If you saw the following stats...
...you would most likely say, “Yes! How do I get those results?”
Before you turn to lending, turn to your data. The “downstream” benefits above can be achieved from a robust data governance program. And they illustrate that data, like loans, can be tied directly to the bottom line.
Unfortunately, most credit unions don’t even think about their data in this way. Once the importance of data governance is well-understood, the implications can be eye-opening. In fact, data has been identified as a strategic business asset by many organizations. So, like any strategic asset, data needs to be governed by key components that are based on best practices to fully maximize the financial and operational benefits.
There are six key elements of data governance credit unions should focus on. They are a good place to start and may leverage best practices that could already be in place at your credit union. Let’s take a deeper look at one of them: Data Quality.
Data is one of the most robust assets of a credit union but may be the least formally managed. You would never be casual with the governance of your loans, so why would you with your data?
An end-to-end data quality and issue management process is vital. But what does it look like?
Want to find out more? Listen to our podcast: “Take Care of Your Data, and It Will Take Care of You”, where David Rose, Analytics Expert at McKinsey & Company, provides clarity and insights to data governance.
Anne Legg is Director of Market/Client Strategies for AdvantEdge Analytics.