Reasons Credit Union Managers Use Dashboards

Credit union managers have a variety of tasks that are part of their job description. Some of those tasks include financial reporting, training, and onboarding staff, as well as marketing and sales. Everything they do has to be data-driven and even their marketing and sales approach should include data-backed storytelling. The vast majority of the data needed by credit union managers was handled using Excel sheets and other traditional software. Lately, this has changed and a lot of managers started focusing on using dashboards. What was behind this change of heart? Here are the reasons.

Compiling visually aesthetic financial reports

Compiling and reading financial reports is a crucial task assigned to credit union managers that is tedious and consumes a lot of time. In most cases, these documents are accessed to get one particular key detail hidden behind a lot of numbers.

All of this data is simplified by using a dashboard that will highlight important details and display them in a nutshell. The data is displayed using visualizations like graphs, pie charts, and other easy-to-read formats.

That simplifies the task of creating readable financial documents with the most important information outlined with visually aesthetic icons and graphs. For example, trying to determine the profitability of a credit union branch can take unnecessarily longer when using Excel sheets. 

Dashboards can offer an "at a glance look," which can be included in reports created for investors or other stakeholders. Creating financial reports takes considerably less time because the data can be automatically collected with little to no human intervention.

Credit union managers assuming supervisory positions over multiple branches can gain access to important data allowing them to compare the performance of each branch more effectively. 

Slacking performance can easily be identified and necessary steps to rectify any problems will be initiated sooner. InetSoft's BI software can create offline or online financial dashboards, with the latter having real-time live data capabilities.

Identifying progress related to KPIs

The goals determined by the CEO of the credit union have to be converted to KPIs that are monitored throughout the quarter or year. Those KPIs could be from a marketing and sales perspective and to meet the goals established by superior personnel managers need reliable dashboards. Credit union managers can use a relevant data-driven dashboard as one of their trusted marketing reporting tools. 

Using a dashboard for this task can help credit union managers that do not understand the technicalities of marketing gain crucial insight to make digital marketing-related decisions. 

Through various sources, professionals can gain access to conclusive insights by effective data mashup algorithms. The data is presented using visualizations, indicating the efficacy of the marketing and sales strategy being implemented. 

Managers overseeing credit union operations can benefit greatly from CRM dashboards garnering data from multiple sources. Creating an end user-customized customer journey is invaluable to credit union managers and can be simplified exponentially when using a reliable dashboard..

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Converting raw data to actionable business intelligence

Credit Union managers need to make crucial decisions on a daily basis and they rely on dashboards to make the right ones. InetSoft can help these frontline personnel process a lot of raw data to make actionable business intelligence to base decisions on. The dashboard provides visualized insights from ad hoc reports, business activity monitors, and other enterprise reports. 

When it comes to offering easily understandable business intelligence, InetSoft beats SAP Lumira which is the most common choice amongst credit unions and other similar corporations. Using the InetSoft system is very easy and designed for busy credit union managers with no more than just Excel skills. 

Credit union managers can keep their staff to a minimum because this dashboard can be handled by one person. The self-service dashboard designed by InetSoft outperformed SAP Lumira in features such as data column filtering, calculated fields, and collaboration/workflow. 

Depending on who the data is intended for, the dashboard can conduct report bursting. That expedites the distribution of the report in a highly efficient manner. Credit union managers or their superiors can have access to the required reports right on time when they need them. Periodic reports can be scheduled to be burst on time whenever they are due.

Consolidating data from various sources

Dashboard software can contribute to credit union managers understanding disparate pieces of information in a singular context. 

Machine Learning-powered conducts data mashup from various information sources and generates relevant visual reports. The data outputted by the dashboard comes in a format suitable for end users with all the technical information shielded from consumers. 

Credit union managers do not have to sift through technical information that will confuse them. Instead, they get data gleaned from more than one source that proves a single point. The mashup procedure refines the data blocks and visualizes them for easier referencing, profiling, and verification from end-users.  

That saves a lot of time for credit union managers that can be better used for other business processes and operations. The data blocks making up the mashup can be set to draw insights in real-time or be cached and accessed at ultra-fast speeds whenever the need arises. These different types of data blocks can also be used at the same time parallel to each other by credit union managers to get actionable business intelligence. 

View live interactive examples in InetSoft's dashboard and visualization gallery.

Portfolio Performance Management

Credit unions manage a lot of credit portfolios for customers and there is a lot of data they need to process. The data processed by credit union managers mostly relates to managing the risk-return of each customer on the books or applying for financial assistance. A lot of figures are accounted for and doing so can waste a lot of their time that could be spent on other aspects of the business.

To simplify this task, professionals can use reliable data presented in an easily understandable format. InetSoft has access to almost every data source available and that can give them a clear picture of approving credit. All of the data to make each decision is found in one place with just a few clicks making it easy to manage related risk. 

The dashboard provides reports complying with regulatory standards automatically. A lot of banks use a data-driven dashboard to conduct risk and credit control while also conducting sales and marketing analysis. 

It can be used to get a holistic view of the risk exposure of a branch or to gain insights based on client reports. Credit union managers can also get timely fraud alerts according to the latest market trends to protect the business from any potential loss.

Guaranteed accurate figures

When considerable amounts of money are at stake, it goes without saying that accuracy supersedes everything else. In an environment requiring quick responses, it can be very easy to produce inaccurate reports because of time constraints. 

Using a data-driven dashboard can solve both these concerns because most of the operations are automated. An automated system makes it easy to respond quickly to superiors or clients without compromising the accuracy of the shared data. 

Credit union managers rely on reliable dashboards to provide accurate figures, which can be challenging when using Excel sheets and other generic tools. Inconsistent reports can discredit the business and credit union managers trying to consolidate data from various sources manually are at risk of making this mistake.

All other reports generated by the dashboard will have the same figures providing accurate and consistent reporting capabilities for credit union branches. Forecasts are also very accurate and realistic by using every data source available, including the current trends in the market. All of this data comes in a pixel-perfect report that is pleasantly looking and easy to reference.

Read the top 10 reasons for selecting InetSoft as your BI partner.

Simplifying tasks for employees

Equipping credit union managers with a dynamic dashboard will dramatically simplify their task of onboarding new personnel while reducing the amount of time spent on ongoing staff support. 

Using a dashboard will make the tasks of everyone, especially managers, easier and improve overall productivity. Using a dashboard might even reduce the amount of staff required to conduct daily tasks, saving considerable amounts of cash for the credit union.

By unifying the data in a live report, credit union managers will have a simplified and unified workflow, reducing human-error while promoting productivity throughout the entire branch. Using an effective dashboard is very important for credit union managers in managing and making the best use of human resources at their disposal.

It has the potential of eliminating the need to share data using emails and print them to share with other employees. All parties involved in creating and sharing the reports using the dashboard do not need specialized technical skills, as Excel proficiency is just good enough.

Final thoughts

Credit union managers have great use for dashboards because it simplifies their tasks and offers actionable business intelligence in visually aesthetic reports. Above financial reporting capabilities, managers can gain access to other marketing and sales insights, clearly stating the business's position regarding the predetermined KPIs.

Read what InetSoft customers and partners have said about their selection of Style Scope for their solution for dashboard reporting.