The Decision Maker

Credit Union Service Organizations and Platform Analytics with Paul Ablack

Posted by Mark Portz on Mar 27, 2017 12:02:00 PM

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In the sixth and final Data Analytics Series BIGcast, That’s a Wrap, John Best speaks with Paul Ablack, OnApproach CEO, about key themes and trends we are experiencing in the credit union industry, and how credit unions can get started with data and analytics.

CUSOs for the Industry

Credit Union Service Organizations (CUSOs) are very unique organizations that credit unions can form to solve difficult problems where there is no market solution and it cannot be handled internally. Great recent examples of CUSOs are shared branches, card processing, and ATM networks. These innovations have been significant to the financial services industry, and would not have been possible without the collaboration enabled by credit union service organizations. Today, analytics is a major, but necessary obstacle for credit unions, and the vast majority of credit unions are not large enough to tackle the challenges of data optimization alone.

Fortunately, many of these obstacles can be overcome through collaboration. Rather than every credit union reinventing the wheel to build their own data warehouse and write the same reports, a CUSO solution allows credit unions to take advantage of a standardized data model that is agnostic across all systems. The greatly improves ease of collaboration, sharing, and benefiting from overall success of the community.

This concept is similar to how you use your cell phone. With a standard platform such as the iOS or Android, there is no need for each person who wants to know the weather forecast to build their own weather applications. If one person or organization builds an app on the platform, it can easily be shared and utilized universally. The same should be true with analytics and reporting for the credit union industry.

To hear the entire podcast and learn more about trends in the credit union industry, visit http://bigfintechmedia.com/Podcast/thats-a-wrap

Make sure you don’t miss the past BIGcasts also discussed on this episode:

Curbside Service with Anne Legg: The founder of THRIVE Strategic Services, joins John to discuss how data analytics and the application of technology and startup ideas can transform a credit union’s offerings and member relationships.

Data Rich and Insight Poor – Transforming Data into Information: John discusses data optimization and data pools in the credit union space with Blesson Abraham, CEO of SavvyIntel.

The CECL Effect – How the new credit loss rule will alter financial analytics: Joe Breeden of Deep Future Analytics discusses the future of loans in relation to the upcoming CECL regulations, and how to turn predictive and prescriptive analytics into actionable data.

From Questions to Answers: Becoming a Data-Driven Organization: Brewster Knowlton of the Knowlton Group joins John to discuss data driven organizations, what defines a true data warehouse, data integration, steps to becoming a data-driven credit union, and football.

Sorting Socks: A Data Automation Conversation with Graham Goble: A conversation with Graham Goble on how BankBI provides SAAS solutions to a geographically diverse client base, the importance of automation, and his work with microfinance organizations.

 Check out the entire analytics podcast now!

To listen to the entire podcast with Paul Ablack, visit http://bigfintechmedia.com/Podcast/thats-a-wrap

Topics: CU Analytics Platform, BIGcast

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