Thursday, May 25, 2017

The Convenience Economy and the Rise of Data Analytics

By Rich Trace

Today's consumers rely on technology more than ever to make their everyday lives easier. Meeting their growing demand for convenience is dramatically changing how they do business with you. But, in today’s convenience economy, don’t make the mistake of thinking that only the member benefits from a streamlined, digital experience.

Every digital interaction creates a unique data point, and today’s tech-centric lifestyles are creating massive amounts of data. Companies have come to understand that all this (big) data creates a roadmap to consumer tendencies and behaviors. This information can be critical to studying your members, identifying their needs and preferences and developing strategies to be there for them when and how they want.

With the explosion in swipes, clicks and third party sources, the ability to research patterns and make educated guesses on future actions has become much more of a reality.

Learn why data analytics has become so important today and the five major considerations credit unions face when implanting a data analytics strategy. Read the full article here