A Segment of One: Collaborating in Personalizing the Credit Union Experience

Brief Summary of Episode #253

People are burned out by transactional relationships when dealing with their banks and credit unions.

Several niche financial brands have embraced personalization in digital customer service, but many brick-and-mortar institutions are playing catch up.

In approaching this “human-plus-digital” experience, Tom Novak, VP and Chief Digital Officer at Visions Federal Credit Union, says it begins with a global alignment.

“As we curate more of these conversations with our members, we can see the returns,” he said. “And so, there is a connective tissue back to the executive team.”

In their bid to up their digital game, Visions FCU brought in the folks at Finalytics.ai, including their CEO, Craig McLaughlin, and Chief Analytics Officer, Mark Ryan.

So, how did they tackle Vision’s customer data in their pursuit of personalization?

“Start with the goal you’re trying to achieve and then jump backward to see what data points we need to achieve that goal,” Mark said.

And as Craig pointed out, you don’t need to break the bank (or credit union) to help your customers.

“The need to hire a large data team can be leapfrogged by using a platform like Finalytics,” he said. “You can deploy solutions that immediately generate value for your members.”

Through collaboration, we can meet the needs of our FI members through personalized digital service.

Key Insights and Takeaways

• Narrowing focus amidst a multitude of data points (11:16)
• Practical shortcuts in personalization for smaller brands (17:54)
• How machine learning can help FIs react to customer needs (26:48)