Break out the fireworks, ya’ll! This week is a big one for CRMNEXT’s Banking on Experience podcast, as we are celebrating our—drum roll please—100th Episode!
And it only makes sense to feature a truly extraordinary guest in honor of the occasion. Anne Legg, Founder of THRIVE Strategic Services and Author of Big Data/Big Climb returns to the show to talk all about how data can help create “goosebump moments” at your credit union.
Anne’s own top-of-mind “goosebump moments.”
Our expert is clear on the 3 things she’s most passionate about: credit unions, their data, and how that data can impact their members’ lives. That last one is, as she puts it, “the magic this industry gets to do every day.”
Anne shares some personal experiences across her career that have given her those “goosebump moments” and left a lasting impression, and you won’t want to miss a single detail.
How CUs can better leverage data and sustain their data strategy.
Anne offers great tips here and gives a huge shoutout to a neo-bank called Dora and to Michigan State FCUfor their awesome efforts in this area.
But the most important thing Anne believes a CU can do? Ask yourself: what is the friction that my member has doing business with me? As she puts it, “Identify your member friction… Prioritize it. And figure out—with the talent you have, with the time that you have, and with the tools you have, what can you do to reduce or solve that member friction?”
Biggest challenges around building data strategy (and how to overcome them).
Anne lays out in gorgeous detail the top 5 areas CUs should really tackle, and—trust us—you’ll want to take notes. But, in a nutshell, her must-haves are as follows:
- Clear data strategy
- Tangible use case that’s focused back on the member
- Clear roadmaps
- Foundational data governance
- Leveraging your people, so they can turn data into action that improves your members’ lives
Empowerment: the role technology can play
Our expert lays out a fantastic analogy, with you in the role of a “magician.” (And let’s be real, who doesn’t love that idea?)
In her words, “If we’re gonna’ be the magician, we’ve got to make sure that we have that talent capability to be able to leverage that tool when we need to use it. If we just buy the tool for the tool’s sake, it’s gonna’ be an awesome wand…but does anybody even know how to use it?”
Ultimately, for Anne, being empowered by tech comes down to this: you’ve got to have the technology that’s appropriate for the business problem you’re solving, and you must have the capability to leverage it.
Anne’s take on the untapped potential of data in the industry
Our expert doesn’t skip a beat answering this question: “It’s that whole predictive analytics piece.” Anne believes that’s the key to creating more “goosebump moments” with your members.
Making the world a better place (yes, really).
One word: LISTEN. We love what Anne has to say about this, and we’re fairly certain you will too.
Here’s to a 100th episode that brings it all back to why this podcast was created to begin with: providing actionable insight from extraordinary experts in the industry that—ultimately—leads to “goosebump moments” in your financial institutions.
Want to contact our expert?
Visit www.anneleggthrive.com, where you’ll find a whole library of practical info around data education AND where can download the first chapter of Anne’s book, Big Data/Big Climb for free.
Find this interview, and many more by subscribing to Banking on Experience Podcast on iTunes. You can also find us on Spotify, Google Podcasts, or visit our page on Casted.