Credit Union Data Analytics: What can you Learn when your Member Moves?

In our first post in this series, we covered key insights and actions you can take to turn member fees into positive, educational, and empathetic experiences for your member. This week we go even further and dive into what insights your Credit Union can learn from its data on its moving members.

This is the second post of a 9 part series. If you want the full guide “Almost 99 Credit Union Small Data Hacks Guide” click here!

Credit Union 2.0 – A Guide for Helping Credit Unions Compete in the Digital Age covers in depth both big and small data for credit unions. There are six types of data that your Credit Union should be aware of:

  1. Digital Analytics – Desire
  2. Profitability – Fit
  3. Wallet Share – Depth
  4. Transaction – Triggers
  5. Design Data – Predictive
  6. Execution – IFTT (If this than that)

If you have ever moved, than you should know that it is a complete pain. When have you ever asked someone how a move went and gotten the response: awesome – loved every minute of it? Not only do you have to deal with finding a new place, packing piles of items you don’t remember buying, moving and unpacking, but you also then have to do the least fun part – change your address. We’ve all been there. The real question is: what can a credit union learn from this experience and how can you make it a “memory” for your member?

To start – make it a bit easier for your member. For a fee, a credit union can pay the USPS to give it the member’s new address if you know the old address.  WHAT? Yes, it’s true. When you get returned mail, you can pay a small fee, submit the name and old address to USPS and get the new address. Make sure you add this to your T’s & C’s and you could save some valuable time.

Now, onto the insights for a Credit Union:

What Happened? What Could it Mean? What Should you do?
Member fills out a change of address form They no longer live near a convenient location 1. Check their new zip code and send a follow-up email with close branch or ATM locations (could be a shared branch location) and educate the member on your digital channels.

2. Have guides to grocery stores, dry cleaners, and schools for their new zip code and send them a link to it in an email.

They just bought a house and didn’t tell you…bummer Look on Zillow and see if they bought a new house – if so – trigger either your 1st Mortgage switch kit or your home equity offer.
They are upsizing Look on Zillow at their old address and their new address.  What can you learn? Maybe it makes sense to upgrade them to your premium credit card? Are there any other offers that could be a good fit?
They are downsizing Are they also near retirement age? This could be a good time to reach out with education on retirement and other services.
They got a new job Often times, new digs and new gigs go hand in hand. If you look them up on LinkedIn, you can probably tell. If so, trigger your guide to switching your payroll.
Their family size might be changing It could be a time to add them to the marketing campaign on saving for the future or for a month by month guide to starting off their kids on the right financial track.
They could be divorcing This one is creepy and should be avoided – unless your credit union has a dating service…Member Date could be a new thing!
They could be going back to school Might be a good time to educate on student loan options and mid-career changes.
Someone else might have moved Do a quick look in your database to see if you had another account at that address – if so – send the main contact their a change of address questionnaire via email.

Watching for address changes and making it an easy process for your members is a great way to retain members. If you want to get super advanced, you could even setup a change of address service for the top 10 places in your community or send your member some new return address labels. Showing your members that you are paying attention and care is a great way to lower attrition and enhance your brand.

Want to learn more about how your fellow Credit Union leaders are using data? We invite you to join our Credit Union 2.0 Strategist Group where over one thousand industry leaders comment on new news and trends while sharing and learning from one another.

This is the second of a 9 part series. If you can’t wait for next week and want the full “Almost 99 Credit Union Small Data Hacks Guide” click here!

Did you miss the first part of the series? We hope not, but just in case, click here.