By identifying merchants and accurately categorizing transactions, credit unions can help their members understand their spending. In doing so, credit unions will see a reduced number of transaction disputes as members are better-equipped with more insights into their purchases.
Transaction data analysis can also enable members to identify unnecessary subscriptions, paving the way for potential savings that can boost financial stability over time.
Corey Horr
Account Executive, Bud
Elizabeth Osborne
COO, Great Lakes Credit Union
Keith Pfirrman
Growth, Akoya
Help members understand their transactions
Break the paycheck-to-paycheck cycle
Transactional insights enable credit unions to identify members’ spending patterns and provide guidance such as budgeting tools or savings incentives. This support helps members to build a financial buffer and lessens reliance on credit.
Additionally, analyzing transaction data allows credit unions to forecast members' future financial obligations, providing a heads-up to prepare for impending expenses and avoid late payments.
Prevent defaults
Credit unions can proactively help members facing financial challenges by analyzing transaction patterns, leading to preemptive support that helps avoid defaults.
For delinquent accounts, this data can inform tailored repayment plans to accommodate the member's unique financial circumstances, potentially avoiding the collections process.
Grow deposits and wallet share
Add customer context to transactional data so that you can offer your members the right product at the right time, and tailor messaging to maximize conversion and loyalty.
Support members' financial health
Deliver financial health and wellbeing features that support each individual member's unique goals and improve their financial position for increased lifetime value.
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How Bud is empowering credit unions to drive deposit growth and empower members to manage their finances more effectively with data-driven insights.