First Comes Data Strategy€¦ · First Comes Data Rich Jones, Principal Strategy...

FirstComes

DataStrategyRich Jones, Principal

Leading2Leadership LLC720.256.4936, @rich0747rich@leading2leadership.com

Five V’s

Data is too important to be left to chance

Data needs to answer business questions with

actionable information

So, what’s getting in your way?

7

Member

Perception?

Lack of software or resources?

Lack of Time?

Where do we

With a Data Strategy

Data Strategy1. To provide the data, data integrity and data awareness, the reporting and

analysis expertise and the tools and services to allow the credit union to become a data driven organization for strategic, financila, marketing, and operational planning

a) Create marketing efficiencies by target product and service offerings

b) Use data to discover organizational efficiencies

c) Change decisions from “I think” to “I know”

2. To win, we need to excel at

a) Data Access

b) Data Mining

c) Data Analysis

d) Data Visualization

Where is your Data Located?

How is data accessed?

How is Data used?

What Data is Missing?

Who Else Has Your

Data?

• LOS

• CRM

• PFM

• MLOS

• Sold Mortgage

• Indirect auto

• Website

• Wealth Management

• MCIF

• OLB

• Mobile Banking

• Bill Pay

• Credit Card

• Social Media

Creating a Data Driven

Culture

From Looking Back with Data

To Looking Forward

Building a Roadmap

Create the Project List

Start with Core

What’s in Core?• monthly ACH deposit to another FI

• monthly bill payment via providers website

• automatic loan payment to another FI

• with no checking

• With no debit card

• with inactive checking/debit

• without a credit card with you

• with A credit and low deposit balances

• with high deposit balance and no loans

• without mortgages with you

• with one auto loan

• with $10K of deposit balances

Budget and Skill

• Identify tool and resource gaps

• Plan to fill gaps

• Establish utilization and reporting elements

Set Milestones

• Data Strategy organizational buy-in

• Create definitions

• Evaluate Data gathering, storing and mining tools and resources

Definitions• Member• Household• Core Deposit• Term Deposit• Consumer Loan• Mortgage loan• Active Member• Active Account• Inactive Member• Inactive Account• New Member

1. Data sources

2. Data you don’t have

3. Aggregate data

4. Set definitions

5. Determine the budget and staffing

model

6. Choose the tool/software

Rich Jones, PrincipalLeading2Leadership LLC

720.256.4936@rich0747

rich@leading2leadership.com

"INFORMATION IS THE OIL OF

THE 21ST CENTURY, AND

ANALYTICS IS THE

COMBUSTION ENGINE”Peter Sondergaard, SVP Gartner Research