Side-by-Side Client Success Model Empowers Bank's Analytics Initiative
Customers are increasingly demanding digital banking experiences, immediate results and responses to sales and service inquiries, and easy-to-use online platforms. While it is common for banks to invest in building mobile and online banking platforms, industry trailblazers are harnessing the power of data and analytics to drive revenue and smarten operations by gleaning better understanding of their customers for timely targeted cross selling opportunities, lower risk lending, and by cutting operational costs caused by ineffective duplicative customer outreach for sales and service.
So, where to start? The data analytics landscape has exploded over the past decade with an ever-growing list of products and services: literally thousands of tools exist to help business deploy and manage data lakes, ETL and ELT, machine learning, and business intelligence. With so many tools to piece together, how do business leaders find the best one or ones? How do you figure out the best combination of tools and use them to get business outcomes?
The truth is that many tools are built for data scientists, data engineers and other users with technical expertise. With most tools, if you do not have a data science department, your company is at risk of buying technologies that your team does not have the expertise to use and maintain. This turns digital transformation into a failed project without business outcomes instead of sparking data-driven revenue growth.
Yet most mid-sized financial institutions do not have teams of data scientists or data engineers and it does not make business sense to add these FTEs. Really, mid-market banking is stuck between a rock and a hard place in trying to compete with big banks and not get left in the dust of industry giants taking more market share by using data analytics to sweeten customer experiences. So how does the mid-market compete?
Side-by-Side Solution
A side-by-side client success model provides value that goes beyond most tools and platforms on the market by providing a data platform with built in data management and analytics, as well as access to human intelligence in data engineering, machine learning, and business analytics. While many companies offer tools, and many consulting firms can provide guidance in choosing and implementing the tools, integration of all the tools and expertise in one end-to-end solution built for non-technical business users is key for digital transformation success for mid-market businesses.
To learn how Aunalytics helps mid-market banks and credit unions achieve success in data analytics implementation and beyond through their side-by-side client success model, download the full case study here.
Communication Federal Credit Union Leverages Data to Drive Higher Business Value Using Aunalytics Daybreak for Financial Services
Aunalytics’ Advanced Data Analytics Platform, Coupled with a Dedicated Side by Side Model, Accelerates the Credit Union’s Member-centric Decision Making
South Bend, IN (February 22, 2022) - Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, announced today that Communication Federal Credit Union (CFCU) is using Aunalytics Daybreak for Financial Services so that it can leverage its data to accomplish high effort projects at greater speed and efficiency. With Aunalytics’ advanced data analytics platform, in combination with the company’s side by side approach which integrates technology and expertise for non-business users, the credit union has accelerated its member-centric decision making to drive higher business value.
CFCU is a $1.7 billion full-service credit union with more than 200 employees and 23 branches in Oklahoma and Kansas. It serves more than 105,000 members and partners with many successful businesses such as OG&E, ONEOK, ONE Gas, AEP/PSO, Chaparral Energy, AT&T, Goodyear Tire, and more than 250 other groups.
Because of CFCU’s strong commitment to individualized service, the credit union uses a “hands on” approach when it comes to business intelligence and how it manages data. Ben Smith, Vice President Business Intelligence for CFCU, explains that “We work hard to get our hands dirty and figure out how we can execute our strategic goals, measure accordingly, and then quickly adjust our findings. At the same time, we take an ‘anything is possible’ approach, which posed a significant challenge back in the dark ages for credit unions and data analytics several years ago when we were all just getting started and trying to figure out how to do things with a slew of platforms, systems, and lots of data.”
Having data was never an issue for CFCU as the organization had always had volumes of information to work with. However, it was scattered across the organization and was messy, disjointed, and very difficult to bring together. As the credit union started to adopt analytics and become more data driven, it had to quickly learn how to leverage data within technology platforms to fulfill senior management’s requests for strategic information. Proving that it could deliver upon requests with the anything is possible approach, the business intelligence team began to receive an outpouring of requests, and found itself devoting a lot of time, effort, and determination to accommodate them.
Reaching a point when the existing model wasn’t sustainable, the team determined it needed a data analytics solution provider to support its business intelligence initiatives. After an unsuccessful experience with its first provider, CFCU established more concrete goals and a higher set of expectations for what it required of a data analytics provider. Innovation and a true partnership were at the top of its wish list. The business intelligence team spoke with many peers and industry experts before beginning the formal exploration process.
“We wanted to work with a leading-edge technology company that had a proven track record of innovation, along with experience across multiple industries, including financial services,” Smith said. “In addition, we were looking for a partnership that would go well beyond the traditional services model - a partner who would pull alongside us in a manner in which we push them towards excellence in the platform, and they push us toward excellence in our analytics and outputs from the platform. It really required a fresh approach to our preliminary discovery questions when meeting with different providers.”
CFCU narrowed its vendor selection down to two providers including Aunalytics. In addition to outscoring the other company, Aunalytics offered a side-by-side partnership model that integrated technology and expertise in one end-to-end solution built for non-technical business users. Aunalytics was also flexible, open, agile, and offered an unmatched level of support.
Implementing Aunalytics data platform and Daybreak® for Financial Services, CFCU realized immediate high value impact in centralized automated data cleansing, organizing, structuring, consolidating, and aggregating. The credit union was able to gain and leverage daily cleansed data, delivered seamlessly in a dynamic environment without the investment in required cloud infrastructure, software, and people such as data engineers, data scientists, and day to day support. CFCU now leverages this data to accomplish high effort projects at greater speed and efficiency.
Built from the ground up for credit unions and midsize community banks, Daybreak for Financial Services is a cloud-native data platform that enables users to focus on critical business outcomes. The solution seamlessly integrates and cleanses data for accuracy, and employs artificial intelligence (AI) and machine learning (ML) driven analytics to glean customer intelligence and timely actionable insights that drive strategic value. It includes transactional banking data that a financial institution creates and batches daily in the analytics, to provide the most up to date insights ready for business users to act upon when each business day begins.
“Our approach at the beginning of our data analytics journey was that anything was possible - with enough time, effort, and determination,” Smith said. “Our approach now with Aunalytics is that anything is quickly possible - with the right tools, innovation, and partnerships.”
“Communication Federal Credit Union had been struggling with what many financial institutions are challenged with - massive amounts of data that is typically siloed across the organization, making it difficult and time consuming to aggregate and integrate for higher business value,” said Ryan Wilson, vice president, Client Relationships at Aunalytics. “We’re pleased to work with them in a side by side manner that helps CFCU achieve its business goals while reducing and streamlining the manual processes required before implementing the Daybreak solution.”
Full case study here.
Tweet this: .@Aunalytics Communication Federal Credit Union Leverages Data to Drive Higher Business Value Using Aunalytics Daybreak for Financial Services #CreditUnion #Banking #FinancialServices #CommunityBank #Midmarket #Dataplatform #DataAnalytics #Dataintegration #Dataaccuracy #AdvancedAnalytics #ArtificialIntelligence #AI #Masterdatamanagement #MDM #DataScientist #MachineLearning #ML #DigitalTransformation
About Aunalytics
Aunalytics is a data platform company delivering answers for your business. Named a Digital Innovator by analyst firm Intellyx, and selected for the prestigious Inc. 5000 list, Aunalytics provides Insights-as-a-Service to answer enterprise and mid-sized companies’ most important IT and business questions. The Aunalytics® cloud-native data platform is built for universal data access, advanced analytics and AI while unifying disparate data silos into a single golden record of accurate, actionable business information. Its DaybreakTM industry intelligent data mart combined with the power of the Aunalytics data platform provides industry-specific data models with built-in queries and AI to ensure access to timely, accurate data and answers to critical business and IT questions. Through its side-by-side digital transformation model, Aunalytics provides on-demand scalable access to technology, data science, and AI experts to seamlessly transform members’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Denise Nelson
The Ventana Group for Aunalytics
(925) 858-5198
dnelson@theventanagroup.com
2022 CULytics Virtual Summit
2022 CULytics Virtual Summit
Aunalytics to showcase Daybreak and present case study at the 2022 CULytics Virtual Summit
Aunalytics will be hosting a virtual booth at the 2022 CULytics Virtual Summit, as well as demonstrating the Daybreak™ for Financial Services cloud-native data platform that enables users to focus on critical business outcomes. Daybreak seamlessly integrates and cleanses data for accuracy, ensures data governance, and employs AI and machine learning to glean intelligence from transactional data.
In addition, on 3/29, Interra Credit Union will be jointly presenting a case study with Aunalytics on how the Daybreak platform has helped their credit union utilize data to acquire timely, actionable insights that drive value for their members.
CU Conferences: 22 Spring Training Conference - Florida
Spring Training Conference
CU Conferences
TradeWinds Island Grand Resort, St. Petersburg, FL
Aunalytics to attend Spring Training Conference in Florida
Aunalytics is excited to attend CU Conferences’ 2022 Spring Training Conference in St. Petersburg, FL, as a Lunch Sponsor. Aunalytics will be demonstrating Daybreak™ for Financial Services at their exhibit booth. Daybreak enables credit unions to more effectively identify and deliver new services and solutions for their members so they can provide a more personalized member experience.
CU Conferences: 22 Spring Training Conference - Arizona
Spring Training Conference
CU Conferences
Scottsdale Plaza Resort, Scottsdale, AZ
Aunalytics to attend Spring Training Conference in Arizona
Aunalytics is excited to attend CU Conferences’ 2022 Spring Training Conference in Scottsdale, AZ, as a Lunch Sponsor. Aunalytics will be demonstrating Daybreak™ for Financial Services at their exhibit booth. Daybreak enables credit unions to more effectively identify and deliver new services and solutions for their members so they can provide a more personalized member experience.
Aunalytics Powers Data Insights and Positive Outcomes for Horizon Bank Customers
Aunalytics Powers Data Insights and Positive Outcomes for Horizon Bank Customers
Community Bank Takes Strategy-First Approach to Streamline Customer Intelligence and Business Operations
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Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.
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Community Bank Takes Strategy-First Approach to Streamline Customer Intelligence and Business Operations
Marketing pitfalls can damage customer relationships—here's how to avoid them
While the main goal of marketing is to gain new customers or increase spend from existing customers, at times, marketing effort can do more harm than good. Unfortunately, a marketing campaign could not only fail to entice customers, but certain pitfalls could actively damage customer relationships. Fortunately, there are ways to avoid them. Below are three major mistakes that marketers are prone to making.
#1 Duplicate Mailers
There is nothing more frustrating than opening up the mailbox and receiving multiple duplicate postcard mailers from a single company. Or when they are addressed to you using two variations or spellings of your name. Or when one is addressed to another member of your household and the second to you. Even worse, when one is addressed to you and another to a generic “household” at your address. Your household typically does not require more than one.
This leaves you to focus on the wasted paper and postage instead of the product or service being marketed. And if the company sending the mailer knew more about the target customer, perhaps the target is someone who does not respond well to snail mail and doesn’t like it. Mailed promotional materials go straight into the recycling bin without even entering houses in many households. This type of waste would be avoided by intel on channel preference of prospects.
When you receive duplicate mailings from a company that you do not do business with currently, it can be viewed as a sign that the customer experience would lack attention to detail, personalization and efficiency. This is a turnoff. That company is likely to be put on a mental list of those you do not want to do business with – period.
If a company that you are doing business with sends multiple duplicative mailers to your home, this can be even worse. In this digital world, many businesses ask customer profile questions including preferred contact method. If you opt in for electronic communications and e-bills, sending a mailer shows that the company is either not listening to its customers or the company is not communicating well within its internal teams. You took the time to complete the profile, yet the business can’t be bothered with using your input. Did anyone read your form fill results? Again, this shows lack of personalized customer experience, inefficiency and lack of cohesiveness in operations. As a current customer, you feel even more devalued than the business that does not have a relationship with you.
Sometimes the duplicate mailings are sent to your name using slight variations of your address, such as “Street” versus “St.” If the business cleaned up its mailing list and recognized that this is the same location, it would save on operational costs and make the company look smarter.
#2 Marketing Products to Customers Who Just Bought Them
A second frustration is receiving a mailer from a company that you currently do business with asking you to purchase products or services that you already have purchased from them. For example, a bank sends a mailer to open a HELOC account or a credit card account when you already have that product from that bank. Is the bank carpet bombing mailings to everyone? How wasteful. Is it that the bank does not care enough about you as a customer to take the time to realize which products you already have with them?
The misdirected marketing may cause customers to begin to think that they should place their business with a bank that cares about their business enough to know which accounts a customer has with them. Really, the relationship would be better if the bank stopped trying to engage its customers than continue to do so with communications that miss the mark.
#3 Bad Timing
A third pet peeve with marketing is when the offers are untimely. For example, if you just refinanced your mortgage with your bank, the bank should not send you a mailer 10 days later for a refinancing opportunity. Yes, customers appreciate notification of interest rates becoming more favorable. But given that you just paid closing costs (or folded them into your loan), refinancing 10 days later is not likely. Instead, you run the risk that the customer sees even better terms being offered and feels dissatisfied with his new product or even mad. From the customer’s perspective, if the bank had told him to wait 10 days, he’d have better terms. Marketing can do better on timing.
Marketing should not damage customer relations.
The Digital Data Challenge
Many businesses have a plethora of data that is typically siloed across many systems throughout the organization. Aggregating and integrating this data for marketing purposes is a major challenge that can be difficult and time-consuming, if not nearly impossible.
Hyper-personalized services that factor in intelligence about a customer holistically should form the core of customer relationships. To achieve this goal, businesses can integrate their disparate data architecture across lines of business and functions to create a 360-degree view of customers and allow for targeted marketing based upon data.
New and advanced data analytics powered by artificial intelligence (AI) are available today that enable customer intelligence to drive marketing. Aggregate your data and ensure that it is cleansed to remove duplicate customer lists for mailings. AI-powered analytics recognizes when people with different names are part of the same household to further eliminate duplicate mailings.
Harness the power of your data to personalize a customer’s experience with your company and not only avoid these pitfalls, but enable smarter targeted marketing.
