Work smarter, not harder: 4 ways big data can improve efficiency and productivity.

We have all heard of “Big Data” but many of us don’t know where to start or how to use it.  Further, given all that we have on our plates, it can seem overwhelming to even fathom adding more technology and processes to our existing landscape.   With a host of challenges to contend with such as compliance, security, member demands, limited resources and having to continue to reduce our budgets, how will analyzing data help and where on the endless priority list does this fit? 

Truth is, Big Data is ironically the solution.

Times are changing. Instead of walking into a branch, the majority of today’s members use alternative channels such as the call center, online banking, mobile banking, VRU, social media, etc.   Statistics show that by 2016 members will use Internet/mobile 20-30 times each month; whereas, the foot traffic into the branch will reduce to 1 to 4 times per year.  Now, we all know that credit Unions differentiate themselves by building relationships with members.  But if members only visit the branch a few times each year how can we ensure a positive member experience, plus build loyalty and lasting relationships with such a limited number of face-to-face encounters?  How can we identify which technology to invest in and what our members want or are expecting?  We must re-evaluate our strategy and respond to the now or potentially be replaced by other financial providers that can.

Big Data doesn’t have to be complicated but it does need to become a part of your culture and strategy.  The first step is leveraging and evaluating the data you already have and then investing in a core processor platform that can combine the data from all channels to:

1. Better understand your members & what they need by having a 360° view of your member.  Position the data to show what products/services the member needs, and how to assist them with their financial goals.  Include what issues the member has reported and what products/services they have requested that you don’t currently offer.  Is the member at risk of leaving?  How does the member typically respond?  By having this information at your fingertips, you are able to quickly identify the opportunities.

2. Increase internal efficiency & productivity by analyzing the data to identify trends/patterns, manage risk and take proactive measures, increase operational efficiency, and monitor progress and task resolution.  Analyze the types of issues coming into the call center and what processes are manual today that can be changed.

3. Increase revenue by identifying and implementing strategies according to the data analytics. Which products are turning a profit and which are losing revenue? Which products are heavily used or have a low penetration and can be phased out?  Which products impact your members the most and are most relevant today?

4. Staff growth & development by identifying and implementing succession planning by analyzing the patterns and trends provided by the data to identify employee strengths and opportunities. Utilize transparent dashboards to motivate staff by showing goals and progress and reward through recognition programs and gamification.

By gathering the data, you will acquire information that can be turned into knowledge and develop a plan to take action.  It’s not about working harder but working smarter and using Big Data to position ourselves for the now and for the future.  

Jami Jennings

Senior Product Solutions Manager

EPL, Inc.