Do you NEED data insights today? What about tomorrow, will your credit union cease to operate tomorrow without data insights? Next week? What about next month? It can be easy to talk yourself out of change when you are meeting the status quo today, your board is satisfied today, and your examiner is happy (enough); it’s easy to justify that it’s not broken, so why fix it.
Let’s consider the 1990’s for a moment and the increasing popularity of debit cards. Did you immediately know you needed to offer this new technology, or did you doubt the future relevance of debit cards? Could you operate successfully in today’s financial arena without them? Now don’t get me wrong, I am not saying data driven strategies will be the next debit card, but there are many similarities in regards to the adoption of new strategies and technologies. They often immerge as the minority, as something that is nice to have, then one day you can’t compete without it.
So if you can finish this week, month, and quarter without data driven strategies; when will you need analytical insights and data driven strategies?
I recently completed a personal training program called “Couch to 10K”. This was a training program designed for people who do not currently run distances, a program geared towards getting someone off the couch, and you guessed it, running a 10K. For years I’ve been telling myself “I’d run tomorrow”, “I’ll start after the holidays”, and countless other excuses. It was easy to put off because on no single day did I NEED to work out. Was I going to not wake up tomorrow if I didn’t work out today? Probably not. Was I going to fail as a husband or father if I didn’t go for a run today? Nope. It took a conscious decision; I made the decision to be healthier, to be lighter, faster, and more agile. Once I made that decision and committed to it, once I got over the hump and saw signs of progress my stance began to shift and I knew that in order to continue to be healthier, faster, and more agile, I NEEDED to run today.
Data driven strategies will prove to be your own couch to 10K program. Whether your commitment is to lose weight and run a 10K, or increase membership, loan growth, or profitability; data driven strategies can reveal weaknesses, identify opportunity, and lead to more informed decision making. One or two small wins is all it takes for a change in mentality; make the commitment to be the best version of yourself, running healthier, smarter, and more agile credit unions. When will you need data driven strategies? It’s best to train before the race starts.