By Thomas Hull
When will you need data driven strategies?
Do you need data insights today? Will your credit union cease to exist tomorrow without data insights? Next week? What about next month?
It can be easy to talk yourself out of change when you are meeting the status quo today, your board is satisfied, and your examiner is happy (enough). It’s easy to justify that if it’s not broken, don’t fix it.
Let’s consider the ‘90s for a moment and the rise in popularity of debit cards. Did your credit union immediately know it needed to offer this new technology, or did it doubt the future relevance of debit cards? Could you operate successfully in today’s financial arena without them?
Don’t get me wrong, I am not saying data driven strategies will be the next debit card, but there are many similarities regarding the adoption of new strategies and technologies. They often emerge as something that is nice to have, then one day you can’t compete without it. So, if you can finish this week, month, and quarter without data driven strategies, when will you need them?
Off the Couch
I recently completed a personal training program called “Couch to 10K.” Designed for people who do not currently run “long” distances, the training program is geared toward getting someone off the couch and working up towards the ability to run a full 10 kilometers (6.2 miles for the imperially inclined).
For years I’ve been telling myself “I’ll run tomorrow” or “I’ll start after the holidays,” among countless other excuses. It was easy to put off because on no single day did I NEED to work out. Would I still wake up tomorrow if I didn’t work out today? More than likely. Was I going to fail as a husband or father if I didn’t go for a run today? Nope. It took a conscious decision; the decision to be healthier, lighter, faster, and more agile.
Once I made that decision and committed to it, once I got over the hump and saw signs of progress, my stance began to shift, and I knew that to continue to be healthier, faster, and more agile, I NEEDED to run today.
Best to Train Now
Data-driven strategies will prove to be your own Couch to 10K program. Whether your commitment is to increase membership, loan growth, or profitability, data driven strategies can reveal weaknesses, identify opportunity, and lead to more informed decision making. One or two small wins is all it takes for a change in mentality; make the commitment to be the best version of yourself, running healthier, smarter, and more agile credit unions.
When will you need data driven strategies? It’s best to train before the race starts.
Thomas Hull is an Asterisk Intelligence Analyst.