James White believes that the answer is in the data and he insists that credit unions already have plenty of data to fuel enormous leaps in member engagement. And the company where he now works –Total Expert where he is an industry principal for banks and credit unions – has plenty of tools to help a credit union get with 21st-century marketing techniques.
Lots of credit unions still are skittish about new style marketing but face reality: competitors from Bank of America to Apple to Venmo all are winning increasing shares of member business and they are doing it by unleashing contemporary marketing tools.
Case in point: do you know when a member lists his/her house for sale? You should because that is a prime moment to contact that member and explore his interest in a new mortgage. Total Expert has tools that make this easy and White tells about them.
Another case: what is your institution doing to prepare for an enormous transfer of wealth in the coming years as Baby Boomers die? Will those assets remain at your credit union when it becomes the property of heirs? White explores this in the podcast.
In one respect this is a show about big data but White never mentions Hadoop, Spark or any of the techie tools. What he talks about instead is how credit unions can put data to practical use. You don’t need a propeller cap to get what he is talking about because this is a show filled with practical observations and tips that are meant to help credit unions compete.
Did we mention that some of the nation’s very biggest credit unions use these Total Expert tools? But so do institutions that are much smaller.
Consider this a master class in the practical applications of big data.
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