The use of Big Data is becoming a crucial way for leading companies to outperform their peers. In most industries, established competitors and new entrants alike will leverage data-driven strategies to innovate, compete, and capture value.
Big Data provides credit unions with the ability to make better, fact-based decisions that allow for the discovery of vital trends in member behavior, resulting in improved financial performance, reduced risk, and enriched relationships with members.
OnApproach’s CEO, Paul Ablack, commented, "Big Data and Analytics presents both opportunity and challenge for credit unions. While credit unions are rich in data, which is growing exponentially, they lack the infrastructure to effectively integrate, store, and analyze that data. Meanwhile, credit union members are being conditioned every day to expect more personalized information at their fingertips through all aspects of their lives. This information expectation will soon, if not already, be a top strategic priority for credit unions."
Paul Ablack recently presented “What is Big Data?” at the CUNA Technology Council Conference. The purpose of the presentation was to educate the credit union movement about Big Data and its future impact in the financial services industry.
If you missed the presentation or would just like the PowerPoint, click here: CUNA Tech Big Data PPT_20140923
Article written by: Austin Wentzlaff, Business Development Analyst at OnApproach