- Historical transaction records;
- Loan histories;
- FICO scores;
- Credit and debit card usage; and
- Insight on member insurance and investments.
Credit unions can use member data to solve problems related to:
- Risk management;
- Transactional behavior;
- Financial product design;
- Member retention; and
- Member segmentation.
Or, a credit union seeking to improve member retention can identify signals that point to members most likely to close accounts within a year and reach out to them with more enticing product offers.
Transactional data, Rodriguez said, is a good place for credit unions to start with data alaysis.
"Remember, you have your members' financial history," he said. "It is that data that so many retailers would love to have. Use it to your advantage."