Approximately 40% of all U.S. credit unions have less than $10 million in assets. The Credit Union National Association recognizes a small credit union as being under $35 million in assets, which makes up about two-thirds of all U.S. credit unions.
While there is a common trend across the country that larger credit unions are taking over and growing through acquisition, a counter trend is that smaller credit unions can be pioneers because they are sometimes more agile, hungry and responsive to the customer and their needs. Often, smaller organizations strive to be better and offer their customers more.
Decision-making is key in turning any small credit union into the next big thing.
A consistent theme that is heard from smaller credit unions is that they are data-rich, but information-poor. Data visualization can solve that problem by allowing credit unions of any size to promote better decision-making, automate the reporting process and increase transparency within the organization. They can now bring together information from databases, Excel files, call centers, etc., with very little help from an already overwhelmed IT staff.
Execution is a core competency that is a must for any small business. Think about the last time you had to make a tough decision within your credit union. Did you have all the information you needed in order to make an effective choice? That is where a dashboard solution comes in – by providing access to all the information you need at your fingertips. Want to see your dashboard on your smartphone or laptop? Do you need reporting from multiple data sources updated automatically? Not a problem.
One of our financial clients recently discussed how dashboards changed the way they run meetings. “We used to go around the room and everyone would present everything. Now, the KPIs guide the direction of the meetings and have made us a fact-based, numbers-driven organization. The executive team now focuses on what’s broken instead of letting everyone present everything that they’re doing, both good and bad.” Credit unions need to STOP treating the symptoms of the problems, and start solving the actual problems in real-time.
Time is a limited, non-renewable resource. What if your reporting process was completely automated, leaving you with more man-hours every month to put into something else? How would you spend your extra time? Dashboards can do just that, by connecting directly to your databases, and making your data visualizations real-time, up to date and accurate.
Whether it is executive team reports or monthly Board reports, effective dashboards can deliver a custom report directly to one’s inbox on a daily, weekly or monthly basis. Rather than having to sift through pages of reports that need analysis, they can draw conclusions from the summaries and trends that are immediately visible in the dashboard, while still being able to drill down into the numbers to find details.
Think you’re too small for a dashboard solution, don’t have the IT you need, or simply can’t afford it? Cost-effective dashboards, like iDashboards, actually cost less on a monthly basis than what you may be spending on coffee in a week. Which one do you think will provide more productivity for your organization?
Want to find out more? Contact us today for a free trial and we’ll build you a proof of concept with your own data. See what kind of surprises are in store, as the dashboards will allow you to celebrate the good and quickly spot (and fix) the bad.