The Big Data Challenge for Credit Unions

The Big Data Challenge for Credit Unions

NewsAt Doxim, we’re always reading up on the changing field of bank and credit union marketing. Periodically, we like to round up the best blogs and articles we’ve read, and share them with you here on our own blog. This time around, we’ve rounded up some articles on how to get from big data to big results.

“Big data” is a term that has lots of buzz around it, but harnessing the potential of that much data is a challenge, especially for credit unions and smaller banks that don’t have infinite marketing budgets. In the Financial Brand article “Credit Unions Wrestle With The Promise and Potential of Big Data, ”VPs from several credit unions share the incremental steps they took to begin gathering, and acting on, big data insights related to their members. This article is a summary of highlights from a longer CUNA white paper on the topic, which subscribers can find on their website.

Of course, data mining insights only offer returns if they are acted on in a disciplined, targeted fashion. Jim Marous, also writing on behalf of The Financial Brand, takes a look at how banks and credit unions are failing to take advantage of cross-sell and up-sell opportunities. His article includes both data from recent Gallup polls about banking customer purchase behaviour, and a concrete “top eight” list of ways to improve your cross-selling and up-selling.  You can read it here.

Oh, and for those of you who like their data in a visual format, the CUtimes published this great infographic back in June. How big is “big data” and how are credit unions leveraging it in all facets of their business?  Click on through and take a look.

Want to discuss what to do with the data you are gathering about your members? The Doxim team can help you create targeted customer communications that take advantage of your big data insights to drive results. Feel free to give us a call or a quick email to discuss. And if you like the useful articles we’ve shared here, you should consider following us on Twitter for more of the same great content, curated daily for our followers.







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