Trellance Wraps Up Annual Conference After Focus on Variety of Topics, Including Analytics
This article was originally published on CUtoday. Read the original article here.
TAMPA, Fla.–Trellance has wrapped up its annual conference, during which a range of topics were discussed.
More than 300 attendees participated in the meeting, which had a particular focus on analytics.
“It was wonderful to see how many credit unions want to act – and not react – in the face of changing market dynamics,” said CEO Tom Davis. “Members’ expectations for service are evolving rapidly as big tech shapes their preferences, and tech-first competitors are looking for opportunities to go after credit unions’ mainstay business. Credit unions know they occupy a valuable space in financial services, and they are determined to adapt and innovate to stay relevant.”
Among the topics discussed during the event:
Predictive Analytics: Opportunities & Trends.
“Credit unions must leverage the power of cloud-distributed artificial intelligence and machine learning technologies, and apply data science models to improve members’ experience and reveal opportunities to provide products and services that members want and need,” Trellance said. “Additionally, predictive models can help credit unions accurately determine a member’s lifetime value.”
The Holy Grail for Optimal Member Experience
Craig Meyer of MagniFi Financial Credit Union in Melrose, Minn. shared with attendees how his credit union invested in cloud data analytics to empower employees with faster and deeper insights. MagniFi reported it has “elevated” its member experience to rival other industries.
Leading Data Quality Practices
“When it comes to data, more isn’t better if the data isn’t high quality. In fact, bad data actually hurts the bottom line and ultimately leads to poor decision-making,” Trellance said. “So, how are the credit unions with better data achieving and maintaining it with less effort? Machine learning and automation together help meet the challenge of managing trusted, high-quality data at scale.”
During the event Trellance and its partner, DQLabs, shared leading best practices that improve data quality and insight accuracy.
The Tech Talent Crunch
Noting that credit unions are struggling to fill open positions while at the same time defend their financial services turf against tech-savvy disruptors, Trellance said the shortage of talent is only going to get more acute as organizations in all industries draw from the same talent pool.
“It’s time for credit unions to think differently about how to build a high-performing technology department today,” the CUSO said, sharing use cases of how credit unions are employing more flexible and dynamic staffing models to address specific challenges during the meeting.
Non-Interest Income Transaction Analysis
During the meeting, Trellance and its partner, Leverage. looked at the best networks to maximize interchange revenue, how to avoid paying for unutilized networks, and the best tools to track results monthly and annually.
Trellance is a leading provider of business analytics and talent services for credit unions, helping them meet the financial needs of today’s digital consumer. With a comprehensive suite of data science solutions, staff augmentation and professional services, the Trellance team ensures credit unions increase efficiency, manage risk, and improve member experience. As credit unions’ tech partner, Trellance brings them to the next frontiers of fintech, filled with powerful tools such as artificial intelligence and machine learning. Data In. Insights out. Learn more at Trellance.com.
Manager of Marketing Communications