{"id":16944,"date":"2021-09-24T02:46:14","date_gmt":"2021-09-23T21:16:14","guid":{"rendered":"http:\/\/ismiletechnologies.com\/?p=16944"},"modified":"2022-10-07T19:48:37","modified_gmt":"2022-10-07T14:18:37","slug":"data-governance-data-lineage-for-credit-unions-using-data-platform","status":"publish","type":"post","link":"https:\/\/ismiletechnologies.com\/en_us\/data-science\/data-governance-data-lineage-for-credit-unions-using-data-platform\/","title":{"rendered":"Data Governance, Data Lineage for Credit Unions using Data Platform"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a style=\"color: #333399;\" href=\"https:\/\/www.gallup.com\/workplace\/268220\/credit-unions-banks-financial-wellbeing-proposition.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">A recent Gallup poll shows that 45.7 percent of credit union members say their credit union makes it easy to manage their finances, compared with 31.3 percent of national bank customers. <\/a>That&#8217;s good news for credit unions. However, there is evidence that credit unions are not taking full advantage of this positive attitude from their members because they are failing to use the data available to them to gain actionable insights, find cross-selling opportunities for their members, and use the data available to them to improve the member experience.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data Governance and Lineage can provide credit unions with the data-driven insights they need to get the most out of their relationships with existing members. In many ways, these platforms can improve the member experience:&nbsp;<br>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Collecting bank and member data in an organized way and then using predictive analytics to identify typical member&nbsp;behaviours&nbsp;that the credit union can respond to. Data collection can include internally held financial data as well as external geographic and social information.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>A data management platform can integrate isolated data into a form that can be accessed by a visualization tool to show patterns of\u00a0behaviour\u00a0and potential interventions throughout the member journey.\u00a0<\/li><\/ul>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"33692\" class=\"elementor elementor-33692\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d56ccf4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d56ccf4\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-86fbb45\" data-id=\"86fbb45\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-21fdb6e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"21fdb6e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-b44ab02\" data-id=\"b44ab02\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9436120 elementor-widget elementor-widget-heading\" data-id=\"9436120\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Improve the Communication, Integration &amp; Automation of data flow across your Organization<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56e2c0e elementor-widget elementor-widget-text-editor\" data-id=\"56e2c0e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Calculate your DataOps ROI<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-4d08631\" data-id=\"4d08631\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c99050 elementor-align-center elementor-widget elementor-widget-lottie\" data-id=\"9c99050\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;source&quot;:&quot;external_url&quot;,&quot;source_external_url&quot;:{&quot;url&quot;:&quot;https:\\\/\\\/assets4.lottiefiles.com\\\/packages\\\/lf20_kkesf8mx.json&quot;,&quot;is_external&quot;:&quot;&quot;,&quot;nofollow&quot;:&quot;&quot;,&quot;custom_attributes&quot;:&quot;&quot;},&quot;loop&quot;:&quot;yes&quot;,&quot;play_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.9,&quot;sizes&quot;:[]},&quot;lazyload&quot;:&quot;yes&quot;,&quot;link_to&quot;:&quot;none&quot;,&quot;trigger&quot;:&quot;arriving_to_viewport&quot;,&quot;viewport&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:100}},&quot;start_point&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:0,&quot;sizes&quot;:[]},&quot;end_point&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:100,&quot;sizes&quot;:[]},&quot;renderer&quot;:&quot;svg&quot;}\" data-widget_type=\"lottie.default\">\n\t\t\t\t\t<div class=\"e-lottie__container\"><div class=\"e-lottie__animation\"><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-ebf16a7\" data-id=\"ebf16a7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fc4f4b1 elementor-align-right elementor-mobile-align-left elementor-tablet-align-right elementor-widget elementor-widget-button\" data-id=\"fc4f4b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xs\" href=\"http:\/\/ismiletechnologies.com\/dataops-roi-calculator\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Proceed<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<ul class=\"wp-block-list\"><li>Since it costs more time, money, and effort to replace an existing member than retain them, it is imperative to identify and respond to potential churn risks through data. Establishing metrics that indicate complaints, high withdrawals, or no activity within a specific period and then automating a personalized credit union response can help retain and engage more members.\u00a0<\/li><li>On the front end, data and analytics solutions can enhance the end-user experience and build loyalty. With a single login for all financial data and credit cards, members can track everything in one place, from upcoming bills, expenses, and account balances to\u00a0potentially\u00a0fraudulent activity. In most cases, members want this kind of 360-degree view of their finances and are willing to let their credit union help them achieve their financial goals.\u00a0<br>\u00a0<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Credit unions face myriad competitors in the marketplace, making it increasingly difficult to retain existing members while attracting new ones. Therefore, these community-focused organizations need to understand the wants, needs, and priorities of their members. Leveraging data is an essential and mandatory skill to remain competitive in a large, diverse, and competitive financial sector.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent Gallup poll shows that 45.7 percent of credit union members say their credit union makes it easy to manage their finances, compared with 31.3 percent of national bank customers. That&#8217;s good news for credit unions. However, there is evidence that credit unions are not taking full advantage of this positive attitude from their [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":16961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74],"tags":[],"class_list":["post-16944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-science"],"_links":{"self":[{"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/posts\/16944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/comments?post=16944"}],"version-history":[{"count":6,"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/posts\/16944\/revisions"}],"predecessor-version":[{"id":33780,"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/posts\/16944\/revisions\/33780"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/media\/16961"}],"wp:attachment":[{"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/media?parent=16944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/categories?post=16944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ismiletechnologies.com\/en_us\/wp-json\/wp\/v2\/tags?post=16944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}