Is Data Literacy Key to Credit Union Survival?

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Data is generated by every credit union transaction that occurs, and proper analysis of this data can lead to many positive outcomes for credit unions, including the ability to gain new insights into member behavior. and improving the member experience, increasing product usage and revenue, and the ability to identify new lending opportunities. While credit union leaders recognize the importance of a strong data analytics strategy, many have a long way to go when it comes to developing and implementing one, and those who lag their work in this area for too long could suffer disastrous consequences.

That’s the argument of Anne Legg, founder of San Diego, Calif.-based THRIVE Strategic Services and Alan Bergstrom, vice president of marketing and business development for CUSO Aux back office services, who recently teamed up to create a new data literacy program, in a recent CU time interview. All new users of the Cuery data analytics solution from CUSO, based in Lakewood, Colorado, have the opportunity to enroll in the program. Named CU Elevation, the year-long data education and coaching program is led by Legg, who teaches data analytics at the Southwest CUNA School of Management and has helped more than 600 credit union leaders in their data analysis strategies.

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