The Decision Maker

Peter Keers, PMP

Recent Posts

Reports of Reporting’s Death are Greatly Exaggerated

Posted by Peter Keers, PMP on May 2, 2017 11:01:00 AM


In the world of credit union data and analytics, there are hot topics galore:

These subjects fall under the trendy term, Data Science. Yet, when it comes down to the practicalities of everyday business at a credit union, plain old reporting still provides the most information used for decision making. An O’Reilly/TIBCO Jaspersoft e-book released in March 2017 quotes a recent InformationWeek survey that found 88% of organizations are using reports while only 34% use data science.

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Topics: Reporting and Analytics, Data Visualization, Digital

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, Data-Driven, Data

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: Enterprise Data Management, Leadership, Data Analytics

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: Leadership, Data Analytics

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

The Data Imperative: Credit Unions Need to Up Their Data Management Game

Posted by Peter Keers, PMP on Apr 7, 2016 12:00:00 PM

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“The banking sector, especially when focusing on aspects that involve core banking functions, has largely been behind in the adoption of modern computing and data technologies.”

In a January 2016 research study by the Filene Research Institute (The State of Data Technology in Credit Unions: The Sink‑or‑Swim Crossroad Ahead), Professor Jignesh M. Patel argues that credit unions are falling behind when it comes to using data to make strategic decisions.

The study was based on an online survey that was followed up by in-depth interviews with a sub-set of survey respondents. While the study as a whole was full of valuable insights, the results of the interviews were particularly meaningful for credit unions that want to do a better job of harnessing their data.

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Topics: Enterprise Data Management, Data Analytics

Are credit unions winners in the Payments revolution?

Posted by Peter Keers, PMP on Dec 10, 2015 1:25:22 PM

Credit unions are well aware of the growing revolution in payments. A recent report by McKinsey & Company (Global Payments 2015: A Healthy Industry Confronts Disruption) noted that, the growth of nonbank digital competitors over the next five years will increase downward pressure on transaction margins while increasing growth in electronic payments.

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Topics: Payments, Data Analytics

Day 2 Recap: Credit Union Big Data & Analytics Conference

Posted by Peter Keers, PMP on Nov 4, 2015 11:19:59 AM

The energy from Day 1 continued as the Conference attendees were treated to autumn cornucopia of Big Data and Analytics information.

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Topics: AXFI Conference

2nd Annual Credit Union Big Data & Analytics Conference Makes a Splash in Minneapolis

Posted by Peter Keers, PMP on Oct 29, 2015 3:40:15 PM

Last week, the 2nd annual Credit Union Big Data Analytics Conference took place in Minneapolis. There were 100 attendees which represented a 250% increase over attendance at last year’s conference. For those who attended, it was an opportunity to network with their industry peers who recognize the disruptive threat and opportunity created by Big Data and Analytics. A couple of attendees commented on how they felt that they had finally found their “tribe” as they networked with others who understand that their world is changing and credit unions need to quickly make the transformation to becoming Analytic Competitors.

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Topics: Big Data, Payments, AXFI Conference

Eye on the Prize: Getting to Self-Service Analytics

Posted by Peter Keers, PMP on Oct 14, 2015 10:55:18 AM

Here is an all too common scenario in today’s credit union: It’s month end and the IT department is scrambling to meet the demand from business units for scheduled reports and ad hoc information requests. All long-term project work is put on hold as the staff works overtime providing information to support the organization’s critical strategic and tactical decision making.

What is the solution to ending this madness? Why not give these very same business users the capability to create their own reports and mine the corporate databases for innovative insights. In other words, provide “self-service” information capabilities to the people who are in the best position to leverage information to achieve strategic goals. 

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Topics: Big Data, Credit Unions, Reporting and Analytics