To get a detailed overview of the market, Atlantic Central needed to anonymize and aggregate the data from its membership. To complete the picture, the member data was integrated with WealthScapes, a comprehensive database that tracks the assets, liabilities and income of Canadians, to establish a single analytical file representing the credit union marketplace in Atlantic Canada. Product definitions from each credit union were aligned to match the definitions in WealthScapes, so that it could be used as a benchmark for the credit unions and the broader market.
By analyzing the new analytical file, our insights team helped Atlantic Central conduct a gap analysis to identify opportunities for its members. By comparing current member performance by product with market values provided through WealthScapes, we were able to determine how each credit union was performing next to their competitors. The analysis showed where each credit union in Atlantic Canada excelled and where they could improve from a product perspective.
Sets of easy-to-use tools were developed to highlight the untapped potential, as well as up-sell or cross-sell opportunities across the credit unions and within each region. These tools included interactive dashboards and summary findings that provided clear strategic direction on whether to focus on acquisition, engagement and retention, or whether it needed to adopt a new approach to get better results.