The Decision Maker

Best of 2014: Credit Union Big Data/Analytics – Part 1

Posted by Austin Wentzlaff on Jan 5, 2015 12:51:57 PM

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Big Data/Analytics has been buzzing around different 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, 2014 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 2014 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!

  1. 7 Challenges to Consider when Building a Data Warehouse

The first step in embarking on the Big Data/Analytics journey is consolidating all disparate data into one “single source of truth.”  For credit unions, with many different sources system, this is no easy task.  Before embarking on that journey, there are several obstacles to consider.  See the full list here…

  1. Apple Pay: A Heads up for Credit Unions

Mobile payments took a huge leap in 2014 with Apple’s announcement of Apple Pay.  This disruption in payments will have a tremendous impact on the financial services industry, especially the smaller players.  As credit unions work on the 2015 strategic plans, there are critical issues that need to be addressed.  Read more here…

  1. 3 Credit Union Trends on Big Data

At the fall conference on Big Data hosted by Wikibon, there were several Big Data trend.  Of these trends, there were three main takeaways that credit unions should consider as they plan for 2015.  The 3 credit union trends on Big Data can be viewed here…

  1. The Credit Union of the Future

With all the technological advances in the recent decade, it’s hard to ponder what the future holds, especially for financial services.  McKinsey & Company recently released a fascinating report in November 2014 titled The Bank of the Future.  The observations of author Somesh Khanna are very relevant to the credit union of the future with a few unique twists.  See the full list here…

  1. Lending Clubs: A Threat to Credit Unions

Credit unions have been able to consistently leverage their preferential tax treatment to remain a competitive advantage in the financial services industry.  But what would happen to credit unions if their competitive advantage were to disappear?  Competitors that leverage their data using Big Data/Analytics present a serious threat to credit unions who ignore it.  Read more here…

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Topics: Big Data