A tool for getting to know your members on a deeper level. A window of insight into how those members make decisions. A predictor for potential member behaviors and actions. Predictive analytics can be all these things and more for credit unions today, ultimately delivering the information needed to best serve members and to make the best business decisions.
There used to be a standard protocol for connecting with consumers: conduct market research, use it to make educated guesses about what consumers want, build a campaign that reaches them and tells them you have what you think they want. It worked to varying degrees for a long time to convince people to buy Coca-Cola or remain loyal to their Toyota. But, reflecting back, that “educated guess” was in some ways nothing more than an “educated gamble.”
See what can happen when you think like a fintech, but hug like a credit union.
Three basic sets of data can drive increased average member revenue, lifetime value, and stickiness. The good news: You already have them.