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Crediting Credit Unions for Data Center Services

BY MARK GAYDOS

Is your credit union leveraging data to its best marketing advantage? Targeting customers based on their need for your financial services is critical to your CU’s ability to thrive. In that respect, optimizing the information a data center provides is key. Here’s how to get the most out of this important tool.

The idea that financial services can leverage data center abilities to streamline and improve operations is not new. How important is data to financial decisions? Just ask Facebook. The social media platform leverages all those “Likes” for tailoring services to specific population subsets. For example, Facebook knows that 3 million couples in the United States are engaged to be married. These couples make a great target for financial institutions because they are about to make major financial decisions involving joint checking, investments, homeownership, minivans, insurance and more. Facebook realizes the value of this data and packages it for sale to financial institutions as targeted advertising.

Smart credit unions leverage large amounts of data (big data) to unlock various trends and patterns in human behavior. For every financial institution, data is the key to unlocking patterns and how those patterns relate to customers purchasing home equity loans, a business line of credit and retirement plans. Data centers are needed to constantly churn information from ATM transactions, website statistics, fraud detection, even population, household income and other demographic shifts. Without the data center processing information, it’s extremely time consuming to properly manage credit, oversee operational risk, predict member behavior and perform targeted segmentation and buyer personas. Information is power to:

  • Better understand member needs
  • Obtain competitive advantage
  • Improve profitability

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