…and their results have been tremendous!
At Altair, we’re always amazed by the variety of innovative ways our customers use data to advance critical business initiatives (download the full case study here for all the details). Often organizations get entrenched using data for operational reporting only, yet one customer (Georgia’s Own Credit Union) thought outside the box to optimize their data analytics to address a critical business initiative: customer satisfaction.
We can all relate to that dreaded feeling before quarter-end, month-end, or anytime when you must run hundreds of processes on incoming data, account services and member interactions with the goal of making sure everything aligns in the core banking system, but Georgia’s Own Credit Union saw the opportunity for better customer satisfaction though their reconciliation.
Now, we know this reconciliation is no easy process, let alone uncovering any exceptions that require action. To really twist the knife, Banks and Credit unions lack control over the different versions of the truth and data formats they receive from third-party clients or systems, like ATM or Card & Payment Services.
Manually reconciling the data from these disparate reports is extremely time-consuming and error prone, wasting time and effort on reports you can’t be 100% confident are even accurate. Thomas Stratton, an information Architect at Georgia’s Own Credit Union stated that “it takes the intensive focus of an analyst – upwards for four to six hours daily on top of normal work tasks – to complete this manual data entry and manipulation.”
Download the Webcast and Slides: “What is Your Credit Union’s Data Strategy Missing?” In this complimentary webcast, you’ll hear from a panel of credit unions experts as they discuss how they improved operational efficiency, and gained analytic insights by making data preparation the linchpin of their data strategy.
Georgia’s Own Credit Union, who serves more than 187,000 members was able to revolutionize all their manual processes, reconciliation, reporting, and ultimately member satisfaction. Altair Monarch applies intelligent data processing to complex text reports, spreadsheets and databases automatically rifling through hundreds of thousands of records turning a process that used to take upwards of five days into being done within 20 minutes.
With an automated self-service data prep solution, Georgia’s Own Credit Union was able to better serve their members by identifying anomalies that show up in different reports nearly immediately, directly improving the member’s experience and satisfaction.
“We are improving the overall member experience by resolving any issues within hours rather than days. Monarch provides a direct service improvement for our members and our staff,” Stratton said.
Many credit unions are turning to self-service data prep solutions not only to ensure timely and accurate management of all critical data, but also to maintain and enhance member services that will give them a competitive edge.
Start thinking about how improved data intelligence could transform the customer satisfaction of your business. Look at your data in a whole new light to streamline processes and optimize your data with a hands-off, fast and accurate system to instantly improve member experience.
- Data Fabric: Stitch Up Your Data Strategy With Visualization - September 13, 2019
- Data Fabric: Save a Stitch in Time with Predictive Analytics - September 5, 2019
- Data Fabric: Skip the Patchwork with Powerful Data Prep - August 14, 2019