Leveraging Data to Promote Positive Change

Credit unions are awash in data these days. But an abundance of data is not sufficient for success if you don’t have a plan for how to use it. CUES member Zachary Churchill, CUDE, CMA, CFE, CCM, is a man with such a plan, having presented a strong business case for why credit unions need a centralized data analytics team. Based on his standout presentation, Churchill was named the 2022 CUES Emerging Leader. 

“Data is becoming the new currency in the digital era,” says Churchill, VP/finance at $1.1 billion USF Federal Credit Union, Tampa, Florida, serving 72,000 members. “Credit unions have more robust data than ever before, but there are different ways to interpret data. That’s why I think it’s important to create a data analytics group, bringing together people who understand the credit union and people who understand the data. Taking that approach, you’ll be able to leverage data to create a catalyst for major positive change.”

Churchill describes himself as a lifelong learner, which motivated him to participate in the CUES Emerge program, a leadership development program CUES created in partnership with CUES Supplier member Currency, Chilliwack, British Columbia. 

“If I had to boil the CUES Emerge experience down to one word, it would be ‘transformational,’” Churchill says, praising the program for its unique combination of virtual education, mastermind sessions and peer collaboration. The 2022 program featured a cohort of 30 up-and-coming credit union leaders, all of whom had the opportunity to develop a business case. Churchill was one of five finalists chosen from the cohort to present their cases during a live pitch show on Oct. 5.

Telling a Human Story

In developing his business case, Churchill had a challenge: how to make a data-based presentation without being dry or boring. “I knew I had to hold people’s interest,” he says. “People don’t necessarily respond to facts and data, but they do respond to human stories wrapped around that data. So, I decided to describe the benefits of data through the lens of a member experience.”

His entry point was the hypothetical story of Mrs. Rose, a credit union member who had gotten herself into dire financial straits with a high-rate indirect auto loan. In this scenario, Mrs. Rose reached out to her credit union for assistance in getting an affordable loan.

“It was a typical credit union story, where we were able to save the day,” Churchill says. “But what about other members who are in similar situations but don’t even think to reach out to their credit union for assistance? Could data allow us to be proactive in helping them?”

The answer is yes, Churchill asserts—but only if CUs take steps to knock down siloed decision-making and organize data to reach more insightful conclusions.

In preparing his business case, Churchill developed such a convincing argument that he convinced himself USF FCU shouldn’t delay in implementing a data analytics strategy. “I didn’t feel it was necessary to wait for my pitch. Instead, I went back to the credit union and said, ‘Let’s pilot this idea in the finance area that I oversee.’”

Churchill identified lending as an excellent starting point for the analytics strategy. The finance and lending teams worked together to create actionable operational dashboards, which proved effective in determining an interest rate strategy in a rising rate environment. 

“It worked out really well,” Churchill says. “I was participating in the CUES Emerge educational sessions and leveraging what I learned in real time. Now, we’re looking to replicate what we’ve done in lending in other areas of the credit union, such as the branches and call center.”