The Decision Maker

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

Big Data and Analytics can do some pretty cool things for Credit Unions

Posted by Mark Portz on Nov 17, 2016 11:04:00 AM

Last week, OnApproach’s CEO, Paul Ablack discussed Big Data and Analytics with CUNA’s Senior Editor, Craig Sauer. In the podcast, we learn about the state of the credit union industry, what data means for financial institutions today, and how credit unions can thrive in an industry facing intense fintech disruption.

“95% of credit unions today are not able to truly integrate their data”, according to Ablack. Core vendor solutions do not allow credit unions to easily integrate data from disparate sources, or share and benefit from data of other credit unions. This means 95% of credit unions are at the bottom of the curve for analytics capabilities. As discussed in the podcast, less than 10% of credit union members are profitable. Unfortunately, credit unions at the bottom of this curve aren’t even capable of determining which members are not profitable, as factors such as product mix have proven to be an outdated and misleading determinant. Credit unions need to take action to integrate data and improve analytics to seize market opportunities.

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Topics: Analytics, Big Data, Credit Unions

Medtronic and Masimo agree to share de-identified patient data to improve patient safety; A lesson for the credit union industry

Posted by Paul Ablack on Nov 15, 2016 10:01:00 AM

In a Star Tribune article this week, “Medtronic agrees to share data in patient-safety effort”, we learned that “when it comes to patient safety, the leaders of the two companies are now sitting at the same table to discuss how they can share de-identified patient data with each other, as well as outside researchers and entrepreneurs, to predict health problems.”

The need to share data about patients and customers is hitting the mainstream as companies figure out that the pooling of this data is critical to the discovery of new insights that can help them develop better products that improve the lives of their customers. Competitors in many industries are realizing that they need to “get over themselves” and start figuring out ways to share this data for the greater good.

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Topics: collaboration, data pooling

The Death of the Branch: A Lesson for Credit Unions

Posted by Austin Wentzlaff on Nov 8, 2016 11:08:30 AM

Just over 20 years ago, Amazon entered the book market with a simple mission – deliver personalized experiences to its customers and make each interaction unique and customized to the individual.  At the time, Amazon was just one man, Jeff Bezos, selling books out of his home. For the book market retail giants, Amazon was hardly a threat, just some crazy guy trying to compete with very large and long-established institutions – companies such as Barnes and Noble and Borders Books which had well over a thousand retail locations and were selling books hand over fist.  Well, we all know how that story ends - Amazon is one of the top retailers in the world and Borders Books is now bankrupt with its failing assets being absorbed by Barnes and Noble, which is still struggling today.

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Topics: Branch, transactional data, Disruption

The Purpose of Analytics

Posted by Nate Wentzlaff on Nov 1, 2016 12:04:37 PM

As credit unions continue to invest in analytics solutions, they should focus on the purpose of analytics; Making data-driven decisions to better serve members.

Big data and analytics are a couple of the most used buzzwords throughout the credit union movement.  You can’t avoid these terms no matter where you try to hide. Many vendors promise analytics that will be a panacea to the movement. They continue to make bold claims that are sure to perk an executive’s ears (and drive sales for the vendor). Although there are many powerful products available to credit unions, they must understand the purpose of analytics before they begin their journey.

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Topics: Analytics, Machine Learning, Data-Driven

Identifying & Measuring Value the Credit Union Gives its Members

Posted by Anne Legg (Thrive) on Oct 27, 2016 10:23:00 AM

Value is a difficult term to quantify as it has many interpretations. Fortunately, Eric Almquist, John Senior and Nicholas Bloch from Bain & Company have tackled this problem and published their findings in a recent issue of Harvard Business Review.

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Topics: Credit Unions, Value

The Analytics Talent Gap: Why the Middle Matters

Posted by Peter Keers, PMP on Oct 25, 2016 11:15:00 AM

 

There are many challenges to creating a data-driven credit union. One often cited issue is attracting and retaining qualified technical personnel. Hiring a Data Scientist is impossible for all but the very largest credit unions due to cost. Filling the position Data Architect is tough because of the heavy competition for qualified candidates. However, for many credit unions, having full-time employees with these skillsets is probably overkill anyway. There are many qualified vendors and consultants who can provide these services on either a project or retainer basis.

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Topics: Analytics, Enterprise Data Management, Leadership

How Credit Unions can Achieve Big Data without Big Costs

Posted by Mark Portz on Oct 18, 2016 11:00:35 AM

By now, credit unions are aware of the industry’s changing landscape. Credit Unions are facing Fintech influence, industry disruption, and realize it is no longer an option, but a necessity to capture and optimize every piece of obtainable data to remain competitive in financial services. Large banks have been investing heavily in big data and continue to do so. Unfortunately, these banks are directly competing with credit unions, which don’t have the same resources available to effectively invest in big data. Awareness is step one, but one state is taking action to put the power of big data in the hands of credit unions.

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Topics: collaboration, Big Data & Analytics

Global FinTech is on the Rise: Is your Credit Union Ready?

Posted by Mark Portz on Oct 5, 2016 10:21:00 AM

Financial Technology (Fintech) startups are making waves throughout the financial services industry. Traditionally functioning banks and credit unions are facing a time of extreme change, both competing with and potentially benefiting from these new financial technologies. KPMG recently released, “The Pulse of Fintech, Q2 2016: Global Analysis of Fintech Venture Funding” to accurately paint a picture of Fintech growth and funding.

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Topics: FinTech

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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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  • Educate subscribers about data integration and Big Data and Analytics.
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