The Decision Maker

Winning with Data: Top Analytics Use Cases for 2017

Posted by Brewster Knowlton (The Knowlton Group) on Jan 5, 2018 11:01:00 AM

Data is rising at an incredible pace, covering all aspects of a consumer’s life. In the past two years, more data has been created than in the entire previous history of the human race. (1)

2017 has certainly been the year that data and analytics has redefined the financial services industry. For those financial institutions leading the way in data analytics initiatives, a survey reported that 48% of organizations are achieving measurable results from their data analytics investments – the first time the survey has found a near majority since it began in 2012. (2)

As we look back on data analytics maturity in 2017, here are a few highlights of use cases shared by financial institutions that are experiencing real value—and a substantial return on investment from their analytics initiatives.

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Topics: Marketing, Best of, Case Study

Top 5 (and 5 most missed) of 2017: Credit Union Big Data and Analytics – Part 2

Posted by Mark Portz on Dec 21, 2017 12:07:00 PM

As another exciting year in the credit union industry comes to a close, it is a good time to reflect on everything we have learned throughout the year, and determine how to best prepare for success in 2018. It is an amazing time to be a part of the credit union movement as the entire financial services arena is changing before our eyes, and there is incredible potential for the movement with increasing collaborating and data analytics. As we look back on 2017, here are several of the industry’s favorite articles relating to credit union big data/analytics (and some other articles you may have missed) from OnApproach blog, The Decision Maker. This is Part 2 of 2 and features the top 5 articles you may have missed in 2017. Click here to see Part 1. Enjoy!

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Topics: Best of

Top 5 (and 5 most missed) of 2017: Credit Union Big Data and Analytics – Part 1

Posted by Mark Portz on Dec 18, 2017 11:05:00 AM

As another exciting year in the credit union industry comes to a close, it is a good time to reflect on everything we have learned throughout the year, and determine how to best prepare for success in 2018. It is an amazing time to be a part of the credit union movement as the entire financial services arena is changing before our eyes, and there is incredible potential for the movement with increasing collaborating and data analytics. As we look back on 2017, here are several of the industry’s favorite articles relating to credit union big data/analytics (and some other articles you may have missed) from OnApproach blog, The Decision Maker. This is part 1 or 2. To see Part 2, click here. Enjoy!

The Top 5 Favorites:

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Topics: Best of

Big Wins with Data at a Small Credit Union

Posted by Mark Portz on Dec 8, 2017 1:08:31 PM

In the recent BIGcast, Big Data and a Small Credit Union, John Best speaks with Bill Butler, CEO, Ohio Healthcare Federal Credit Union about analytics initiatives at a small credit union, analytics tools, and the value of data quality.

Ohio Healthcare is an $83 Million Asset federal credit union serving the Health Care Industry in Ohio. Despite the size, the credit union has impressive achievements in data analytics and proves all credit unions benefit from an effective data strategy.

Quality Data Simplified

As a part of the conversation, Bill Butler discusses the tools he uses for analytics, and how his credit union is able to achieve greater analytics than many credit unions with resources larger than theirs. As Bill Butler explains:

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Topics: Podcast, BIGcast

Why Digital Transformation is Vital for Credit Unions [Video]

Posted by Mark Portz on Nov 15, 2017 10:12:00 AM

Paul Ablack, CEO, OnApproach, joined Mike Lawson of CUbroadcast to discuss the state of the credit union industry, and why digital transformation is imperative. Credit unions have tremedous opportunities now with analytics and collaboration, but cannot afford to wait until banks and fintech disruptors get even further ahead in their analytics and member experience initiatives. As Paul states in the video, "If you don't start engaging with your members digitally, and giving them information that's very useful to them and helping them in their daily lives, you're not going to be able to compete, because there's lots of other people trying to think about that right now.... Now's the time to be really accelerating this strategy."

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Topics: Video, CUSO, collaboration, CUBroadcast, Digital Transformation

Don’t Miss the Boat - Why Credit Unions Need to Digitally Transform Now

Posted by Mark Portz on Nov 7, 2017 11:07:00 AM

The term “digital transformation” has been a very hot topic recently, creating new conversations and products across a wide range of industries. This chart below, via Google Trends, displays the worldwide popularity of the phrase “Digital Transformation” in web searches since 2004. As shown in the graph, after remaining stagnant for over a decade, the term’s popularity has exploded in just the last year or so, raising questions about what this means, and how it will impact your organization.

An accepted definition for digital transformation is, “the application of digital technologies to fundamentally impact all aspects of business and society”. The important part of this definition is to realize that digital transformation does not mean just building a website, a mobile app, or obtaining a data warehouse. It means using your digital technology to transform your business processes. It means shifting your company culture to take advantage of your digital data to make informed data-driven decision and stay ahead of the ever-changing expectations of your members or customers.

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Topics: collaboration, FinTech, Digital Transformation

Coming up for Credit Unions... Blockchain, Chatbots, AXFI and more with Paul Ablack on CUbroadcast [Video]

Posted by Mark Portz on Nov 2, 2017 11:10:00 AM

At the 2017 NWCUA MAXX event, Paul Ablack joined Mike Lawson of CUbroadcast to discuss Digital Transformation, predictive analytics, chatbots, the upcoming Analytics and Financial Innovation (AXFI) Conference, the increasing popularity of blockchain, and more. 

As a part of the conversation, Paul and Mike discuss member expectations and the interactions between credit unions and members. Members who shop at stores such as Zappos experience seamless and easy-to-use online shopping. These types of experiences alter the expectation for members when interacting with other organizations, such as their credit unions. In addition, credit unions have to learn how to connect with members throughout the entire decision making process. As Paul points out, credit unions need to position themselves to not just be in the business of loans or mortgages, but as an organization that is helping to make dreams come true. Rather than just being the last step in a process of getting a loan, credit unions could help with the decision making process, and truly be there for members before they've even decided whether they need a loan. 

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Topics: Video, predictive analytics, AXFI Conference, Blockchain, CUBroadcast, Digital Transformation

Real-Time Analytics and Member Experience with Paul Ablack on CUbroadcast [Video]

Posted by Mark Portz on Oct 26, 2017 11:10:00 AM

Earlier this month at at the CUNA Technology Council Conference, Paul Ablack caught up with CUbroadcast's Mike Lawson to discuss credit union real-time analytics, digital transformation, and machine learing. 

Part of the conversation focuses on machine learning and artificial intelligence. Companies like Netflix and Apple are already using advanced machine learning and real-time analytics to provide quick, responsive, and superior member experiences. Your members are using these technologies today, which create higher expectations for service that must be met by financial institutions. 

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Topics: CUBroadcast

Making a Difference with Data at Our Community Credit Union

Posted by Mark Portz on Oct 19, 2017 12:23:10 PM

In the recent BIGcast, Analytics as The Fuel for Innovation – Implementing Analytics at OCCU, Andrew Bertrand, Data Analyst at Our Community Credit Union (OCCU) in Shelton Washington, discusses his role as a data analyst, getting started with data analytics, and data pooling for predictive analytics.

Getting Started with Analytics at OCCU

In the podcast, Andrew explains that prior to installing OnApproach M360 Enterprise, OCCU, a credit union with $360 Million in Assets, had an ODBC connection to their core system. It was a hassle to obtain data, and it didn’t meet the growing needs of a data-driven organization. Andrew realized that he could not possibly perform any predictive analytics without obtaining the history of member transactions.

After briefly (and in Andrew’s words, “foolishly”) considering to build their own data warehouse, Andrew decided it would be an inefficient use of time and resources. As John Best describes, for a financial institution to build their own data warehouse from scratch, is like building a “house of cards” as it has to be rebuilt repeatedly as elements are added and improvements are made.

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Topics: Analytics, Case Study, Podcast, BIGcast

Why Analytics is a Credit Union Industry Opportunity

Posted by Austin Wentzlaff on Oct 10, 2017 11:08:00 AM

Analytics has been a prevalent topic for many years but never more prevalent in the credit union industry than it is today.  Just a few years ago, the topic hardly came up, but in 2017, it’s hard to find a credit union not talking about, or planning and budgeting for a proper analytics solution.  This excitement about analytics has gathered widespread attention, involving industries, companies, and individuals new to the field of analytics.

Now that there is a lot of buzz around the topic, it is important to understand whose challenge, but more importantly, whose opportunity analytics is.  Analytics is the credit unions’ opportunity.  Not just one individual credit union, but all credit unions – the industry or movement.

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Topics: Data Ownership

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