Data “De-Identification”: The Stairway to Big Data Heaven
Credit union interest in Big Data is at an all-time high. The promise of predictive analytics and other Big Data opportunities will be a key part of helping the industry compete more effectively with traditional banks and fintech upstarts. However, where does the data for Big Data come from? The answer is simple: from the […]
The Credit Union Data Analytics Journey: 4 Steps to Success
Data analytics is no longer available only to massive technology corporations and big banks. In fact, with access to enough data, even smaller credit unions can join the fun. With several data analytics platforms that are accessible and affordable, credit unions of nearly any size can start taking advantage of integrated access to data. Plus, […]
The Failure of Nokia: A Lesson About Credit Union Data
Credit unions have a great deal of data on their members – how much they earn, where they spend their money, how much their house is worth. Credit unions now have access to more data than they ever had before. But most fail to leverage that data, and this should be a big concern. The […]
Transactional Data: Big Data and the Rise of Payments
Today, there are very few that will deny the importance of data and analytical decision making. Big Data has been a buzzword for years, but it has finally turned into a reality. Companies like Amazon and Uber dominate their industries with the use of data analytics. They, among many companies, have realized that data is […]
Building a Foundation
Data insights start, naturally, with data. Get the data wrong, and your insights will be wrong. Who wants to take business actions on insights based on bad data? The real problem is when you’re acting on data insights that you don’t know are based on bad data. You need to prevent that from happening because […]
The Cost of Building a Data Warehouse for an Analytics Platform
Credit unions can benefit significantly from collecting and storing information to leverage Big Data. The cost of building a data warehouse is one of the challenges of applying Big Data and Analytics. If you’re considering building a data warehouse for your credit union, it’s essential to know the costs and on-going upkeep involved. The benefits […]
What is a Data Lake? – Part 1: Testing the Waters
Financial institutions all over are working to build effective data strategies and improve decision-making. With so many new technologies and innovations out there, it can get very difficult to keep up with the industry and even keep straight the buzzwords we hear throughout the day. In this piece, let’s dive in to better understand what […]
6 Steps to Develop a Data-Driven Vision
As an industry in the middle of a massive shift, credit unions must steer in the best direction to enter a prosperous future. The Financial services industry has traditionally been an industry where change happens gradually at the direction of a few large institutions. Since the introduction of the internet in the 1990’s, finance has […]
7 Challenges of Implementing a Big Data & Analytics Solution
Most credit union leaders are familiar with the concept of Big Data and business intelligence, but many fail to fully understand the significance they have on their credit union and its future. Big Data & Analytics can provide credit unions with the ability to make better decisions that positively affect member relationships and, ultimately, their […]
