Report Inconsistencies are Frustrating

One of the biggest frustrations found in most credit unions is the numbers between two or more departments don’t jive. The conversation almost always leans toward trying to figure out which data set is correct, which one to believe. The ultimate goal for these organizations is to find that elusive “one source of truth.” So,…

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Five Strategic Questions for the Board and Senior Management

It’s a strange time for credit unions. Credit unions face unprecedented pressures from regulators and examiners and capital pressures for net interest margins and fee income. Often they don’t benefit from “economies of scale” or the resources, people, and capital, to invest in the infrastructure demands of vendor due diligence, regulatory compliance, or technology demands…

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Don’t Leave your Data to Amateurs

Financial institutions own tremendous amounts of data that can provide valuable insights. How many FIs are taking advantage of this data for their strategic planning, decision-making, or marketing? Data utilization is not just about mining for shiny objects; it’s also about collecting, aggregating, cleansing, reporting, visualizing, and creating “I think” to “I know” because the…

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Is your Credit Union’s Org Chart Strategically Aligned?

Is your credit union organized for today’s consumers? Unfortunately, credit unions are often “stuck” in an organization chart that reflects the business of the past, not the company of the future. But what needs to change? Too often, the credit union’s org structure is aligned historically based on legacy roles and job descriptions. The problem…

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Three Things That Go Wrong with Data Reports

A consistent issue most credit unions have is the lack of consistency from one report to the next. To diagnose why this inconsistency exists we should look first at these three elements of the report: Timing – two reports run at two different end times or interval times will tell different stories. But it’s not…

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Preparing Your Culture Ready for Data Analytics

When most of us think about data, we think about numbers, charts, graphs, and reports. However, we need to talk about CULTURE. Collecting, aggregating, normalizing, manipulating, and presenting data seems to consume the conversation. However, here is the question we need to ask ourselves, “Is our culture ready to become truly data-driven?” Too often organizations…

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Data-Driven Marketing – A Primer

For marketers today, it was essential to bring to light how the Marketing team will provide offers to members as it’s a significant change to our traditional methodology. The new approach is designed to provide improved, more consistent and more relevant product offers using the wealth of data from our core and your ancillary systems…

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Strategic Planning is Like Running a Half-Marathon

Strategic planning for a lot of companies is an annual exercise in thinking big, dreaming of possibilities. Unfortunately, for a lot of these organizations, strategic planning stops there and this annual ritual that when the ritual is done, everyone returns back to business as usual. Let’s stop for a minute to really understand what strategic…

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Strategic Planning is the Easy Part

Working with organizations across the country, I see a familiar process when doing their strategic planning. A typical process I’ve observed is loosely following these steps: Once a year a strategic planning event is scheduled with the Board and a few key executives The event starts with a “state of the industry today” presentation, typically…

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