Accelerating Your Analytics and AI Journey with Vertice AI

How is your credit union approaching advanced analytics and AI? Are you gaining insights and data-driven recommendations you need to grow, make decisions and drive strategy?

A recent survey conducted by Vizo Financial and Vertice AI found that 66 percent of credit unions are exploring data analytics but have not fully implemented any use cases. Similarly, 75 percent are exploring AI but have not fully implemented any use cases.

These results indicate strong interest in leveraging data analytics and AI to serve use cases and drive strategy, but the question of "how" remains.

At Vertice AI, we view advanced analytics and AI as a journey – not a destination. As credit unions grow and evolve, so do their analytics and artificial intelligence needs. While some may be focused on understanding member behavior and improving member engagement, others might be looking to leverage AI to provide deep member personalization journeys.

This blog will explore how the solutions offered through Vizo Financial and Vertice AI’s partnership are focused on helping your credit union start or accelerate your analytics journey.

Scaling with Vizo Financial and Vertice AI

Vizo Financial and Vertice AI have partnered to meet member credit unions where they are on their data-driven member analytics journey and grow with them. Whether your credit union is beginning to explore analytics or is well into your advanced analytics journey, Vertice AI provides purpose-built solutions to support your data-driven member growth objectives.

Through our collaboration, credit unions gain trusted partners who understand their challenges and offer solutions that meet them on their journeys, helping grow capabilities and investment over time at a pace that aligns with their objectives.

Key Stages for Credit Union Analytics Journeys

The maturity of advanced analytics capabilities typically progresses through three key stages. As you consider your journey in advanced analytics, we have contextualized these stages in terms of understanding member behavior and participation, and how these insights relate to your growth strategies:

1. Descriptive Analytics: Helps credit unions understand their membership and overall participation. By analyzing historical data, credit unions can gain insights into member demographics, product relationships and financial behaviors to inform data-driven strategies. Here are some examples of descriptive analytics:
   • Member Segmentation: Identifying the number of members under age 40, and the most common products held in this demographic.
   • Product Usage Trends: Discovering that members with auto loans often bundle them with savings accounts.
2. Predictive Analytics: Uses advanced models such as machine learning to anticipate member needs. This proactive approach allows credit unions to grow economic participation and wallet share by targeting members with products they are most likely to need. Some examples of predictive analytics include:
   • Loan Predictions: Predicting which members are likely to apply for a personal loan based on spending and savings patterns.
   • New Product Interest: Anticipating which members might be interested in opening a retirement account based on their age and financial goals.
3. Prescriptive Analytics: Extends advanced models and tools to not only predict outcomes, but also autonomously recommends the specific actions most likely to achieve growth and engagement strategy outcomes. Check out these examples of prescriptive analytics:
   • Optimized Marketing: Recommending a credit card campaign targeting young professionals via email with cash-back incentives.
   • Fee Reduction: Suggesting fee waivers for at-risk members to retain them.

How Vertice AI’s Solution Meets You on Your Journey

1. Vertice AI Know
   This solution empowers credit unions with the insights and capabilities gained in the descriptive and beginning predictive stages. For credit unions in the early stages of their analytics journey, Vertice AI Know provides growth-based insights and actionable analytics that help your credit union gain a deeper understanding of your membership.
   • Growth-Based Insights:
     • 70+ Metrics: Provides more than 70 metrics on individual member and holistic membership insights.
     • Economic Participation Scoring and Leveling: Unique to Vertice AI, this scoring allows credit unions to understand and segment economic participation into levels across your membership.
   • Actionable Analytics:
     • Track Economic Participation Over Time: As growth opportunities are identified through the solution, credit unions can monitor changes in member economic participation and account growth, helping them make strategic adjustments.
     • Behavior-Based Analytics: Tracking member locations, transactions and balances offers valuable insights into member financial behaviors and how members interact with the credit union, supporting the identification of member and account growth strategies.
2. Vertice AI Grow and Measure
   For credit unions ready to advance further into predictive and prescriptive analytics, Vertice AI's Grow and Measure solution extends member growth and personalization capabilities. It builds on the Know solution to enable credit unions to proactively engage members, using AI to identify high-impact growth and retention strategies, as well as automated marketing content creation and result measurement.
   • Propensity-Driven Growth & Churn Opportunities: Vertice AI Grow and Measure determines the likelihood of members adopting new products or churn from existing products. By anticipating these trends, credit unions can create campaigns to grow economic participation and retain valuable members.
   • AI-Enabled Marketing Campaign Workflow: To boost member engagement and personalization, this feature enables credit unions to create tailored marketing campaigns based on AI-driven insights, helping them target the right members at the right time through the right channels.
   • Measure Product Adoption and Wallet Share Growth: Track product adoption of members targeted through growth campaigns developed in the solution. Understand performance of marketing campaigns in meaningful metrics such as adoption by segment, new money growth, balance growth and more.
   • Campaign Optimization for Member Segments: Learns the most effective campaign methods for each member segment, improving the marketing methods used for campaigns.

What Does Your Journey Look Like?

The Vizo Financial and Vertice AI partnership is focused on providing your credit union with the right solutions to support your data-driven member growth initiatives and analytics journey. The Vertice AI solutions are purposefully built to solve the "how" of leveraging data analytics and AI to drive member growth strategies, and the differentiation in the solutions offers your credit union the ability to "crawl, walk and run" as you move through the stages of the analytics journey.

For more details, please contact a corporate account manager at accountmanagers@vfccu.org.

Content provided by Vertice AI