TAMPA, Fla.—As consumers move to digital banking in large numbers, a trend that continues to be driven by the persistence of the COVID-19 pandemic, it’s never been more important for CUs to know who their digital account holders are and are not, one expert is emphasizing.
“Leveraging business analytics allows you to better meet the needs of your members and to grow your credit union throughout the year. Business analytics gives you a 360-degree of your members and how they use your products to live their lives,” said Nate Wentzlaff, director business intelligence solutions at Trellance.
Wentzlaff noted that often members are not aware of the full suite of products and services that a credit union provides or how easy it is for them to use them.
“By using Trellance’s M360 Business Analytics and Predictive Models you can proactively create targeted and personalized marketing campaigns to meet your members’ needs,” he said. “As an example, you can quickly identify which members are using your digital banking tools and which members you should focus on to drive awareness of all your online capabilities.”
CUs can also determine which members only have a car loan relationship with them and increase their engagement with the credit unions, he said.
“Business Analytics offers countless ways you can identify and provide personalized solutions across your credit union,” he said.
Predicting the Future
Wentzlaff added it is getting more important for CUs to accurately.
“Wouldn’t it be great to predict the future? Trellance offers Predictive Analytics, which uses your historical data to understand the level of engagement for each specific member,” he said. “You can then identify who is most likely to leave the credit union and what are the next best products that you should offer to each individual member to meet their financial needs.”