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A Few 2018 AXFI Conference Takeaways from CU Rise Analytics

CU Rise Analytics

CU Rise Analytics was pleased to attend and sponsor the 5th annual Analytics and Financial Conference (AXFI) in Minneapolis earlier this week. Touted as the ‘premier forum for credit union analytics and innovation’, the AXFI Conference focuses on the increased priority of analytics and innovation for credit unions.

 

The speaker lineup was impressive so we’ve shared here some key takeaways from the 2018 AXFI Conference.

 

Forty percent of credit union members close their accounts in the first 100 days? Say what? Yes, this stat was shared by Kirk Drake, CEO of Ongoing Operations LLC in his session on ‘Future-proofing your Credit Union’. He wanted to drive home the point that members have certain non-negotiable expectations from their financial institution. Those expectations include, according to him, digital experience, recommendations, ease of access, integrated technology, customization...all in real time. If your credit union wants to look toward an industry and follow their lead, look no further than retailers using Drake’s DREAM acronym:

 

Differentiate - prioritize making your credit union unique to increase the value of membership

Reinforce & Repeat - use communication channels such as email, social media, and testimonials to expand the unique, personalized member experience

Educate & Excite - support and encourage your members’ financial knowledge with educational resources, events and communication

Automate - use automation tools to your advantage which will support a consistent member experience

Motivate - create opportunities that show members their ownership advantage through patronage dividend, workshops, fees, rates, rate reset, SAP, specials, etc.

 

Without analytics it would be difficult for credit unions to accomplish the goals of each of the DREAM’s phases discussed by Drake. In addition to him, speakers at the 2018 AXFI Conference shared their experiences and expertise with credit union attendees and we captured some of their thoughts here:

 

● Increase results on Google search: location and relevancy are a key part of the search engine algorithm, videos should be c-level or higher quality, include appropriate keywords with posted images and videos to increase relevance in searches

● Important factors in building connections online include: generosity, frequency, consistency, transparency, connections, accuracy, relevancy

● A brand is the sum of the credit union’s values, ideology, philosophy, experience, and process. The members’ experience with the credit union creates lasting brand memories

● Content can build trust through the 7 stages: Know, Learn, Try, Trust, Buy, Repeat, and Refer

● The idea of Self Sovereign Identity is becoming more important and relevant as data encryption is extremely important and necessary for the future

● Creating and using member personas help credit unions better predict behavior, expectations and build stronger connections

● Stand out in the digital world by being revolutionary versus evolutionary and prioritize collaboration.

● Failure is a symptom of trying.

 

While we’ve shared just a brief overview with you, speakers at this year’s AXFI Conference addressed many hot topics centered around growth for credit unions from analytics to innovation to security as well as offering hands-on workshops. This conference is a must-attend event for credit union employees who are serious about analytics and innovation. If you have not attended in the past, we strongly encourage you to consider attending next year. We will be there and look forward to seeing you at the 2019 AXFI Conference!


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