The Decision Maker

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!

  1. Internet of Things: Retail Banking (Bank of Things)

The financial services industry has recently started experiencing the IoT disruption in the form of mobile banking. While mobile banking is seen as an incredible advancement in financial services, it may only be the tip of the iceberg for the Bank (Credit Union) of Things. Read more here…

  1. 5 Essential Steps for Effective Dashboards

In the quest to improve operational performance, credit unions are looking for ways to take advantage of Big Data and Analytics. One area of interest is dashboards. See the 5 steps here…

  1. Why Attracting Millennials Requires Big Data/Analytics

Millennials are living in a vastly different world than their Baby Boomer parents. They live in a time in which a phone isn’t just a piece of plastic used for making calls, it’s now “smart” and acts as an extension of oneself. A time in which “going shopping” or “depositing a check” no longer requires you to leave home. We are living in a world dominated by the rise of online/mobile and the demise of brick-and-mortar. This changing consumer landscape is being primarily driven by Millennials as they demand more personalized experiences. Read more here…

  1. The Digital Revolution: Prepare for the Millennials!

Basic transactions continue to take place though online and mobile banking channels where members can take control of their financial needs.  Depositing checks, transferring money, and paying bills can all be accomplished through this channel.  Members no longer need to rely on the branch for basic transactions.  The main drivers of digitization are the millennials who were born at the advent of the internet.  Their lives have been surrounded by the interconnected digital world.  Consequently, they will demand a digital credit union that meets all of their financial needs when (and where) they need them. Read more here…

  1. 6 Steps to Develop a Data-Driven Vision

The Financial services industry has traditionally been an industry where change happens gradually at the direction of a few large institutions.  Since the introduction of the internet in the 1990’s, finance has been in a state of exponential change.  The digitalization of money is causing an even more powerful catalyst of change: the proliferation of data at a pace most credit unions cannot fathom.  Consequently, credit unions must form a data-driven vision to act as a strong rudder to navigate through the data storm. See the 6 steps…

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