/ Posts / Data Analytics in Credit Unions
Data Analytics in Credit Unions
by Scott Duthie
on August 6, 2020
Data driven decision making starts at the branch – a case study for credit unions.
Two great opportunities for Credit Unions:
- Create a true customer 360 view to boost cross sell conversion
- Use employee incentive schemes to promote winning behaviour
Operating in an increasingly competitive space, credit unions must be assertive and innovative to stay ahead of the curve and achieve their growth objectives.
In this case study we look at two Pomerol Partners solutions making headway in credit unions. The first is a daily production dashboard giving branch managers a holistic view of their entire front-office operation. And the second is an incentive monitoring web portal for branch staff to monitor their own individualized production targets and bonus rewards.
What makes these solutions unique is they are both produced with branch staff at the core as the primary users. Too often we see critical information being hoarded at the head office level. Our approach ensures data is available to support operational decisions, at the coal face, as staff need it.
Opportunity 1
Create a complete customer 360 view to identify cross sell opportunities and boost conversion.
Challenge
- Multiple source systems hinder data availability and monitoring
- Without a holistic view, identifying new opportunities is tough
Credit Unions typically have a myriad of systems for managing the applications and transactions behind their broad range of products and services. This is often a result of growth through acquisition, or sometimes through home grown expansion in services being offered, but regardless of the root cause, that myriad of systems makes building a holistic view of the business difficult. Customer service sits at the core of the Credit Union offering, but this requires them to be responsive and nimble, and this is only possible when you have the information at your fingertips to craft the customer experience.
Solution
- Merge multiple data sources together to create a customer 360 view
- Identify growth opportunities by understanding your customers
Using the Qlik platform, we help Credit Unions extract data from all their source systems – often over a dozen separate systems per institution. We then merge this disparate data together and surface general operational reporting and analytic insights through interactive dashboards. The analytics are updated hourly or daily depending on the system, giving branch managers and employees a reliable centralized portal to monitor production and identify new client opportunities. What’s more, the process is fully automated, meaning analysts can spend more time discovering insights, and less time building reports.
Opportunity 2
Employee incentive schemes are very effective at promoting desired behavior amongst branch employees.
Challenge
- Multiple source systems delay the availability of information
- Incentive plans need to be individualized to be effective
Branch staff need an incentive program that rewards them for achieving results in line with the Credit Union’s goals. However, managing and updating performance metrics is made challenging by a wide range of systems that house that data, and a broad range of incentive plans personalized to different employee roles. Without a live view of their current incentive plan, motivating staff to strive towards short term goals is difficult.
Solution
- Branch staff can view their incentive status from anywhere
- Gamifying incentives improves engagement with the program
Pomerol has built a web-based incentive portal offering a live view into incentive tracking and bonus achievement for employees. Branch staff can see where they sit against their goals for the month and quarter, bonus earned so far, and the granular details of the actions that led to those bonus payouts. Accessed anytime via mobile, ‘gamifying’ the incentive experience for employees has driven engagement and boosted performance.
Our Approach
First and foremost, we are all about value. Business Intelligence solutions do not have to cost the earth. We deploy the same ethos to building analytics as Credit Unions do in their daily operations – focus on what the customer needs and exceed their expectations.
Our team of consultants and data engineers have a depth of experience across the full analytics supply chain – from initial data extract, through transformation and modelling, to dashboarding and operational alerting.
Together with your team we identify the greatest opportunities and use our industry experience and proven technology stack to deliver solutions that will differentiate you from your industry peers.
About Pomerol
We create and deliver meaningful data-driven business focused solutions. We have been operating in data analytics and intelligence reporting for over 6 years within Pomerol, and our Partners have a cumulative 100 years in global experience. Pomerol partners with our clients to optimise the intersect between changing business demands, technological progress, and sustainable business growth.
Contact Us
Email: info@pomerolpartners.com
LinkedIn: www.linkedin.com/company/pomerol-partners/
Twitter: www.twitter.com/pomerolpartners
