Managing your data takes work. Just because you have data does not mean it is the correct data. You must make sure that you have useful data to inform the rest of your operations. People who are good at managing data are usually those who like having structure and disciplined processes that others will support. …
Credit unions are beginning to invest heavily in big data and analytics. When deciding how to allocate funds in this space, leaders are awash with buzzwords and conflicting advice. One of the most common terms used within big data and analytics is: data warehouse. Deciding whether to build or buy a data warehouse is an …
It’s often easy to overlook the obvious. As a team member of OnApproach, a company that integrates all of the disparate data sources within a credit union into a single source of truth, I have failed to recognize the value of ALL the data available to credit unions. At the 2015 CUNA CFO Council Conference, …
Getting Out from Behind The Curve Chapter 1 of this series considered the importance in establishing a specific goal to solve using data analytics and proving the ROI in order to justify automation and decisioning using business intelligence in a credit union. Chapter 1 also highlighted two real use cases of success credit unions have …
The credit union industry looks very different now than it did twenty years ago. Just think about what credit unions will look like twenty years from now. Where does the journey for the next twenty years start? Twenty years ago, it would have been hard to imagine remote deposit capture, peer-to-peer payments, or even mobile …
The internet continues to send waves throughout a once calm financial services industry. Historically, credit unions served members who regularly visited a local branch. Getting to know individual members was the norm. The “good old days” (as those who are uncomfortable with change might see them) are over. Digital banking channels and innovative business systems …
One of the most common questions I hear thrown around is, “what is the purpose of analytics?” It’s a great question, but that’s because the answer isn’t as straightforward as it might seem. The purpose of analytics is to solve complex problems with many variables. Analytics provide a multifaceted view of data sets. Each different …
Data Use Cases is an ongoing series showcasing real use cases of success that credit unions have had using data analytics to solve real world problems. Data analytics was once the sole domain of giant tech companies – Amazon’s suggestions “If you bought that you might like this”; Facebook’s algorithms that determine which of your …
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 …
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, …
You now have more information at hand about your credit union than ever before. But are you using it to "out-think" your rivals? If not, you may be missing out on a potent competitive tool.
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