The REAL Opportunity of Credit Union Big Data and Analytics

Austin Wentzlaff Analytics, BI, Big Data, Business Intelligence, Credit Unions, Data Integration, Data Pool, Data warehouse, Reporting and Analytics, Shared Applications Leave a Comment

“Unity is strength… when there is teamwork and collaboration, wonderful things can be achieved.” –Mattie Stepanek The credit union industry (or credit union movement as it’s often referred to) is probably one of the most collaborative industries in the United States, if not the entire world. Unlike other organizations, credit unions share ideas and even their “secrets.” They truly care …

How Credit Unions Should Architect their Data Warehouse

Austin Wentzlaff Banks, BI, Big Data, Business Intelligence, Credit Unions, Data Integration, Data warehouse Leave a Comment

When we talk to credit unions about their plans for big data/analytics we try to explain that the word “data warehouse” is a loosely defined term and that a true enterprise data warehouse requires a significant amount of planning and a robust architecture to meet the needs of the users. The architecture we have chosen for our OnApproach M360™ data …

Is Your Data Being All That It Can Be?

Austin Wentzlaff Analytics, Big Data, Business Intelligence, Credit Unions, Data Integration, Data warehouse, Decision Support, Reporting and Analytics, Uncategorized Leave a Comment

OnApproach was recently asked “what is the data most credit unions have that they should be gathering, monitoring and reporting?” In short, all of your data can be a critical component in gaining valuable insight into your members and optimizing business practices.  The big question is . . . How accessible, comprehensive and useful is the data? The Most Beneficial …

How Business Analytics Improves Data Quality

Austin Wentzlaff Analytics, Banks, BI, Big Data, Credit Unions, Reporting and Analytics Leave a Comment

Many credit unions are under the impression they must have perfect data before beginning a Business Analytics (BA) initiative.  While high quality data is the foundation for BA, one of the best ways to determine the quality of the credit union’s data is by jumping right into an analytics project.  Business problems are the basis for beginning any new project.   …

Apple Pay – A Heads Up for Credit Unions

Austin Wentzlaff Banks, Credit Unions, Mobile, Mobile Banking, Mobile Payments, News, Payments Leave a Comment

This week Apple announced the iPhone 6 which included fingerprint authentication and a new payment service called Apple Pay. I have been keeping an eye on the emergence of the new payment technology, often referred to as the “Digital Wallet” from both a consumer and a business perspective. As a consumer, I have looked forward to the day when I …

The Recommendation Engine: Using Big Data to Improve Mobile Banking Applications

Austin Wentzlaff Banks, Big Data, Credit Unions, Geocoding, Marketing, Mobile Banking Leave a Comment

“…credit union members are being conditioned every day to expect more personalized information at their fingertips through all aspects of their lives. This information expectation will soon, if not already, be a top strategic priority…” – Paul Ablack, Founder and CEO of OnApproach Mobile banking is growing at an explosive rate as financial institutions and their members realize its convenience …

Amazon Established a Strong, Loyal Customer Base… Credit Unions can too with their Members

Austin Wentzlaff Analytics, BI, Big Data, Business Intelligence, Credit Unions, Data Integration, Data warehouse Leave a Comment

According to the whitepaper “Amazon vs Borders: A Lesson for Credit Unions”,  written by Founder and CEO of OnApproach, Paul Ablack, Amazon has thrived on fostering loyal and intimate relationships with its customers.  These relationships are the cornerstone of Amazon’s success.  With utilization of data analytics, Amazon has information readily available to pursue and enrich these relationships. As stated in …

3 Ways Business Analytics Cultivate Cooperative Culture: An Example From Retail Mortgage Lending

Austin Wentzlaff Analytics, Banks, BI, Big Data, Business Intelligence, Credit Unions, Members, Reporting and Analytics Leave a Comment

In my previous blog, 3 Steps to Build Business Analytics in Mortgage Lending, I explained the steps a credit union should take to implement Business Analytics (BA).  A great entry point for credit unions to begin establishing BA is mortgage lending.  Once BA has been implemented, opportunities for deepening the cooperative culture of a credit union arise.  Cooperation is the …

Big Data and Mobile Payments

Austin Wentzlaff Analytics, Banks, BI, Big Data, Business Intelligence, Credit Unions, Members, Mobile Banking Leave a Comment

“…wallets may generate substantial data that will lead to better member insights and possibly also profits.” – Kirk Drake, founder and CEO of Ongoing Operations, LLC  In a highly competitive financial services industry, credit unions are turning to mobile to survive and meet the ever changing demand of members.  Credit union members are flocking to their mobile devices to do …

Defining a Member: Helping Credit Unions Identify Their Members

Austin Wentzlaff Credit Unions, Decision Support, Members, Reporting and Analytics, Uncategorized Leave a Comment

Credit unions, as member-owned financial cooperatives, track and report regularly the number of members they have. Membership is reported to the National Credit Union Administration (NCUA), the credit union board, credit union management and in the annual report to members, among others. Often the number of members reported varies depending on who at the credit union does the reporting. This …