The Decision Maker

Austin Wentzlaff

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Analytics for CECL: Challenge Creates Opportunity

Posted by Austin Wentzlaff on Jan 28, 2016 11:30:00 AM

“Everything negative - pressure, challenges - is all an opportunity … to rise.” – Kobe Bryant

Getting ahead of the new CECL requirements is a strategic initiative for all credit union executives in 2016. Being complaint will be no easy task, however. The new CECL requirements require life-of-loan loss forecasting capabilities. In most cases, this means the credit union will need to collect data, A LOT OF DATA. Unfortunately for most credit unions, collecting, storing, and analyzing data has not been a priority and most do not have the proper infrastructure in place to do so.

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Topics: Big Data, predictive analytics, CECL

Best of 2015: credit union big data & analytics - part 2

Posted by Austin Wentzlaff on Jan 5, 2016 3:47:07 PM

Big Data & Analytics has been transforming industries for some time now. A prime example is how Amazon used Big Data & Analytics to dominate the retail industry. For the Credit Union Industry, 2015 was the year for Big Data/Analytics. Credit unions are beginning to realize the value of data-driven decision-making and starting to turn the buzz of Big Data & Analytics into reality. As 2015 comes to an end, I have taken the liberty of compiling some of the industry’s favorite Big Data & Analytics related articles from OnApproach’s blog, The Decision Maker.  Here is part two of two. Enjoy!

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Topics: Best of

Best of 2015: Credit Union Big Data & Analytics - Part 1

Posted by Austin Wentzlaff on Dec 30, 2015 10:30:00 AM

Big Data & Analytics has been transforming industries for some time now. A prime example is how Amazon used Big Data & Analytics to dominate the retail industry. For the Credit Union Industry, 2015 was the year for Big Data/Analytics. Credit unions are beginning to realize the value of data-driven decision-making and starting to turn the buzz of Big Data & Analytics into reality. As 2015 comes to an end, I have taken the liberty of compiling some of the industry’s favorite Big Data & Analytics related articles from OnApproach’s blog, The Decision Marker.  Here is part one of two.  Enjoy!

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Topics: Best of

HOW TO TRANSFORM DATA INTO YOUR MOST VALUABLE ASSET: A LESSON FROM AMAZON & UBER

Posted by Austin Wentzlaff on Dec 17, 2015 11:16:57 AM

In recent years we’ve experienced a phenomena in business – the transformation from physical, brick-and-mortar retailers to online/mobile retailers.  This transformation has shaken up the way people interact with businesses and consequently how business operations have changed to accommodate.  Online/mobile has created a whole new definition of the word convenient by making payments more simplistic and by giving users unique experiences by recommending products and services they unknowingly love.  Online/mobile retailers are becoming integral parts of many consumers’ day-to-day lives by creating a new type of relationship, unrivaled by their brick-and-mortar counterparts.  But how have companies such as Amazon and Uber taken so much market share with so little in physical assets?  The short answer, data.

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Topics: Analytics, Big Data

The old way is Dead: Reporting & Analytics for Credit Unions

Posted by Austin Wentzlaff on Nov 2, 2015 12:00:00 PM

If you are the one responsible for report writing at your credit union or have ever requested a report, your pain is not unheard.  The old way of reporting is broken, and it has been for years. Business intelligence failed to deliver on its promise.  IT departments are overloaded and users are frustrated.  Becoming an analytic driven organization is often unobtainable because the majority of the time is spent gathering and organizing the data.

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Topics: Analytics, Big Data, Semantic Layer, Self-Service Analytics

4 Reasons to use Credit Union Service Organizations (CUSOs)

Posted by Austin Wentzlaff on Aug 20, 2015 2:10:40 PM

“[CUSOs] provide a means to an end – allowing credit unions the capability to fulfill the financial needs of their members in a cost effective environment through efficient delivery channels.  Plus, they attract the brightest and most innovative minds to the board table, bringing best practices of credit unions across the country, which is a priceless experience.”  – Doug Petersen President/CEO of Workers’ Credit Union.

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Topics: Big Data, Credit Unions, Credit Union Service Organization, collaboration

Ohio Healthcare Federal Credit Union Selects OnApproach M360TM Enterprise for its Big Data/Analytics Solution

Posted by Austin Wentzlaff on Aug 13, 2015 9:55:27 AM

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Topics: Analytics, Big Data

Internet of Things: Retail Banking (Bank of Things)

Posted by Austin Wentzlaff on Aug 5, 2015 4:25:50 PM

The Internet of Things (IoT) has gained a considerable amount of hype as the “Next Big Thing” to change the world as we know it. Applications of IoT are thought by some to be limited only by the human imagination. From simply controlling your home (e.g. - lights, thermostat, etc.) with a smartphone, to life saving medical and healthcare systems, IoT is pervasive and growing rapidly.

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Topics: Analytics, Big Data, Big data/analytics, Internet of Things (IoT)

Mobile Payments and Big Data

Posted by Austin Wentzlaff on Jul 15, 2015 1:31:14 PM

“…wallets may generate substantial data that will lead to better member insights and possibly also profits.” – Kirk Drake, founder and CEO of Ongoing Operations, LLC

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Topics: Analytics, Big Data, Mobile Payments, Payments, predictive analytics

Credit Unions Must Collaborate for Big Data & Analytics

Posted by Austin Wentzlaff on Jun 19, 2015 11:30:00 AM

“Alone we can do so little; together we can do so much” – Helen Keller

The credit union industry (or credit union movement as it’s often referred to) is probably one of the most collaborative industries in the United States, if not the entire world. Unlike other organizations, credit unions share everything from ideas to secrets. They truly care about the welfare of the industry and its millions of members. It’s great! Collaboration benefits credit unions in several ways – however, in my opinion, one way in particular presents the biggest opportunity.

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Topics: Analytics, Big Data, Big data/analytics, collaboration

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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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