Transforming Technologies

In today’s Digital Age, consumers of all ages want services that are easy to use, secure, and in step with today’s faster pace of life. As interest in innovative technology such as digital wallets and mobile payments grows—particularly among millennials and affluent households—financial services providers can leverage these tools to drive revenue and grow relationships.

Early adopters of leading-edge services also will gain a competitive advantage and sustainable relevancy in the marketplace. Although the broader financial landscape is evolving rapidly, financial institutions have many opportunities to capitalize on these changes. As disruptive, nontraditional financial providers continue to emerge, it is evident that members place greater trust in established institutions. Through value-added services, such as financial literacy education and financial management assistance, these institutions can enhance their connections with new and current members for generations to come.

Below are 5 key trends surfaced from a survey done by Harris Poll to 3,000 consumers, around managing their money in today’s digital age.

Managing Money in Digital Age

The purpose of a business is to get a profitable customer. Since profitable customers are the lifeblood of any business, the changes or improvements you should prioritize are the ones that will do the best job of attracting and keeping them.  This process starts with understanding your customers and markets better than anyone else.  Some people call this business intelligence, analytics, or big data; we prefer to describe it by its desired effect – the process of acquiring and retaining ideal, profitable customers.

 

People using these terms typically approach gaining profitable members as a technical exercise rather than making analytics the fuel uniting the myriad parts of the organization, such as leadership, strategy, culture, people, process, systems. In other words, the value of business intelligence is only maximized when leaders ensure it is ingrained into the culture, strategy, decision-making, and everyday operations of the business.

 

Ideally, a strong analytics initiative is led by a creative, entrepreneurially minded strategist who can quickly understand the business of your CU and provide sound advice, taking into consideration the member and market analytics within the current context of the organization. That approach leads to building your strategies, tactics, marketing, and innovation around the relevant intelligence.

 

Below visualization shares industry history around evolution of Business Intelligence its maturity model, phases, and best practice to succeed in a corporate business intelligence strategy.  In addition, as bonus, it pulls together additional distinction of jobs in modern Business Intelligence practice and reported salary information from Springboard.

 

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