Search

Browse by Type

Report #592 | | Members | Sign In

Executing Your Credit Union's Analytics Strategy

Building a Quantitative Team

With the rise of data-driven organizations in the financial services industry, it is essential for credit unions to accelerate value creation through the use of analytics. However, the lack of skilled analytical employees represents the most significant implementation challenge faced by organizations across industries.

Executive Summary

With the rise of data-driven organizations in the financial services industry, it is essential for credit unions to accelerate value creation through the use of analytics. However, there is a lack of skilled analytical employees and challenges to finding and hiring the desired talent across all roles in the current labor market. Critically, credit unions commonly struggle with understanding the portfolio of quantitative skills needed and how to obtain these skills. Developing and executing a credit union analytics capability requires organizations to have the following skill sets—employees with:

  • Deep knowledge of credit union business processes and, more specifically, how "your" credit union implements these processes.
  • An understanding of the credit union's data, and skills to manage and govern the use of data.
  • Quantitative skills to analyze and interrogate the data so that the story of the data can be told and appropriate actions taken. 

Credit Union Implications

It is critical to acquire, develop, and retain analytical human capital to support a credit union’s data-driven strategies. Unfortunately, there is no silver bullet to meeting the data scientist hiring challenge, but as noted throughout this report and in the figure to the right, there are a variety of tactics that a credit union can and should implement to move its data-driven strategy forward.

Filene's Center for Data Analytics & The Future of Financial Services is generously funded by:

Related Content

  • Blog |

    big.bright.minds. 2023 Recap

    Thank you for making Filene's biggest annual member event a tremendous success! We hope you enjoyed coming together to share ideas with the brightest minds in the industry and experiencing the powerful Network Effect of the Filene community!
  • Blog |

    Annual Impact Report

    FY 2023 brought us to the brink of the credit union renaissance. A time of exploration of where credit unions came from, and an opportunity to build on unique strengths around humanism, innovation and transformation. Throughout this issue you will see where the work of Filene has supported the credit union industry's renewed focus on human well-being, autonomy and progress.