Do Right by Your Data and Your Data Will Do Right by You
Trustworthy Data Correlates to Sharper Insights from Analytics, Better Member Service and Lower Cost Structures in All Business ConditionsBy Merrill Albert, Data Services Delivery Director Apart from a credit union’s members, the member data it stores in multiple systems and databases represent its next most valuable asset. But some credit unions may struggle to successfully […]
Data Management Framework – 7 Essential Components for Credit Unions
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. […]
The Data Warehouse is not Enough
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 […]
Data Use Cases for Credit Unions: Chapter 2
Getting Out from Behind The Curve Chapter 1 of this series considered the importance of 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 had […]
Credit Union Data Analytics, Three Factors for Success
The credit union industry looks very different now than it did twenty years ago. Now, just think about what credit unions will look like in twenty years. 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 […]
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, […]
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 […]
