Why Loan Analytics are Key to Your Credit Union’s Profitability
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 for Credit Unions
Data analytics was once the sole domain of giant tech companies. Amazon suggests products based on previous purchases. Facebook’s algorithms determine your friend’s posts; you most want to see on your timeline. Google propagates data about you so that when you search for something like hotels in San Francisco, you start seeing ads for restaurants […]
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, […]
4 Reasons for a Scalable Data Warehouse
How can your credit union meet the rapidly changing data requirements necessary for today’s economy? Scalable data warehouse architecture is vital for the Credit Union Movement. It gives credit unions the ability to flexibly change and add data to their data warehouse (DW). With a constant flood of technological innovations and regulatory changes, credit unions are continually being […]
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 […]
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 […]
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 to Consider When Building a Data Warehouse
Most credit union leaders are familiar with the concept of Big Data and business intelligence. Still, they may fail to fully understand the significance they have on their credit union and its future. Big Data can provide credit unions with the ability to make better decisions that positively affect member relationships and, ultimately, their top and bottom […]
