Data Analytics for Credit Unions: What can you learn from your member’s payroll?

In the last post in this series, we covered key insights and actions you can take when your member changes their address. This post continues takes a similar path and explores what can you learn when your member changes their payroll.

This is the third part of a 9 part series. If you can’t wait for next week and 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 changed jobs or been laid off, then you know how much paperwork is involved. This is a prime opportunity to make your members feel the credit union difference. Having plans around the different stages can help make sure

  1. A) Your member is ok
  2. B) Your member pays you first before other creditors
  3. C) You build an experience and have positive interactions that makes someone a member for life

Here is a quick list of what you can learn and what you should do if your member changes their payroll:

What Happened? What could it mean? What should you do?
Member’s payroll goes up or changes source New Job Double check on LinkedIn. If you can confirm it, then send the member an email message and thank them for their loyalty and business.  Perhaps offer them an opportunity to upgrade to your top tier credit card.
Send an email on how to save some of that new money by either setting up an auto transfer or paying a bit extra to their mortgage each month. This is a great time to help your member set-up good financial habits.
Member’s payroll stops They are moving on from your Credit Union You probably have one last chance to save this account. A personal email or note thanking them for their business and a survey could turn a loss into a save.
They have passed away Maybe check the obituaries. If they have passed away, send flowers to the funeral and a sympathy card to the member’s address but addressed to the family members.  Let them know you are there for them in the transition.
The date changes New Job See Above
An offer to change their loan due dates to align with their payroll cycle could be an opportunity to add that personal touch and delight a member.
Offer a skip a pay.
Direct Deposit on a holiday Member might get paid late Jump in early. Post that payroll a day early and send an email in advance letting them know you took care of it for them because you care!
Direct Deposit Reduced >20% Lost job or reduced hours Add the member to the debt consolidation marketing campaign and provide key tips for cutting back.

Watching for payroll changes is a great indication of some key life changes for your member.  Personalizing the response, offering assistance, and educating the member accordingly is a great way to make a connection and make someone a member for life!

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 third part 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!

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.