Wednesday, June 14, 2017

Strengthening the Credit Union-Member Relationship with Data

 By Theran Colwell, Vice President, Credit Union Loan Growth

The financial world around us is evolving at breakneck speed. Today’s consumers not only demand a convenient loan experience, they expect it. At the same time, they have more options than ever to finance their big purchases. The challenge – and solution – lies in connecting with members where, how and when they prefer.

“Through predictive analytics, we know that members are clicking on sites,” said Brett Lee, Chief Retail Officer for CoVantage Credit Union. “We need to utilize that data to meet members on their terms, when they’re in the market, and ultimately, reach out to say ‘we’re here for you.’ And, if we don’t do it, someone else is.”

As credit unions continue to increase their lending portfolios, loan generation remains a top strategic growth priority. Today’s deeper access to data allows credit unions to identify targets, drive leads and implement smart campaigns with daily triggers to drive direct mail along and a unique online member experience. From there, credit unions can provide members with pre-approved loan options.

Predictive analytics not only allow credit unions to refine their target audience and grow more loans, they provide active credit bureau monitoring. This allows credit unions to extend members timely, firm credit offers. And, ultimately, it can improve efficiency, saving time and resources.

Of course, the true advantage lies in merging data with one of credit unions’ long standing strengths: their strong relationships with their members.

 “We’re starting with a relationship that been established over many years,” said Lee. “By using data, we are able to tell members’ ‘Here we are, you trust us, we trust you, let’s go on this journey together.’ If we can do that, members have no reason to go anywhere else.”
Theran Colwell is the Risk Management Director for CUNA Mutual Group. He can be reached at