The Decision Maker

What’s Holding You Back from Being Data-Driven?

Posted by Brewster Knowlton (The Knowlton Group) on Sep 20, 2016 11:08:00 AM

Let’s face it: we live in a world where a strong data and analytics competency is becoming a “must have” for successful companies. Despite the growing significance of analytics, the majority of banks and credit unions are not “data-driven” organizations.

We’ve uncovered a number of common reasons why investment in data and analytics has been pushed off or outright rejected. Despite these challenges, most of the common reasons against data and analytics are driven by inaccuracies or misinformation.

In this post, we will address the common pushbacks against data and analytics projects and how to overcome those challenges.

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Topics: Data warehouse, Big Data & Analytics, Company Culture

The CEO Difference: Why Successful Analytics Programs Start and Continue at the Top

Posted by Peter Keers, PMP on Sep 13, 2016 11:15:00 AM

If there is one “truism” that has emerged in the credit union analytics revolution, it is that successful analytics initiatives are usually driven by, or strongly sponsored by, the CEO. Most grassroots efforts to launch such initiatives fail because the amount of organizational change required for success can only be effectively led from the C-suite.

However, it is not enough for a CEO to preside over the launch of analytics. Top managers must also be prepared for a second wave of post-launch complications that threaten to scuttle even the most promising programs.

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Topics: Analytics, Leadership, CEO

Death, Taxes, and Budgets: 4 Tips Credit Unions Need to Know About Budgeting for Data Analytics

Posted by Mark Portz on Sep 6, 2016 11:20:00 AM

A professor at the University of Minnesota once taught me that death and taxes are not the only certainties in life, because you can also always count on your budget being wrong. While this (annoyingly) still seems to prove true, there are a number of practices to improve budget planning and optimize the potential of your budget to prepare you for data analytics.  

With fall around the corner, many credit unions are entering the budget planning stages for the next year. If you are planning to remain competitive in the industry,  this does not mean you are simply tweaking minor adjustments from last year’s budget. 

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Topics: Budgeting, Data Analytics

When Life Gives You Data, Make Information

Posted by Brewster Knowlton (The Knowlton Group) on Aug 30, 2016 12:40:03 PM

 

For starters, yes the title is a terrible play on “when life gives you lemons, make lemonade”.

Bad jokes aside, I hear too frequently how organizations need more and more data. I’m a data guy – I’m all about data. But there is a subtle difference between having more data and more information.

Below is one of my favorite quotes about data:

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Topics: Big Data, Data vs. Information

The Power of Semantics in Credit Union Analytics

Posted by Nate Wentzlaff on Aug 23, 2016 11:06:00 AM

A common language forms a bond between humans and strengthens their ability to cooperate. Credit unions must agree on common semantics to establish powerful business analytics throughout the industry.

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Topics: Data Integration, Data Standards, Semantic Layer, data model

Latest on Blockchain, AXFI, and … What the Heck is Hadoop? [video]

Posted by Mark Portz on Aug 17, 2016 10:33:00 AM

 
OnApproach's Founder and CEO Paul Ablack discusses the Analytics and Financial Innovation (AXFI) Conference,   Fintech disruptors, and the future of credit unions, including cloud analytics, shared applications,  Blockchain and Hadoop. 
 
Mike Lawson, host of CU Broadcast, states " Paul not only provides great insight on this information evolution, but he also gives us a couple of eye-popping examples of how credit unions are benefiting from this customized content. Really good stuff here."
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Topics: Shared Applications, AXFI Conference, Hadoop, Blockchain, CUBroadcast, Cloud Analytics

An Auto Loan Delivered As A Fitness App

Posted by Anne Legg (Thrive) on Aug 16, 2016 11:08:00 AM

Credit unions need to connect data that will breakdown silos and create a member experience that is beyond anything that currently exists.

But how and who is accomplishing this effectively?

Look no further than the fitness app loaded on your smartphone.

Fitness/health apps have become masterful at creating impactful user experiences that provide detailed and precise information to the company. The end result is predictive and prescriptive product offerings that create personalized user experience that includes trust, retention and advocacy.

Here is an example to demonstrate.

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Topics: Shared Applications, Gamification, Auto Loans

Let My Information Go: The Glory and Peril of Data Democratization

Posted by Peter Keers, PMP on Aug 10, 2016 1:06:00 PM

 

Credit unions are often plagued by their data being locked up in the core processor and other standalone systems. Increasingly, they are adopting data warehouse solutions to free and integrate this data so cutting edge analytical tools can be employed to solve tough business problems.

However, a new problem then becomes apparent. Once business users realize long-imprisoned data is now liberated, they clamor for information. This puts pressure on the IT department to meet the growing demand for reporting and analytics.

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Topics: Semantic Layer, Data Democratization

Big Data vs. Little Data: Part 1 - Structured and Unstructured Data

Posted by Austin Wentzlaff on Aug 4, 2016 11:06:00 AM

It’s clear now: Data can be one of a company’s most valuable assets if properly stored, managed and analyzed.  What’s unclear to many however, is what data is the most valuable and how to harness the value of each type of data.  There are two main types of data: “Big Data” and “Little Data” or, respectively, unstructured data and structured data. Both types of data can deliver a significant amount of value to a credit union. However, figuring out how to harness each type of data can be a challenge when dealing with the array of different data sources. Finding a healthy balance is key to delivering value without succumbing to analysis paralysis.

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Topics: Big Data, Little Data, Structured vs. Unstructured Data

Top 5 Lessons from the 2016 Analytics and Financial Innovation (AXFI) Conference

Posted by Mark Portz on Jul 26, 2016 11:35:00 AM

1. Your Members are not just Numbers, but Numbers Help You Understand Your Members

The best way to build strong relationships with your member is to know your member. Learn their habits, needs, and patterns. In the same way that you can learn more from a video than a snapshot, you can learn more about a person using data over time and analyzing transactional data behavior.

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Topics: AXFI Conference

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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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