Updated: Jan 18
Mutual Survey Insights - #8 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 were not completely confident that they calculate interest & fees accurately and 1/3 had not tested their system calculations recently.
The next question was:
So 43% would not be concerned with errors that affected >2% of members.
I would argue that, as a member focused organisation, any errors in your system calculations should be actively found and resolved. Others are doing it and the market is competitive, so if you aren't, you risk losing members - can you afford that?
That's a wrap
There is clearly significant potential for credit unions to better use data - to enhance member value, promote trust and maintain confidence. The good news is that it is not difficult to do so.
This post concludes the series. If you would like to see all of the results in one place, get in touch for a copy of the full report
Given that so many people have been keen to see the results (presumably to benchmark themselves), we will be running this again within the next year. If you would like to participate, drop us a line.
If you're wondering what happened to post #7, we decided to consolidate (so this is really the 7th, not the 8th, but we couldn't go back and change the others, so this was easiest).
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