The NAFCU Journal May-June 2020 - 19

Despite new privacy
regulations and other
challenges, data-based
strategies can deliver a
range of benefits
By Robert Bittner

I

t has never been easier to amass information about credit union members,
and research shows that the ones
using such data strategically are reaping the rewards.

"We have discovered that those credit
unions that are collecting data - and
using that data to drive growth - are
performing better than others in terms
of return on assets, net income for
assets, capital loan growth, delinquency,
even community involvement," says
Elry Armaza, custom research director
at Filene Research Institute.
Despite such success stories, the vast
amount of minable data can become
more of a roadblock if it is not analyzed
THE NAFCU JOURNAL  MAY-JUNE 2020

correctly and implemented appropriately. Rachelle Powers, vice president
and strategic account manager for FIS,
notes that data in general can be overwhelming, suggesting multiple paths
forward at once for a credit union. "My
credit unions, even some of the largest
ones, are hearing from their members
about a range of different distractions
they think they might need to offer.
They're not sure how to digest all of that
and turn it into a data strategy and a
product strategy that make sense for
their membership."
The solution is strategic analysis - planning for and using data analytics to make
specific, targeted actions, which, in turn,
produce data-driven growth.
19



The NAFCU Journal May-June 2020

Table of Contents for the Digital Edition of The NAFCU Journal May-June 2020

The NAFCU Journal May-June 2020 - Cover1
The NAFCU Journal May-June 2020 - Cover2
The NAFCU Journal May-June 2020 - 1
The NAFCU Journal May-June 2020 - 2
The NAFCU Journal May-June 2020 - 3
The NAFCU Journal May-June 2020 - 4
The NAFCU Journal May-June 2020 - 5
The NAFCU Journal May-June 2020 - 6
The NAFCU Journal May-June 2020 - 7
The NAFCU Journal May-June 2020 - 8
The NAFCU Journal May-June 2020 - 9
The NAFCU Journal May-June 2020 - 10
The NAFCU Journal May-June 2020 - 11
The NAFCU Journal May-June 2020 - 12
The NAFCU Journal May-June 2020 - 13
The NAFCU Journal May-June 2020 - 14
The NAFCU Journal May-June 2020 - 15
The NAFCU Journal May-June 2020 - 16
The NAFCU Journal May-June 2020 - 17
The NAFCU Journal May-June 2020 - 18
The NAFCU Journal May-June 2020 - 19
The NAFCU Journal May-June 2020 - 20
The NAFCU Journal May-June 2020 - 21
The NAFCU Journal May-June 2020 - 22
The NAFCU Journal May-June 2020 - 23
The NAFCU Journal May-June 2020 - 24
The NAFCU Journal May-June 2020 - 25
The NAFCU Journal May-June 2020 - 26
The NAFCU Journal May-June 2020 - 27
The NAFCU Journal May-June 2020 - 28
The NAFCU Journal May-June 2020 - 29
The NAFCU Journal May-June 2020 - 30
The NAFCU Journal May-June 2020 - 31
The NAFCU Journal May-June 2020 - 32
The NAFCU Journal May-June 2020 - 33
The NAFCU Journal May-June 2020 - 34
The NAFCU Journal May-June 2020 - 35
The NAFCU Journal May-June 2020 - 36
The NAFCU Journal May-June 2020 - 37
The NAFCU Journal May-June 2020 - 38
The NAFCU Journal May-June 2020 - 39
The NAFCU Journal May-June 2020 - 40
The NAFCU Journal May-June 2020 - 41
The NAFCU Journal May-June 2020 - 42
The NAFCU Journal May-June 2020 - 43
The NAFCU Journal May-June 2020 - 44
The NAFCU Journal May-June 2020 - Cover3
The NAFCU Journal May-June 2020 - Cover4
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