How these critical roles add business value to a Credit Union
Data analytics holds great business value for Credit Unions seeking to be competitive, differentiate, attract long-term members and be more efficient with marketing and operation dollars. But, to ensure member data is used properly to reach these goals, it requires years of experience and the technical expertise to turn information into actionable insight. And with more and more credit unions unlocking the power of data analytics, the value of data scientists, who know how to drive value from the vast amount of information that exists inside the institution, is critical to have on your side.
By enlisting the help of an experienced, outsourced data scientist and strategy officer, credit unions can empower existing Business Intelligence Groups with actionable insights and opportunities. Using a trusted advisor that can affordably guide the credit union through the advanced analytics journey is a perfect solution to reach these strategic goals. Here are four ways an Outsourced Data Scientist can add immediate value:
1. Empowers management and officers to make better decisions. An experienced data scientist serves as a trusted advisor and strategic partner to an institution’s management, and ensures the staff are maximizing their analytics’ capabilities. By tracking, measuring, and recording all performance metrics, a data scientist will demonstrate and communicate the value of an institution’s analytics product to facilitate improved decision-making across all levels of the organization.
2. Directs actions based on trends and helps define goals. After exploring and examining an institution’s data, an outsourced chief data scientist and chief strategy officer can prescribe and recommend actions to improve a financial institution’s performance, better engage with customers, and ultimately—increase profitability.
3. Challenges staff to adopt best practices and focus on what matters most. An outsourced data scientist can ensure all staff are familiar with and well-versed in their institution’s analytics product. The scientist sets staff up for success by demonstrating how to effectively use the system to extract insight and drive action. Once the staff has a better understanding of the product capabilities, they can then focus their efforts on addressing key business challenges.
4. Identifies opportunities. While working with the institution’s current analytics system, outsourced data scientist and strategy officer will question existing assumptions and processes in order to develop additional methods and analytical algorithms. Data scientists will constantly work to improve the value derived from the institution’s data.
FinTech DS+C will work to create models to empower action based on the statistical relationship of your products and services to member contribution, service and retention. As your Outsourced Strategic Officer we work hard to align your stated strategic initiatives to actionable lists from the credit union’s data. Through monthly meetings, we will review and develop recurring best practices– drive and empower the lines of business. We analyze the data and the success of each action within each member segment using the right channel, the right message, to the right member, at the right time. Data Science, using random forest, logistic and linear regression may reveal the best segment for each action; the result is prescriptive action lists.
Start turning your member data into valuable decision-making assets. Contact us today to schedule an analytics assessment to ensure you are unlocking the hidden potential in your data. Click here to get started.