The Decision Maker

BEST OF 2014: CREDIT UNION BIG DATA/ANALYTICS – PART 2

Posted by Austin Wentzlaff on Jan 12, 2015 12:33:19 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 two of two.  Enjoy!

A Lesson from Amazon & Uber: How to Transform Data into your most Valuable Asset

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.  Find out how well-known retailers relate to credit unions here…

4 Business Processes Being Revolutionized by Big Data/Analytics

The goal of every Big Data/Analytics solution is to improve the business.  Credit unions need to first focus on business processes before implementing big data & analytics solutions.  This article lays out 4 business process at credit unions that are being revolutionized by Big Data/Analytics.  See the full list here…

The “Big Four” vs Credit Unions: A David and Goliath Story

Rather than interacting with a physical, brick-and-mortar location, we now see retailers such as Amazon championing a more online/mobile approach.  The reason for this fundamental shift is the growing realization that data is the most valuable asset a company possesses.  It provides valuable insights into customer behavior at a much lower cost than physical expansion, resulting in a higher return on investment (ROI) for the company.  From a data aspect, the “Big Four” banks have an upper hand but credit unions may have a secret weapon…

5 Steps to Form an Analytics Strategy

Many credit unions are beginning to jump on board the Big Data and Analytics bandwagon.  Although the movement toward data-driven decisions is essential in this booming information economy, the tools themselves are worthless without credit union leaders communicating a strategic vision to users.  Here are 5 steps to form an analytics strategy…

5 Reasons to use Credit Union Service Organizations (CUSO)

CUSOs enable credit unions to acquire scale and market power along with other resources such as capital and staff that far exceed their individual sizes.  For example, A data warehouse takes about three years to build and has an initial cost of about $500,000 with an additional cost of $150,000 per year to support. With a Big Data and Analytics CUSO; however, credit unions can install a data warehouse for less than $50,000 and only $60,000 per year to support.  Read more about the benefits of CUSOs here…

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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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