Data, Data, Data
Written by Anthony Demangone, Powered by NAFCU
Last week, I was in California for NAFCU's CEOs and Senior Executives Conference. It was a fantastic event, and I took a boat-load of notes.
One theme kept coming up again and again.
The future will belong to those who can gather, analyze and act upon data the best. Here are three tidbits from the week.
- One speaker, Mike Walsh, said the current crisis at Facebook over Cambridge Analytica doesn't concern him. Future generations, he predicts, will look back and wonder what all the fuss was about. Society will increasingly understand that it is good to share data with companies because it will make the experience better. People will look at data the same way they look at electricity. It is the stuff in the background that makes things work.
- There is data everywhere. The Ritz-Carlton has a file on every guest that has ever stayed there. Housekeeping staff keeps tabs on what is in the trash. Garbage? No. It is data. A few empty cans of Diet Coke or Coor's Light in the trash can signal a guest's preference. That goes into the file. Ah, Mister Demangone, we see that you like Diet Coke. Would you like us to stock the fridge with Diet Cokes to enjoy upon your arrival?
- Finally, there was a wonderful presentation from AdvantEdge Analytics. They did work for a credit union that wanted to reduce the "churn" of new accounts. Why do some new accounts stick, while other members close their new accounts after a few months? After AdvantEdge Analytics dug, and dug, and dug into the data, one key theme jumped out. Members who lived more than 7 miles from a full-service branch of the credit union had a far higher likelihood of closing their account. Now, you can't extrapolate those results to your credit union, but you could hear the gasps and "wows" around the room.
Many of the speakers urged the audience to begin thinking about data.
- On a scale of one to ten, how well does the credit union manage data?
- Analyze that data?
- Act upon that data?
Like I said earlier, the experts all said the future belongs to those who master data.
It was a great week.
I hope you can join us for next year's event, which will be in Key West, Florida.
About the Author
Anthony Demangone, NCCO is Executive Vice President and Chief Operating Officer at NAFCU, where he oversees day-to-day operations and manages the association's education, marketing, membership, human resources, building facilities, finance and information technology functions.