Next Best Action
A credit union can identify actions that could be implemented for a specific member and the best viable…. option to implement them. This use case uses demographic and behavioral data to recommend actions to increase product penetration, promote online channel usage, promote services through educational materials, and tailor personalized messages to increase the level of member engagement and satisfaction.
Up-Sell/Cross-Sell
A credit union can identify the next two most beneficial products for every member based on member demographics…. and historical behavior. This use case empowers the credit union to achieve a better match between the credit union product offerings and the members’ real needs, driving a quantifiable increase in member satisfaction, engagement, and revenue.
Collection Performance Analysis
A credit union can monitor and analyze the total outstanding amount collected and repossessed by each collection operator…. to identify the best-performing employees and their best practices to increase overall collection performance.
Credit Cards Risk Analysis
A credit union can analyze its credit card accounts by risk tier to determine the effectiveness of overall…. card risk mitigation efforts. Looking at trends by year can help determine the effect market conditions have on the card portfolio and allow the credit union to identify strategies for mitigating risk.
Credit Card Balance Increase
A credit union can analyze credit card balances by branch to determine areas of strength and opportunities for…. increasing card balances. The credit union can use this information to identify branches that need more focus on balance transfer campaigns or discussions with members about the benefits of using the card compared to bank or FinTech cards.
Member Demographic Analysis
A credit union can analyze the distribution of its members by age and gender to determine its membership…. demographic profile and future trends. Finding inadequate penetration within the youth population can indicate that the credit union needs to focus on new marketing strategies to tap this important segment of the population. Member gender analysis can help the credit union monitor the gender fairness in account opening practices and potentially reduce its overall risk profile.
Member Mapping & Growth Strategy
A credit union can map where its members are geographically located and compare the number of accounts and…. balances in each geographical area. By doing so, a credit union can determine opportunities for growth and identify its strongest market locations. This can help focus on local growth campaigns or optimize investments in new branches.
Loan Balance Trending
A credit union can analyze the details of its total loan portfolio balance over time to determine trends…. and areas of possible improvement.
Maturing Loan Retention
A credit union can quickly identify maturing loans and take the necessary actions to renew the lending relationship…. with its members. Possible actions include outbound calling campaigns, online banking notifications, or flagging members for interaction at the branch.
