The Decision Maker

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

Credit Unions and Data Lakes – The Next Wave

Posted by Peter Keers, PMP on Oct 5, 2017 12:03:00 PM

In two previous OnApproach blogs, the concept of a data lake was defined and differentiated from a traditional data warehouse. Yet, a key point was a data lake and a data warehouse are not mutually exclusive. In fact, a structured data warehouse could be a subset of an overall data lake architecture.

Simply stated, a data lake is an effective way to store and access very large quantities of data.

What does this mean for credit union decision makers?

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Topics: Data warehouse, Data Pool, Data Lake

Taking Data Analysis at Credit Unions to Another Level with Collaborative Analytics [Video]

Posted by Mark Portz on Sep 28, 2017 1:47:41 PM

  

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Topics: Video, Shared Applications, collaboration, CUBroadcast, Insight Platform, Data Ownership, Digital Transformation

Quick Wins and Data Warehousing Advice for Credit Unions with Keith Malbrue

Posted by Mark Portz on Sep 21, 2017 11:07:00 AM

In the recent BIGcast, To Fish with a Net or a Spear? Implementing Analytics at CUTX, John Best discusses data warehousing, core conversions, and winning at analytics with Keith Malbrue, CIO at Credit Union of Texas. 

Core is NOT King

Years ago, in his previous role at another credit union, Keith Malbrue was the first OnApproach M360 client. He had come to OnApproach (a data consulting company at the time) with a problem. Keith realized member history was very important, and he didn’t want to lose all the member history when converting cores. According to Keith, it often feels like “Core is King” in this industry, but that doesn’t have to be the case. Credit unions should not have to lose member information because of a core conversion. To solve this problem, he engaged with OnApproach to discover a solution to this issue. The solution has come to be known as OnApproach M360 Enterprise.

By equipping his credit union with M360 Enterprise, Keith explains he gained 3 major advantages:

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Topics: Data warehouse, Podcast, BIGcast, Core Conversion

Whose Data is it Anyway?

Posted by Austin Wentzlaff on Aug 30, 2017 11:06:00 AM

By now it’s clear, data and data analytics is an extremely important growth area for credit unions. Behind it all, there is one main motive – monetizing data to its fullest extent.  There is tremendous value to be unlocked from data, and with it, tremendous money to be made by monetizing it.  However, the burning question in the credit union world is: Whose Data is it Anyway?

There are a lot of “solutions” out there to help credit unions leverage data to their fullest extent. Whether it be an analysis on the loan portfolio to increase net interest margin or a next best product analysis to increase the number of products per member.  All are extremely beneficial to the credit union’s top line, bottom line, and members.  Yet, how we get to these analytic outputs is extremely crucial.

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Topics: Credit Union Service Organization, Data Ownership

A Day in the Life of a Data Analytics SVP: Making Use of Your Credit Union’s Data

Posted by Mark Portz on Aug 24, 2017 11:17:42 AM

If you are a credit union still waiting on the data analytics sidelines, you’re already too late. Data analytics is not a fad – it is a major opportunity for credit unions to gain deeper insights and improve decision making to create a strong and competitive future. However, it is not always clear where credit unions should begin. To help answer these questions, John Best recently spoke with Clay Yearsley, SVP of Data Analytics at Texas Trust Credit Union about getting started on the analytics journey, the skills needed, and the value of data in the podcast, “Catching a Unicorn – Discussing Data Analytics with Clay Yearsley”.

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Topics: Data warehouse, Data Analytics, Leadership, Podcast, BIGcast

Lagging Contenders: How Credit Unions Can Catch Up in Data and Analytics - Part 2

Posted by Peter Keers, PMP on Aug 15, 2017 10:16:00 AM

This is Part 2 of 2 in a blog series on how credit unions can catch up in data and analytics. In Part 1, we discussed which questions credit unions need to be asking to get off the bench, the issue with data silos, and what it will take to move forward with data analytics. In Part 2, we will further discuss the concept of big data, staffing for data analytics, and creating value from the data.

"A recent McKinsey & Company report emphasizes the fact that many industries are achieving only a fraction of their “digital potential”. However, the report observes, “In the United States, the information and communications technology sector, media, financial services, and professional services are surging ahead…”. This means other players in the marketplace served by credit unions have a big head start.

Credit unions that have been sitting on the sidelines can wait no longer. To get off the bench, these organizations need to ask:

  • What are the basic questions about the organization’s strategic direction that cannot be answered today?
  • How can existing data be better “generated, collected, and organized”?
  • What data outside the organization would be useful?
  • What skillsets are missing internally and to what degree can they (or should they) be outsourced?
  • Once “insights” are uncovered from analytics, what are the practical steps to leveraging them to create value?"
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Topics: Financial Services, Big Data & Analytics, Structured vs. Unstructured Data, Value, Digital

Lagging Contenders: How Credit Unions Can Catch Up in Data and Analytics - Part 1

Posted by Peter Keers, PMP on Aug 8, 2017 11:18:43 AM

The message has been ringing load and clear throughout the credit union industry for years: make better use of data and analytics or lose “member share” to more progressive CU peers or (horrors!) banks and fintech startups.

Despite the warning cries, the proportion of credit unions embracing this trend is (horrifyingly!) low.

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Topics: Data warehouse, Data Integration, Data Analytics, Data Quality, Data Silos

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You now have more information at hand about your credit union than ever before. But are you using it to "out-think" your rivals? If not, you may be missing out on a potent competitive tool.

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