The Decision Maker

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!

  1. The Data Warehouse Is Not Enough

Credit unions are beginning to invest heavily in big data and analytics.  When deciding how to allocate funds in this space, leaders are awash with buzzwords and conflicting advice.  One of the most common terms used within big data and analytics is: data warehouseDeciding whether to build or buy a data warehouse is an important strategic decision for credit unions.  Unfortunately, many decision-makers get lost in discussions about storage capacity, data processing, data visualization, etc. Read more here...

2.   Using Big Data & Analytics to Move Beyond Fico and LTV for Loan Decisions

The FICO score has a long and well-established history as a key metric in the determination of credit-worthiness. The FICO score has the power to influence whether or not a person will be able to experience significant life events, like the purchase of their first car or their first home. However, as we rapidly enter the age of Big Data and Analytics, does the FICO score utilize enough information to make an accurate determination of a borrower’s ability to pay? Read more here...

3.   6 Steps to Deliver Omni-Channel Experiences

The moment a member walks into a branch, they are inundated with the brand of the credit union.  They will be greeted by staff trained a certain way, receive documents with the same format, and observe the credit union logo throughout the building.  When they go online, they expect the same experience.  Developing an omni-channel experience will give credit unions the ability to keep their identity of “not-for-profit cooperatives serving members” in the middle of a digital revolution. See the 6 steps here...

4.   Big Data Insights Found in Unexpected Places

It’s often easy to overlook the obvious.  As a team member of OnApproach, a company that integrates all of the disparate data sources within a credit union into a single source of truth, I have failed to recognize the value of ALL the data available to credit unions. While both internal and external data are extremely valuable, the combination of the two is where the real value lies. Read more here...

5.   6 Steps to Develop Member Centric Models

The internet continues to send waves throughout a once calm financial services industry.  Historically, credit unions served members who regularly visited a local branch.  Getting to know individual members was the norm.  The “good old days” (as those who are uncomfortable with change might see them) are over.  Digital banking channels and innovative business systems have changed everything.  Now, with gigabytes of data being produced daily by even the smallest credit unions, effective modeling has become vital.  Developing business and data models to best serve members has become an essential part of every credit union’s mission. See the 6 steps here...

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