How Can Data and Applied Analytics Help Credit Unions Deliver a Better Member Experience in the Digital Era – Tim VanTassel from FICO
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“If you’ve ever been to New Orleans and the mouth of the Mississippi, seeing that river roll by. Think about that as the amount of data that’s rolling through, say an average Telco per second. And how you might think about harnessing that and using that. And how do you do that in a way where it’s good for your customer, good for your member, but also makes sense for you. Because that volume is just constantly rolling by, and you can’t keep up with it. And how do you think about what are the right things to do? What are the right things to pull from that river? What are the right things just let pass by?”
Episode Summary
Tim VanTassel, a VP, Head of Product Management for FICO, has rich experience in consulting, financial services, and banking. He’s interested in data and applied analytics, which he finds incredibly important in delivering a convenient member experience for credit unions.
In the latest episode of Digital Banking Podcast, Tim mentions other issues faced by credit unions and the process of their digitalization. Tim is focused on data, seeing them as an essential factor in user experience, loans, and sales.
What will you hear?
Through many interesting examples provided by both Tim and our host, Josh DeTar, you will learn about member score, behavior scores, sales relevancy, digitalization, and other concepts closely related to credit unions and member experience.
Tim and Josh will also discuss the problem of transactional fraud, another field in which Tim excels. Can fraud affect one’s credit score even if people didn’t know they were victims? You’ll be surprised.
Key Insights
⚡ Data is a key to the consumer experience.
Big data, data science, and the use of data in general, can help generate a better consumer experience, whether it is about big banks or small credit unions. By understanding the customers’ and members’ unique needs, a credit union can define reasonable loans according to the member’s expectations. But are companies, such as FICO, limited to accessing only certain forms of data?
⚡ Transactional fraud and credit score.
The better the credit score, the better the chances to get credit approved. But what happens when you’re a victim of transactional fraud? Banks might not give you the opportunity to justify yourself, but what about credit unions? Based on Josh’s car example, Tim finds credit unions more compassionate when it comes to fraud issues.
⚡ Relevance in sales – relevance in loans.
Tim explains that successful sales depend on the relevance of the offered product. The same is with credit unions, loans, and financial services in general. A product (loan) must be compelling, useful, and in line with a person’s needs and requirements. Otherwise, it doesn’t stand a chance.
About The Guest
Tim’s responsibilities encompass the global credit lifecycle, fraud, and other things focused on helping their clients achieve their goals. During his rich work experience, Tim has been a Vice President of many companies in the field of business and financial consulting.