Justin Sinders is a 34-year-old Assistant Vice President of Finance of Indiana Members Credit Union ($1,638M) in Indianapolis, Indiana, United States.
Utilizing Data to go from Good to Great!
Utilize data to create a daily performance report of the credit union that allows management to make better informed, real-time decisions.
From big data to data mining, many articles have been written recently about utilizing data to find a competitive advantage. We live in a world where data is everywhere and credit unions (CU) are no different. A problem our CU was running into was “information overload,” there was simply too much information being produced, to quickly understand and make a decision. This is why I created the daily performance report. This report pulls together the key performance indicators from all of the various systems into an easy to understand report that is emailed to management each morning. Our CEO starts his day by looking at this report and deciding which issues need addressed. This report allows our CU to react quicker to issues which provides for a better member experience.
For example, what if there was a surge in debit card fraud? Or what if there is a spike in loan denials? Or what if the average wait time for a member had increased significantly? These examples could indicate significant issues which could provide for a negative member experience and hurt income. Knowing this information on a daily basis would allow management to quickly identify the problem and possibly find a proactive fix.
I sincerely believe that data analysis is no substitute for employing great people or having a great culture of putting members first. However, if data analysis is leveraged correctly, I believe it can be an effective management tool that takes your CU from good to great!