Putting Your Credit Union Leadership in the Hot Seat: Tough Question No. 3
How will you set up a strong growth engine?
By Shazia Manus, Chief Strategy and Business Development Officer, AdvantEdge Analytics
Over the past few weeks, we’ve taken a critical look at three questions recently posed by McKinsey & Company, exploring each through the lens of data and digital transformation. The consulting firm proposed the questions as a framework for executives to take a deeper dive into their growth strategies. The onus of such exploration is to ensure leaders are pursuing growth as aggressively and strategically as possible.
- Where is your growth going to come from?
- How can you grow now and tomorrow?
- How will you set up a strong growth engine?
To review our take on the first two questions, click the links above. Below, we explore the third, addressing how credit unions can ignite data to generate momentum for their cooperative’s growth plan.
Question No. 3: How Will You Set Up a Strong Growth Engine?
When our team of data enthusiasts hears “Growth Engine,” there’s an immediate translation. Around our shop, “Growth Engine” is interpreted as “Data Engine.”
That’s because we have seen the fruits of a strategy-first approach to data analytics, both within and outside the credit union industry. Our data strategists understand exactly how data, when harnessed and analyzed proficiently, becomes the key to maintaining relevancy in a fast-changing environment.
Beyond sustaining relevancy, data analytics gives credit union leaders the insight to more readily reimagine the value their cooperative can add to the lives of their members.
Digital native companies reimagine their value every day. Amazon, for example, isn’t afraid to try its hand in legacy environments, like brick-and-mortar retail or print catalogs. Why? While it’s true the company has a fail-forward, agile culture, it also has data... data that can confirm (or refute) a strategist’s hypothesis. It’s amazing the bold leaps you can make with predictive models on your side.
Data is also the fuel that drives consumer experiences. Gathered from a massive and growing number of sources – from sensors and cameras to smartphones and wearables – data is responsible for helping providers turn even mundane moments into magic. I love when the Pandora app senses I’m no longer sitting at my desk, but on a jog, and automatically changes my playlist from “Relax” to “Run.” That kind of moment would not be possible without data and the associated analytics to ignite it.
When it comes right down to it, data and digital are two sides of the same coin. To accelerate the kind of digital transformation that will drive growth and sustainability, data must be harnessed, analyzed and brought to life for your strategists. And, we can help make that happen. Download “The Strategy-First Approach to Data Analytics” to learn how our team helps credit unions through the six guideposts of the data transformation journey.
By igniting their data, credit unions will transform faster. Within the movement, that means more relevant, more meaningful financial help for more people. As members derive the most possible value from their credit union relationship, membership growth and retention, revenue and innovation are stimulated. And, as each of those wins generates its own fresh set of data intelligence, credit unions powered by a strategic “Data Engine” will experience growth for years to come.