Updated: Jan 18
Mutual Survey Insights - #6 of 8
At the recent World Credit Union Conference in Singapore, we ran a survey
"Using Data To Enhance Member Trust, Confidence and Value."
In previous posts, we saw that:
- future use of data focuses on improving products & understanding members
- 77% can improve how they listen to members (analyse member interactions data)
- 83% can improve how well they know their members (quality of member data)
- more than half do not use consistently use data to enhance member value.
What about fulfilling commitments and treating members fairly?
We have already seen that 1/3 are not completely confident that they calculate interest and fees accurately. The next question was:
So 1/3 had not tested their system calculations in the previous two years.
Interestingly, the two sets of respondents did not overlap - i.e.
- some of the respondents were completely confident, but had never tested!
- some of the respondents were not confident, even with recent testing...
If you are not conducting regular testing, how do you know that you are keeping your member promise? You exist to serve members. Fulfilling commitments and treating members fairly should be high priority.
Recalculations do not have to be burdensome, and can be repeatable. They can also be designed to augment existing testing regimes (e.g. for new products, new system functionality, etc) .
Would you like to know what the rest of the results were?
1. Get in touch for a copy of the full report; or
2. Stay tuned as we reveal the remaining results.
About the Survey
Opened at the World Credit Union Conference in Singapore during July 2018.
Survey remained open for two weeks after the conference.
7 questions posed - with focus on using data to better serve members.
Participants included Board Members (~60%) and Executives (~40%) from here:
Risk Insights Blog Post #17