The Problem With Credit Union Data
Blazing the trail to deeper Data Insight
Data connectors and CFS analytical models are just tools to view analytics for credit unions. To succeed, your data initiative needs the right process to handle the preparation, detailed integration, and well planned training and support. The CFS process will help guide your project to successful implementation and adoption.
4 Phases to making better data-driven decisions
- Phase 1
Evaluate & Discover
What happens during phase 1:
CFS Insight acts as a guide through the evaluation phase to help your credit union clarify and define the next step in your journey to becoming a more data-driven organization.
This journey can be as simple as evaluating one or more of the pre-developed solutions CFS Insight offers – to engaging in a Business Intelligence Discovery that results in defining a 3-year plan for your credit union’s data and analytics program.
Regardless of the scope of this phase, CFS Insight will facilitate a process that enables you to reflect both on your own valuable experience as well as the experience and Best Practices of other credit unions to define the best path forward for your credit union.
Activities during Phase 1 may include:
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Solution demonstrations – including deep dive technology assessment
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Requirements elaboration and scope development
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Business value development/cost justification
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Business stakeholder interviews
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Case Study/review of other successful implementations
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Executive presentation
Top 3 Questions Asked In Phase 1:
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Where should we invest next and how much value/improvement can we expect to gain from this investment?
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How much will it cost and how long will it take?
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What is required of my team in this partnership?
Next Phase:
Create & Deploy is phase 2 where you and the CFS team will begin to execute your plan.
Ready to make data-driven decisions?
- Phase 2
Create & Deploy
What happens during phase 2:
Phase 2 is the execution phase. CFS Insight will utilize its established products along with an experienced consulting team to deploy the new capabilities approved in the evaluate phase.
CFS Insight engages your data and analytics team members transparently and collaboratively so that your team gains knowledge of your solution’s technical details and deployment.
Activities during phase 2 include:
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Software installation/configuration
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Data Profiling and custom mapping
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Where appropriate, custom development and consulting
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Testing of software execution
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Validation of data and results against expected outcomes
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Achieving ‘one version of the truth’
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Deployment and transition to production
Top 3 Questions Asked In Phase 2:
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How exactly will this solution work in my environment?
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What adjustments do I need to make to our business process to make this even more successful?
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Is there additional value / opportunity in what we have implemented that we did not originally anticipate?
Next Phase:
Phase 3 is Engage & Onboard. In this phase you’ll educate your key stakeholders on the benefits of your newly implemented data solution.
Ready to make data-driven decisions?
- PHASE 3
Engage & Onboard
What happens during phase 3
In phase 3, your team will engage key business stakeholders that will benefit from the newly deployed capabilities.
CFS Insight can play an active role in driving the adoption among business stakeholders.
CFS can play coach/guide to your internal data/analytics team as it engages the business stakeholders to realize the new solution’s benefits.
Activities during phase 3 include:
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Onboarding of technical staff
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Training of end users/business stakeholders
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Workshops designed to solve specific challenges
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Execution of campaigns to engage credit union members using newly acquired insights
Top 3 Questions Asked In Phase 3:
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Are the users able to trust the information completely or do we have additional steps to gain complete trust?
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Are there other people in our organization that could help us be even more successful?
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Is our project sponsor evangelizing about the system to the rest of the organization?
Next Phase:
Lastly, Phase 4 is where you will continue to refine, improve, and expand your data-driven capabilities as CFS provides on-demand consulting and support.
Ready to make data-driven decisions?
- PHASE 4
Support & Review
What happens during phase 4
In this Phase, the joint CFS Insight / Credit Union teams will support the new credit union capabilities.
Providing responsive and insightful support when needed by business stakeholders is essential to gaining trust and credibility with business stakeholders.
It is also an ideal time to collect feedback on what works with the newly acquired capabilities and what can be improved.
Activities during phase 4 include:
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Support and enhancements
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Business Stakeholder focus groups eliciting feedback
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Future roadmap direction and discussion
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Customer referral meetings to enable collaboration and a community among CFS Insight customers
Top 3 Questions Asked In Phase 4:
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What are we learning about our organization that that we did not previously know or fully appreciate?
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Are there people that we could hire / add to our team that could make this even better?
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Are there further enhancements to the solution that will help us be more successful?
Case Studies
Next Best Product (NBP): The Right Recommendation?
We get asked quite a bit if we have a ‘Next Best Product’ (NBP) model. It is a reasonable request as the idea of being
Power BI Best Practices: Managing your data connections
When a credit union is first deploying Power BI, it can be very tempting to click on the SQL Server button and navigate to a
Credit Union Analytics: I Deployed Analytics, and No One Used It
Many credit union analytics professionals will have some variation on the following story. “The client came to me and wanted to deploy an analytics solution
- How CFS Insight can guide you
Ready to make better data driven decisions?
CFS Insight’s process will guide you and your team into advanced analytics and a better understanding of your data. Once your systems are connected, CFS will help you create productive ways to access, analyze, and model your data for deep insights. So the question is — how can we help?
