The Decision Maker

Millennials in the House: Leveraging Data about Your Young Members to Attract More

Posted by Peter Keers, PMP on Jul 17, 2018 10:03:00 AM

“Where are the millennials?”. This question has been echoing throughout the credit union industry since this age group (18-36 year olds) was first seen on the horizon in the post-9/11 landscape.

After the Great Recession of 2008, millennials were expected to flock to credit unions due to their well-documented distrust of banks. Yet, it hasn’t happened.  There are estimated to be 71 million millennials but too few are becoming credit unions members. About a third of older age groups (Baby Boomers, Gen-X, etc.) are credit union members but only about 25% of millennials are.

This is a problem since the conventional wisdom is that once a young person becomes a member, he or she is liable to stay as a credit union member for a long time.

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Topics: Millennials, Marketing

How Credit Unions Can Win the Big Data Play

Posted by CU 2.0 on Jul 2, 2018 12:47:00 PM

Ask executives at the money center banks how they plan to win, against both fintechs and smaller institutions like credit unions, and they smirk as they say two words, big data.

Big data is today’s magic.  How does Amazon knows what book you want to read next, or what music you want to buy, or when you are about to run out of cat treats? Those are simple examples but the answer is big data. Amazon crunches a lot of data, in a blink of an eye, and it knows what you want, maybe before you know.

The race now is on inside financial institutions to crunch lots of data and to achieve similar predictive intimacy about their customers and members. 

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Topics: Data Lake, Data Ownership, Big Data, Data Pool, Collaboration, Analytic Data Model

Collaborating for Analytics and Shared Data Applications with Paul Ablack via CUbroadcast [VIDEO]

Posted by Mark Portz on Jun 29, 2018 2:16:00 PM

 

 https://vimeo.com/276979398 

Paul Ablack, CEO, OnApproach, had the chance to catch up with Mike Lawson of CUbroadcast last week at the NAFCU 51st Annual Conference & Solutions Expo. The conversation covers topics from evolution of A.I., digital transformation, a collaborative data lake for the credit union industry, platform analytics, data encryption, cyber security, peer benchmarking, and shared applications on the CU App Store community.  

As a part of the discussion, Paul Ablack explained the progress of the collaborative online analytics marketplace, the CU App Store. In the conversation, Paul explains that, "[OnApproach is] going to build a community around the CU App Store, where credit unions can come in, they can contribute content, and they can comment on the content. Let's say someone puts a really good marketing segmentation report [on the CU App Store], others can build on it, can make it better, they can comment, and place reviews.

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Topics: Security, Encryption, CU App Store, Artificial Intelligence, Video, Collaboration, Digital

Success with Analytics at Our Community Credit Union: The $2.6 Million Man [VIDEO]

Posted by Mark Portz on May 1, 2018 11:10:00 AM

At the 2018 NACUSO Network Conference, Paul Ablack, CEO, OnApproach and Andrew Bertrand, Data and Technology Manager, Our Community Credit Union (OCCU), caught up with Mike Lawson of CUbroadcast to talk about the New CUSO of the Year Award, application/report sharing, credit union collaboration, the 2018 AXFI Conference,  and how Andrew Bertrand has been able to utilize analytics to add $2.6 Million to the bottom line at OCCU in just 3 years. 

Register Now for the 2018 AXFI Conference June 10-13 Minneapolis, Minnesota

As Andrew states during the discussion, "We've invested into analytics for the last three years, and $2.6 Million is what we've gained bottom line as far as decreased costs and increased yield. We were able to react to the market fast... instead of looking at board reports at the end of the month, we were able to just have daily [analytics]... get management together, make a decision, and get going... We're a $370 Million credit union so that net effect to our bottom line was just great."   

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Topics: Video, Case Study, CU App Store, AXFI Conference, Collaboration

Leveraging Data to Create Exceptional Member Experiences at Ideal Credit Union [VIDEO]

Posted by Mark Portz on Apr 17, 2018 1:02:00 PM

 

MnCUN Interviews: Ideal CU and OnApproach Work Together to Leverage Data Analytics' Potential... from CUbroadcast on Vimeo.

At the Minnesota Credit Union Network (MnCUN) Annual Conference, Paul Ablack, CEO, OnApproach and Alisha Johnson, Executive Vice President of Operations for Ideal Credit Union, joined Mike Lawson, Host of CUbroadcast, to discuss data access, member profitability, member engagement, data lakes, timely and targeted marketing, chatbots, real-time analytics, and credit union collaboration.  

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Topics: Video, Case Study, Membership, Analytic Data Model

5 Reasons You Need to Attend the 2018 Analytics and Financial Innovation (AXFI) Conference

Posted by Mark Portz on Apr 3, 2018 11:01:00 AM

Growing rapidly from only 28 attendees in 2014 to an expected attendance of well over 300 this year, the Analytics and Financial Innovation (AXFI) Conference consistently provides a unique forum for credit union collaboration and innovation. The 5th Annual AXFI Conference addresses not only the growing need to make analytics, innovation, and security top priorities for credit unions, but also provides tangible examples and hands-on workshops so credit union employees can walk away from the conference with a deeper understanding of how to move forward and achieve organizational goals. This conference is designed to be of interest to all levels of credit union management, C-Level, VPs, Managers and Technical Staff.

Here are 5 reasons you won’t want to miss the 2018 Analytics and Financial Innovation (AXFI) Conference:

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Topics: AXFI Conference, FinTech, Innovation, Security, Digital, Data Analytics

Comparing Credit Unions to Craft Beer: What Can Your Organization Learn from a Brewery?

Posted by Mark Portz on Mar 20, 2018 12:14:00 PM

As collaborative community-based institutions, credit unions are very unique organizations. For many that have not been exposed to credit unions, it is difficult to see what makes this community so special, or even how a credit union differs from a bank, for that matter.

Since my time as an undergraduate at the University of Minnesota, I have been highly involved in another industry, or “community” – that of local craft beer. In fact, discovering the parallels between these two unique industries sparked my initial interest in the credit union movement, and is ultimately what has led me to my current role at a collaborative credit union service organization (CUSO).

In very recent years, the nation has witnessed the craft brewing community explode. In fact, according to the Brewers Association, the craft beer industry has been experiencing years of steady 10-15 percent growth, and now boasts over 6,000 U.S. craft breweries, for the first time in history. Despite the parallels between these communities outlined below, we are all aware of the declining number of U.S. credit unions, shrinking from over 7,200 in 2011, to less than 6,000 today. For community-based institutions focused on quality service, why do these trends differ?

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Topics: Collaboration, Data Pool, CU Analytics Ecosystem

Data “De-Identification”: The Stairway to Big Data Heaven

Posted by Peter Keers, PMP on Feb 13, 2018 12:03:00 PM

Credit union interest in Big Data is at an all-time high. The promise of predictive analytics and other Big Data opportunities will be a key part of helping the industry compete more effectively with traditional banks and fintech upstarts.

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Topics: Encryption, Security, Collaboration, Big Data, Digital

4 Challenges and the Opportunity for Credit Unions [Video]

Posted by Mark Portz on Feb 6, 2018 11:07:00 AM

In the webinar, "Fueling a Bright Future for Credit Union Analytics", Austin Wentzlaff, VP Business Development, OnApproach, presents the challenges and opportunities for credit unions regarding topics including data analytics, digital transformation, and collaboration. 

Credit unions are facing several unique challenges. As an industry, credit unions have fallen behind competing fintech startups and major retail banks. It is vital for financial institutions to understand the problems they are facing and how they are possible to overcome. In 2018, the credit union industry must work together to push past these challenges and remain relevant in the age of digital transformation.

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Topics: Video, Data Ownership, Data Lake, Data Integration, Collaboration, Data Pool

Bitcoin crosses $10k; Bezos’ Net Worth $100B – Why should we care?

Posted by Mark Portz and Austin Wentzlaff on Jan 9, 2018 11:07:00 AM

Please note: this article was started when Bitcoin crossed $10,000.Bitcoin is now at $18,000 (maybe even higher as you read this).

When thinking about Bitcoin and Amazon it might be easy for one to ignore the relevance to their own situation. What does a cryptocurrency and an online retailer have to do with me (or my institution)? The answer – everything. It isn’t about Bitcoin or Amazon per se, but rather what they stand for – The new digital world.

Digital Transformation is a term that is relatively new, but a term that is becoming increasingly more popular.  What it means, in short, and to be rather blunt, is that your old ways are broken and we need to reinvent using the new technologies available, namely the internet and mobile devices.

For many credit unions that have been very successful for many years, we are stuck in the old adage of “if it ain’t broke, don’t fix it.”  However, unfortunately, this old adage is just that – Old.  In the new digital age that we live in today, we have to constantly think about reinvention and transformation – not just every 5 years but every month.

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Topics: Data Analytics, Innovation, Digital