In a Star Tribune article this week, “Medtronic agrees to share data in patient-safety effort”, we learned that “when it comes to patient safety, the leaders of the two companies are now sitting at the same table to discuss how they can share de-identified patient data with each other, as well as outside researchers and entrepreneurs, to predict health problems.”
The need to share data about patients and customers is hitting the mainstream as companies figure out that the pooling of this data is critical to the discovery of new insights that can help them develop better products that improve the lives of their customers. Competitors in many industries are realizing that they need to “get over themselves” and start figuring out ways to share this data for the greater good.
Two big concerns have existed about the pooling of this type of data, which has been holding innovation back. The first is personally identifiable information (PII), which is any data that could potentially identify a specific individual. The second concern is around governance of the pooled data. The pools hold information that is highly valuable to the industry. Therefore, a solution determining the ownership and access to the data is needed.
The Lesson to Credit Unions
This idea of collaboration and data-sharing is a very important trend that the credit union industry needs to not only take note of, but act on. Credit unions have a lot of member information, but the reality is that over 95% of the industry lacks the volume of data and the resources to achieve this. The only solution is collaboration and a key step toward that is the sharing of de-identified member data.
For accuracy in advanced reporting, such as predictive analytics, massive data pools are absolutely necessary. Unfortunately, the overwhelming majority of credit unions simply do not have sufficient data to significantly reduce their margin for error. De-identified member data is key for this industry movement. Credit Union “A” doesn’t need Credit Union “B”’s information regarding how to contact individual members, but neither organization would be capable of creating true industry models for advanced reporting without sharing this encrypted member data. A key element of this effort is the underlying infrastructure necessary to allow credit unions to collaborate regardless of their system configurations. Credit unions must first agree upon a common data standards encompassed by an industry standard data model. Medtronic and Masimo understand this concept, and are using it to transform the patient care industry. It is time for credit unions to do the same.
Read the full article here.