Credit Union Data Analytics: Who are your best members?

Our “A” members are the ones who know the difference between a credit union and a bank, believe it, feel it, and espouse it. They bring us all of their financial services business and tell all their friends. If you are interested in what credit union data analytics tells you about them then this post in Credit Union 2.0’s “Almost 99 Small Data Credit Union Hacks” series will be helpful.

This blog is the ninth and final part in Credit Union 2.0’s “Almost 99 Small Data Credit Union hacks” series and is based on the book Credit Union 2.0 – A Guide for Helping Credit Unions Compete in the Digital Age which 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)

The key here is patterns. Once you sniff out the predictive behavior, you can be proactive with how you interact with the member.

Here are some ideas on where to look for your “A” member patterns:

Credit Union Data Analytics Patterns

Data What to do with it?
Favorite Grocery Store Special promotion with that store
Favorite Vehicle Special promotion with the local auto dealer
Favorite Coffee Shop Hang out there too – send them a cup on you!
Favorite Online Retailer Special Promotion
Favorite Local Small Merchant Hang out there too
Favorite Gym Special Credit Union deal
Who They Follow on Facebook Could this be a potential guest blogger on your site? Maybe there is an opportunity for you to update your content to be more relevant.
Where They Work Follow their leadership online
When They go to Branches Better service hours
Who Their Favorite Tellers/Call Center Reps Are Understand why
What Life Stage They are at What is next for them and how can you help?

 Credit Union Data Analytics: A Members

Knowing your “A” members inside and out and further tailoring your services will help those members bring their friends. You want your “A” members fiercely loyal and believing in the credit union difference. Show those members the difference every day and hang out with them and their friends.

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 final 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!

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.

Click here for part six of the data analytics series. 

Click here for part seven of the data analytics series. 

Click here for part eight of the data analytics series. 

Credit Union Data Analytics: How do you know your member is about to leave you? :(

If you work for a credit union and are looking for ideas on how to stem attrition or member loss, then this post is for you.  This blog is part eight in Credit Union 2.0’s “Almost 99 Small Data Credit Union hacks” series and is based on the book Credit Union 2.0 – A Guide for Helping Credit Unions Compete in the Digital Age which 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)

Sometimes members give us very subtle clues that they are moving on. Here are a few key actions to be watching for:

What the member does? What it means?
Reduce bill pay items by more than 25% Moving over to somewhere else
Credit Card activity stops one month New Credit Card
Member stops logging into online banking No longer the PFI
Member doesn’t order new checks Moving soon and not planning on taking you along
Member doesn’t get a new car loan from you and pays off the old Found a better deal
Payroll declines or disappears entirely Switching accounts
Checking account activity declines in volume Switching accounts
Have more to add? Email info@cu-2.com and help us improve this post!

 

If you pay attention to the warning signs, you may be able to save the membership and get the member engaged again. Credit Unions spend over $200 for each new member, however most problems are way less expensive to solve for a current member and require a lot less labor.

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 eigth 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!

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.

Click here for part six of the data analytics series. 

Click here for part seven of the data analytics series. 

Credit Union Data Analytics: Wallet Share

We only have a couple of posts left – but don’t fret – we have saved some of our best content for the end of our Almost 99 Small Data Hacks for Credit Unions – Guide series. Today, we are covering how to gain wallet share for your credit union from data analytics. Who doesn’t want that?

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)

This is a fun list with lots of innovate ways to trigger marketing campaigns once you have your marketing automation and content marketing in place.

Idea Data Action
Big Deposit Grooming Watch for unusually large deposits ($25k+) Develop a content campaign on key strategies to deal with new money. The strategy should be 5 to 10 blogs long and drive for a Call To Action (CTA) to download the guide. Once you see the deposit, start emailing the member weekly with one blog each week on the topic.
Loan Renewal 24 month Auto Loan Triggers a new content campaign on educational topics such as: maintenance requirements for older cars, when to trade your car in, how to determine your cars trade in value, etc.  Have 5 to 10 blogs targeting the goal of educating the member and renewing the loan!
Address Change When a member changes address Trigger an offer to order new checks
Venmo Usage Watch for the first Venmo usage Trigger a campaign on pros and cons of Venmo. Alternatives to Venmo.  Etc.
PayPal Usage Watch for the first PayPal usage Trigger a campaign on these various topics: pros and cons of PayPal, PayPal security vs. Credit Union Security, and the difference between PayPal and a credit union.
Bitcoin Usage Watch for the first Bitcoin usage Trigger a campaign on pros and cons of Bitcoin.  Educational piece on Bitcoin and how it works.
Low Balance Savings/Checking Low Balance Offer a skip a pay option that month for a fee and donate a portion to a local charity.
Pricing Auto price loans .25 points higher On the third consecutive good payment, send an email thanking the member and auto reduce the payment .25%.  This is a great built in surprise!
Rewards Monitor reward tiers on debit/credit Auto trigger outbound emails when the member hits new rewards tiers and options.
Tax Refunds When a one-time tax refund is deposited Trigger outbound content on key strategies for tax refunds, i.e. the impact of saving your tax refunds, what would your tax refund be worth if you saved it for thirty years at a credit union, etc.
Local Merchants Top usage and dollars locally Look at your members local purchase habits.  Create unique rewards where they already shop at local businesses.

a.       Ford – free car wash

b.       Coffee Shop – free cup of coffee

c.       Flower store – coupon

d.       Dry Cleaner – coupon

e.       Theatre (movie or otherwise) – free popcorn

f.        Kids Gym or activity – coupon for a class or session

g.       Home decoration store – special offer

h.       Home improvement store – coupon

i.         Gas Station – a fill up on us

j.         Grocery store – special offer

 

ATM Set the preference ·       Language

·       No Receipt

·       Last Deposit

·       Last Withdrawal

Credit Card Offer timing Other bank credit card payment date Most members pay their credit cards within the same 3 to 5 day window each month. Time credit card switch and educational content to when payments are due for each member.
Credit Card Purchase Subscription Data Members who aren’t using the credit union’s credit card should be offered an incentive to move recurring payments over.
Joint Member Added Look up wedding registry Send a congratulations gift or item from their registry. Follow-up with credit union guide to budgeting for newlyweds etc. It might also be a time where the couple begins looking for a house.
DMV Charge Watch for a local DMV payment Trigger information on how to change your address or other life stage events.

We are getting down to the end of the “Almost 99 Small Data Credit Union hacks” guide. The next two posts will be on “how to tell a member is leaving” and “how to get more “A” members” so stay tuned!

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 seventh 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.

Click here for part six of the data analytics series. 

 

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.