The Decision Maker

8 Steps to Make Data Analytics Work for You

Posted by Peter Keers, PMP on Jan 17, 2017 11:01:00 AM

Credit unions interested in advancing their data analytics efforts will find a wealth of information in a recent article in the McKinsey Quarterly. Simply entitled, “Making Data Analytics Work for You – Instead of the Other Way Around” (Mayhew, Salah, and Williams), the article provides an easy to follow list of steps for any organization to get the most out of their investment in data analytics.

The authors emphasize that improving corporate performance is the only meaningful reason for organizations to pursue data analytics. As a result, they state two important principles:

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Topics: Data Analytics, Structured vs. Unstructured Data, Data-Driven

A Clean Room, a Pool, and Actionable Information from Credit Union Data

Posted by Mark Portz on Jan 10, 2017 11:01:00 AM

In the second episode of the BIGcast Data Analytics Series, John Best speaks with Blesson Abraham of SavvyIntel about credit union analytics insights, data pooling and optimization. The financial services industry is facing immense pressures, and credit unions cannot rely on the intuition or “how it has always been done” any longer. As John and Blesson discuss, utilizing big data and advanced analytics is no longer an option, but a necessity for credit unions.

You Have to Clean Up your Room

Analytics is a major point of discussion these days for credit unions. However, less frequently discussed, is the organization of the data required to perform analytics. Companies such as SavvyIntel have created incredible models which can be utilized at all credit unions. However, no model is ever going to work properly and provide truly actionable insights if the data isn’t clean and validated.

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Topics: Data Pool, Podcast, BIGcast

Top 5 (and 5 most missed) of 2016: Credit Union Big Data and Analytics – Part 2

Posted by Mark Portz on Jan 4, 2017 11:01:00 AM

As 2016 draws to a close, it is time to look back on all that we’ve learned, and apply it to better our organizations for 2017. The credit union industry is rapidly changing as financial institutions are gaining better understandings of the necessity to optimize analytics and become truly data-driven organizations. As 2016 comes to a close, I have taken the liberty of compiling some of the industry’s favorite Big Data & Analytics related articles (and some you may have missed) from OnApproach’s blog, The Decision Maker. This is part two of two and features the top 5 articles you may have missed in 2016. Click here to see Part One highlighting the most popular blogs of the year. Enjoy!

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Topics: Analytics, Big Data, Best of

Top 5 (and 5 most missed) of 2016: Credit Union Big Data and Analytics – Part 1

Posted by Mark Portz on Dec 29, 2016 12:39:55 PM

As 2016 draws to a close, it is time to look back on all that we’ve learned, and apply it to better our organizations for 2017. The credit union industry is rapidly changing as financial institutions are gaining better understandings of the necessity to optimize analytics and become truly data-driven organizations. As 2016 comes comes to an end, I have taken the liberty of compiling some of the industry’s favorite Big Data & Analytics related articles (and some you may have missed) from OnApproach’s blog, The Decision Maker. This is part one of two and features the most read pieces of 2016. Click here to see Part Two highlighting the some good reads you may have missed over the year. Enjoy!

 

The Top 5 Favorites:

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Topics: Analytics, Big Data, Best of

Reinventing the Member Engagement Model: [Video]

Posted by Mark Portz on Dec 20, 2016 10:52:36 AM

 

 The single greatest challenge for credit union CEOs is figuring out how to stay relevant to a member base that does its banking using their phones.

Credit unions need to connect data to breakdown silos and create a member experience that feels like the credit union understands your life and knows just what to recommend at the right time. 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 promotes trust, retention and advocacy.

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Topics: Value, Member Engagement

Moonshots, Taco Bell, and Member Engagement at Credit Unions

Posted by Mark Portz on Dec 19, 2016 11:17:35 AM

In the first episode of the BIGcast Data Analytics Series, John Best speaks with Anne Legg of THRIVE about credit union growth and member engagement. The financial services industry is changing rapidly, and credit unions need to keep on top of innovative technologies and competitive threats. As John and Anne discuss, big data has become a necessity for credit unions to continue to thrive.

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Topics: Member Engagement, Podcast, BIGcast

The Comfort of Data-Driven Decisions

Posted by Nate Wentzlaff on Dec 13, 2016 11:02:00 AM

 

As the next generation begins making financial decisions, credit unions will be able to comfort them with data-driven product recommendations.

Recently, my wife and I were shopping for a mattress. We began the process by “trying out” mattresses by how they felt. My wife thought she preferred firm mattresses, while I thought I preferred soft ones. As we tried mattress after mattress, my wife would ask me, “what do you think about this one”, in which I would usually reply, “It feels pretty good to me”. We became frustrated by a complicated search for a large budget item until we found a mattress store that comforted us with data. The mattress store (Becker Furniture World) is locally owned with only 8 locations (does this sound familiar to your credit union?). They approached mattress shopping from a data-driven way. By using an analytic data model (developed by Sleep to Live Institute), they are using analytics to aid customers in their mattress investments through data sensors and user input. The data comforted us enough that we decided to purchase one of the mattresses it recommended.

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Topics: Analytics, Data-Driven

3 Ways Blockchain is Reducing Uncertainty

Posted by Mark Portz on Dec 7, 2016 12:35:37 PM

In a recent TED Talk, Bettina Warburg, Blockchain entrepreneur and researcher, describes exactly what we should be expecting from the upcoming blockchain innovations and how it is reducing today's uncertainty.

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Topics: Blockchain

Cyber Monday: Time to Consider your Cyber Identity

Posted by Mark Portz on Nov 28, 2016 11:25:10 AM

Thanksgiving and Black Friday have already passed, and now, for many of us, the real fun begins on Cyber Monday. While we are searching the whole web for the best deals on new clothing and that big TV, it is also a good time to put some thought into our digital identities.  

What is Digital Identity?

The internet has essentially become a necessity in our daily lives; both work and personal. Whether we like it or not, every interaction we make online helps to create a more comprehensive identity of our digital selves. Digital identities are not only your shopping history and google searches, but also include how you use your apps (fitness, sleep, etc.), where you have taken Uber rides, the social media updates you have posted, the friends you interact with, your credit, and so much more.

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Topics: Identity, Digital Identity, Privacy

Top 5 Reasons to Attend the 2017 Analytics and Financial Innovation (AXFI) Conference

Posted by Mark Portz on Nov 22, 2016 12:32:15 PM

Industry disruption should be on the forefront of a credit union CEO’s mind. As we have seen in the last couple of years, the abundance of data and mobile technology is dramatically accelerating the pace at which new competitors can enter a market and acquire significant market share within two to three years.

To help credit unions prepare and respond to industry disruption, the AXFI conference organizers have assembled many experts, thought leaders, and innovators to provide deep insights and perspectives for the ALL levels of credit union management that cannot be found in any other credit union conference.

Register Now for the 2017 Analytics and Financial Innovation Conference

Here are 5 reasons why you should attend AXFI 2017:

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Topics: AXFI Conference

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