MADISON, Wis.–Filene is strongly encouraging credit unions to participate in a new survey around data analytics readiness it said will take approximately 10-15 minutes to complete.
During a webinar introducing the survey, Filene explained the survey asks about the state of analytics adoption across organizations, including existing human capital, technology, organizational culture, and external partnerships. The second part of the survey probes for business areas where a credit unions is currently applying analytics to support decision-making and gain insights into where the CU plans to invest in the future.
The survey is the first of its type to be conducted by Filene, and includes among its objectives plans for identifying ROI related to data analytics.
Dr. Cheri Speier-Pero, who heads up Filene’s Center for Data Analytics and who is the Ernst & Young Professor in Accounting and Information Systems as well as associate dean for undergraduate programs in the Eli Broad College of Business at Michigan State University, said during the webinar the research will be “invaluable” for all credit unions and relevant because assessing analytics
readiness is a “way for credit unions to identify specific opportunities and obstacles to accelerating value creation from their investment in data analytics.”
Pulling Levers
Speier-Pero said the survey will also help identify “what levers credit unions can pull” to more effectively deploy and leverage analytics. She added the findings will:
- Help create an understanding of the current state of data analytics within the credit union industry
- Develop a data analytics benchmark to better understand existing capability gaps and opportunities
- Develop individualized benchmarks for participating organizations
Moreover, added Speier-Pero, with capital and HR resources strained, the survey will provide insights into the analytics investment pathways that will best drive growth.
‘Number-One’ on Agenda
Taylor Nelms, senior director of research at Filene, noted there has been significant investment, especially over the last 12-18 months, in digital transformation by credit unions, saying it is “number-one” on most credit unions’ operational agendas.
“What we haven't necessarily seen is a whole bunch of credit unions raising their hands saying, ‘This is the ROI and we want to know why.’ So, part of this research effort is really going to dig deep, as (Speier-Pero) said, into understanding the current state, really identifying some of those drivers or levers of readiness for organizations, that can be used as a baseline and benchmark by the industry so credit unions can get a better understanding of kind of where they stand and, we hope, where they can make investments, where they'll see the value of those investments.”
‘Tailored’ Survey
Speier-Pero said the survey has been “tailored” for analytics as surveys around technology readiness are too broad.
“When I first introduced the (Filene Center for Data Analytics) I talked about some of the internal drivers that really helped shape value creation in the analytics space.”
She said that includes not just the technology platform, but also data governance and data management, organizational structure, human capital, skill sets, culture and more.
“It’s the culture and the people and the leadership that really are instrumental in moving this agenda forward,” said Speier-Pero. “The other thing that we spend a lot of time thinking about is that value creation.”
While it’s nice to be able to say, “This in your ROI,” Speier-Pero said the broader effort is really about looking at a credit union’s use of analytics in the aggregate.
The objective, she added, is to be able to provide direction to a credit union around strategic priorities and additional potential applications.
Not a Big Time Demand
Both Speier-Pero and Nelms emphasized that the survey requires 10-15 minutes and Filene is seeking perspectives from both CEOs and CIOs. Afterward, plans call for providing each participating credit union with an individualized assessment of where they stand, including relative to peer CUs, as well as an overview of where the credit union industry stands as a whole.
Speier-Pero said the intention is to conduct the survey annually.
The deadline for completing the survey is Nov. 24. To participate, go here.