June 2019 - 9
The NAFCU Journal May - June 2019 - 10
The NAFCU Journal May - June 2019 - 11
The NAFCU Journal May - June 2019 - Welcome, New Members
The NAFCU Journal May - June 2019 - 13
The NAFCU Journal May - June 2019 - 14
The NAFCU Journal May - June 2019 - 15
The NAFCU Journal May - June 2019 - 16
The NAFCU Journal May - June 2019 - 17
The NAFCU Journal May - June 2019 - Knowledge Is Power Credit unions leverage data and analytics for strategic business growth.
The NAFCU Journal May - June 2019 - 19
The NAFCU Journal May - June 2019 - 20
The NAFCU Journal May - June 2019 - 21
The NAFCU Journal May - June 2019 - 22
The NAFCU Journal May - June 2019 - 23
The NAFCU Journal May - June 2019 - 24
The NAFCU Journal May - June 2019 - 25
The NAFCU Journal May - June 2019 - Lowering the High Cost of Internal Fraud Policies, culture and training work together to improve fraud detection and prevention.
The NAFCU Journal May - June 2019 - 27
The NAFCU Journal May - June 2019 - 28
The NAFCU Journal May - June 2019 - 29
The NAFCU Journal May - June 2019 - 30
The NAFCU Journal May - June 2019 - 31
The NAFCU Journal May - June 2019 - 32
The NAFCU Journal May - June 2019 - 33
The NAFCU Journal May - June 2019 - 34
The NAFCU Journal May - June 2019 - 2019 Annual Conference Exhibitor Directory
The NAFCU Journal May - June 2019 - 36
The NAFCU Journal May - June 2019 - 37
The NAFCU Journal May - June 2019 - 38
The NAFCU Journal May - June 2019 - 39
The NAFCU Journal May - June 2019 - 40
The NAFCU Journal May - June 2019 - 41
The NAFCU Journal May - June 2019 - Executive Spotlight
The NAFCU Journal May - June 2019 - 43
The NAFCU Journal May - June 2019 - 44
The NAFCU Journal May - June 2019 - 45
The NAFCU Journal May - June 2019 - Management Insight
The NAFCU Journal May - June 2019 - 47
The NAFCU Journal May - June 2019 - Compliance Central
The NAFCU Journal May - June 2019 - 49
The NAFCU Journal May - June 2019 - Inside NAFCU Services
The NAFCU Journal May - June 2019 - 51
The NAFCU Journal May - June 2019 - From the President’s Desk
The NAFCU Journal May - June 2019 - Cover3
The NAFCU Journal May - June 2019 - Cover4
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