How Credit Unions Can Use Transactional Data for Growth

1. How Credit Unions Can Use Transactional Data for Growth ©Copyright by Jmrinfotech.com

2. Credit unions are a great resource for people who need a low-cost way to borrow money. But like any other organization, they need to stay ahead of the curve to remain competitive. That's where transactional data and Flexcube implementation come in. By understanding how customers use their services, companies can make smart decisions about what products and services to offer and how to reach new customers. • This article will discuss how transactional data can help credit unions grow their business. • ©Copyright by Jmrinfotech.com

3. Humans are emotional beings, and as such, we want to feel as though we are being cared for. We want to know that a service provider cares about our needs and that we can trust them to be there for us when we need them. Transactional data and Oracle Flexcube are useful for learning what customers truly value. This can help credit unions identify the true drivers of member sentiments. 1. Identify the true drivers of member sentiments • ©Copyright by Jmrinfotech.com

4. Not every organization has an abundance of offerings to choose from. This is a common problem that credit unions face. Flexcube and transactional data, such as the frequency of transactions and the amount of money invested in accounts, can help credit unions recognize the products and services members need. • Consequently, they can assess the strengths and weaknesses of their current product offerings and determine what else they need to add to their lending offerings. 2. Understand how members are using your products and services • ©Copyright by Jmrinfotech.com

5. Your customers are the lifeblood of your organization. Companies do everything they can to provide them with great service. Still, sometimes they may get caught up in the day-to-day operations and forget to ask important questions. One of the most important questions you can ask your customers is what they're most interested in. Transactional data can help you establish a baseline for your customer engagement efforts. 3. Establish a baseline for customer engagement  • ©Copyright by Jmrinfotech.com

6. Credit unions have a way of taking care of their members. When those members need to use the best possible loan offer, they trust their credit union will provide them with the best options. Credit unions can use data modeling to predict member behavior and make approvals for risk-based lending decisions. Transactional data can help better predict member behavior and make risk-based lending decisions based on actual data. 4. Predict evolving customer behavior with data modeling • ©Copyright by Jmrinfotech.com

7. Credit unions can monitor suspicious activity and remove bad actors before they do any real damage. They can use data analytics and products like Oracle Flexcube 14.x to identify members actively seeking out bad loans and engaging in fraudulent activity. They can also find out about other issues that can expose the company to risk. 5. Reduce risk and fraud with data analytics  • ©Copyright by Jmrinfotech.com

8. In today's competitive environment, credit unions are looking for ways to stay ahead of the curve using transactional data insights. By leveraging Oracle Flexcube universal banking, they can identify customer trends and patterns that help them better serve their members. By doing this, they can increase loyalty and improve customer satisfaction, which, in turn, leads to increased business growth. Conclusion • ©Copyright by Jmrinfotech.com