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At Synergent, we see firsthand the value and benefit of using data efficiently. A few of our resident experts provided the following tips:
Data is vital in the ever changing world of payments. Credit union members have so many payment options available to them. By leveraging the data associated with how and where members are making payments, credit unions can ensure that they are offering the services their members are looking for while also ensuring that payments are shifting to methods that reduce revenue generated from these products. – Rebekah Higgins, Vice President of Payment Services
Targeting via transactional data opens a significant new door for credit unions—another tool and data source to identify members with potential needs, serving up promotional offerings that potentially benefit both the members with new product and services, and the credit union in new earnings. The benefits of credit unions leveraging transactional data to better serve members through data are clear—the power of data to place the right message, to the right member, at the right time, has never been more powerful in creating surgical marketing and quantifying return on marketing investments. – Doug MacDonald, Vice President Direct Marketing Services
Credit Unions already possess a massive amount of member data in their core. This type of consumer insight is something most other institutions pay big money for. Data mining allows credit unions to service their members with exactly what they need at exactly the right time. – Jennifer Braziel, Data Mining Specialist
Data analysis is certainly a science. However, the credit unions I see who have the most success with turning ideas into profitability through increased efficiency and/or improved revenue share do not start out as scientists – they are just curious. Getting curious about one specific data point, like member age, zip code or Point of Sale transactions can reveal great insight into your credit union’s membership. From there, you can follow the data, and let it lead you. Over time, consistent curiosity brings the intuition needed for even more effective services. – Ben Jordan, Vice President of Technology Services
