We recently hosted “Measure Your Mission: How To Quantify Credit Union Impact” as part of the quarterly Tableau User Group (TUG) engagement webinar. In it, we outlined the goals of Callahan’s impact initiative, how impact metrics are quantified, and what credit unions can keep doing to generate positive change in their communities.
What Is Impact?
The session highlighted the spirit of “impact” and discussed the challenges that come with measuring something that can seem so intangible. As described by Callahan and industry peers alike, “impact” refers to measurable change that results from deliberate action taken by the credit union. This is value that extends beyond product or price.
Jennifer Davis, Callahan’s VP of Information Systems & Technology, acknowledged that different organizations tend to view “impact” differently. With the vast array of unique communities that are served by credit unions across the country, each organization could have a different set of criteria for what makes them impactful.
With an eye towards these diverse communities, Callahan was able to boil down all the areas of impact into four key categories:
- Members
- Employees
- Community
- Environment
How Do We Measure Impact?
To quantify impact, Callahan has created dashboards that integrate our existing data sets (like 5300, HMDA, and Census data). Participating credit unions then add information that touches on employee benefits, community footprint, and financial management among many other metrics. As more credit unions complete the dashboards, trends are emerging that showcase just how invaluable credit unions are to the communities they serve.
Callahan is using the “give to get” mantra to collect data for the growing, new Impact Network. To receive the data provided by participating credit unions, a cooperative must provide their own impact data. The dashboard is available through Peer-to-Peer.
Credit unions interested in sharing their impact data can request more information here.
What Has Callahan Learned From The Impact Network?
Callahan has had the opportunity to interact with so many credit unions that passionately showcase their devotion to making a positive impact to members, employees, and communities alike. Davis highlighted especially how humble many of the credit unions that she interacts with are. Indeed, they often understate just how big their impact is in their communities.
In witnessing the evolution of the Impact Network, Callahan has learned that as needs change, so will the data. Market conditions will impact how consumers handle their money, and this effect will be felt in the impact data.
The Impact Network is all about creating a network of impact-focused credit unions that generate inspiring conversations and new ideas. Join the network today to join the hundreds of cooperatives that make up this group.
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