The NAFCU Journal May - June 2019 - 24

and satisfaction rates," says Fardshisheh.
"Then we take a holistic view and analyze all of this to help us determine how
to best meet our members' needs."

Don't analyze in a vacuum
Data analysis can reveal basic
information on how your credit
card is doing in various categories.
But what does that mean for your credit
union? "Doing data analysis in a vacuum
can yield your own results but may not
yield the full picture, depending on what
you're looking for," says Junod.
That's where peer comparison data
comes in. "It can really help you

understand where you might be pulling
away from the pack or where you may
be behind," says Nicole Jass, senior vice
president of product at payment service
provider Worldpay. "Those could be
interesting places to take action on."
Third-party systems such as Worldpay
and Geezeo can help bring in this comparison data, since their data is fed by
multiple institutions.

Keep it clean - but not
too clean
Keeping data clean is an enormous task,
but it does improve the results. If you
can't parse out the five different codes
under which Starbucks may appear in

''

We conduct surveys and
roundtables, and then combine
this qualitative information
with quantitative data, covering
things such as transaction
history, adoption rates and
satisfaction rates.

''

- FAYE FARDSHISHEH, FIRST VICE PRESIDENT OF MARKETING,
UNITED NATIONS FEDERAL CREDIT UNION
24

your database, for example, you won't
get a full picture of your members'
spending habits. A third-party system
or in-house analyst can often make sure
your data is clean.
Keep in mind, though, that you're not
looking for 100 percent accuracy. "You're
really looking for general trends, and
small anomalies shouldn't throw you off
too much," says Jass. "It's just important
to know that these issues exist, because if
you think you're looking at 100 percent
absolute truth, you might guide yourself
in the wrong way."
Don't let perfect be the enemy of good,
or you'll never get to the place where
you're deriving actionable insights from
your data.

Take small steps now
The most important piece of advice
experts have for using data to drive
business results is to just get started.
Says Jass, "Anyone who is early on in
the data journey can't get too frustrated
with that process. Making data-driven
decisions is so valuable and important
that it's worth it."
Linda Formichelli is a freelance journalist
and content writer in Apex, N.C.
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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