Credit Union Data Analytics: Common Error Avoidance

Now that we are more than halfway through our Almost 99 Small Data Hacks for Credit Unions – Guide series, it is time to switch gears a bit. This posts features hacks that are entirely focused on expense savings. One credit union I worked at would survey its members regularly. The common sentiment was that the credit union is great, and despite making lots of mistakes, they always fixed them. Sometimes mistakes can actually lead to good things, but in today’s world of fintech and automation, mistakes can also be infuriating.

This is the sixth post in a nine part series. If you can’t wait for next week and want the full “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)

Data Analytics can help us see where our mistakes are occurring and how to proactively fix them before we risk repeating them over and over and infuriating our members.

Mistake Pain Action Plan
Sometimes our loan officers enter the wrong rate The member may not notice for a while, and it will take a lot of work to unwind and leave a bad taste. Run a report monthly of loans by interest rate. Sort by High and Low rates. You should quickly see if there are any incorrect rates. This then can be quickly fixed before it is painful for the member.
Sometimes our member service reps enter the wrong rate The member may not notice for a while, and it will take a lot of work to unwind and leave a bad taste. Run a report monthly of loans by interest rate. Sort by High and Low rates. You should quickly see if there are any incorrect rates. This then can be quickly fixed before it is painful for the member.
Broken Links Members click on link on your website that is dead. Once a month test the website links and make sure they are working.
Franken Forms When a member fills out an electronic form and information is sent to the abyss. Test your forms on your website and make sure you have a mapping of where the data goes and who is using it.
Monthly Subscriptions Sometimes companies like Netflix of other subscription services incorrectly bill our members. Determine the most frequent subscription services and prices, then look for members who are getting duplicate charges or are potentially being over billed and alert the member.
Phone numbers and hours There is nothing worse than having the wrong hours or addresses on your website Create an inventory of locations and hours and where the information is kept. Review this list once a year (website, facebook, behind online banking, mobile…you get the idea). Test the phone numbers and ensure everything is correct and operational.
Loan Payments Sometimes people over pay Run a report of loan payments made vs. expected.  If someone pays 10% more than normal, look into it further and let the member know.

Have an idea or something to add to this list? Submit it to the Credit Union 2.0 team today by emailing us at info@cu-2.com and help us improve this post!

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 sixth post in 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!

In case you missed it:

Click here for part one of the data analytics series.

Click here for part two of the data analytics series.

Click here for part three of the data analytics series.

Click here for part four of the data analytics series.

Click here for part five of the data analytics series.