In late 2021, Filene launched a system-wide analytics readiness survey to baseline and benchmark the readiness and maturity of credit unions' data analytics and business intelligence capabilities. This analysis surfaced six critical drivers of readiness emerged to help credit unions make sound investments in the people, processes, and technologies of data analytics—and see value from those investments.
Credit Union Implications
In an increasingly competitive market for personalized financial services, data analytics capabilities are becoming table stakes. Credit unions are already driving value creation from analytics investments—deepening member relationships, retaining and growing the membership base, increasing financial strength, employee effectiveness, risk management and compliance, and fraud detection. Investments in data analytics are working. It is time for credit union leaders to invest (time, people, and capital) in the breadth of readiness levers to create true and sustainable business value.
Whether an organization is making its first investments into analytics and wondering how to move forward or they already enjoy best-in-class analytics readiness, realizing value from data continues to be a challenge for credit unions.
Download this report and discover the right data analytics investments for your credit union to discover meaningful analytics value creation.