2024 is only days away! While you’re figuring out your new year’s resolutions, make sure your credit union is making some resolutions of its own. Here are six good data habits your credit union can adopt in the new year to make it your most successful year yet!
1. Build or Update a Data Roadmap
Whether your goal is to start actually using your gym membership in the new year, or to improve your credit union’s relationship with data, the best way to ensure success is to have a plan. Your credit union may already have a data roadmap in place – now is the time to review that plan, see what you accomplished in 2023, and update it to include your goals for 2024. If your credit union doesn’t have a roadmap, start by establishing some of your data goals; this may be anything from auditing data for duplicates or misinformation or procuring a data management platform.
2. Review and Update Forms
It’s been a long year; make sure your existing forms are up to date. Double check that fields are still accurate and necessary, add new fields or delete irrelevant ones and make sure there are no spelling mistakes or typos. Having a complete and accurate form is one of the easiest ways to ensure your credit union is collecting the data that will help it to make data-driven decisions.
3. Invest in a Data Management Platform
A good data management platform is like a good new year’s eve party: everything together in one place. By investing in a data management platform, your credit union can eliminate data silos, reduce duplication and ensure easier access to necessary member data. Your credit union can invest in a custom data solution or partner with a platform provider to get the services it needs.
4. Develop Member Personas
Your credit union has goals for 2024, make sure you’re creating member personas that will help you to meet those goals. Member personas allow you to group member segments based on a selected behavior, such as debit card use or payment delinquency. By defining and creating member personas early in the year, you’ll be able to ensure that your credit union is marketing to members who are most likely to positively respond to messaging, helping you to meet your goals.
5. Engage in Regular Data Hygiene Practices
The new year is a time for growth, reflection and a little spring cleaning. Do the same with your data – create a schedule to regularly check on the quality of your data, including checking for duplicated data, incorrectly entered fields, and other inconsistencies that are lowering the quality of your data and affecting your decision making capabilities.
6. Remember, Data is Never “Done”
2023 may be coming to an end, but your data journey isn’t. Whether you’re just getting started or you’ve already completed all of the steps on this list, remember, data management is an ever evolving, life long commitment. By removing “done” from your credit union’s vocabulary, you can ensure your credit union’s data management remains healthy, and your ability to make data-driven decisions continues to grow.
This article was written by Bill Lehman, Chief Marketing Officer at Trellance.