The Decision Maker

Top 5 (and 5 most missed) of 2016: Credit Union Big Data and Analytics – Part 2

Posted by Mark Portz on Jan 4, 2017 11:01:00 AM

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As 2016 draws to a close, it is time to look back on all that we’ve learned, and apply it to better our organizations for 2017. The credit union industry is rapidly changing as financial institutions are gaining better understandings of the necessity to optimize analytics and become truly data-driven organizations. As 2016 comes to a close, I have taken the liberty of compiling some of the industry’s favorite Big Data & Analytics related articles (and some you may have missed) from OnApproach’s blog, The Decision Maker. This is part two of two and features the top 5 articles you may have missed in 2016. Click here to see Part One highlighting the most popular blogs of the year. Enjoy!

Top 5 Articles you may have Missed:

  1. Let My Information Go: The Glory and Peril of Data Democratization

Credit unions are often plagued by their data being locked up in the core processor and other standalone systems. Increasingly, they are adopting data warehouse solutions to free and integrate this data so cutting edge analytical tools can be employed to solve tough business problems.

However, a new problem then becomes apparent. Once business users realize long-imprisoned data is now liberated, they clamor for information. This puts pressure on the IT department to meet the growing demand for reporting and analytics. Continue reading…

  1. Getting Ready for CECL: AXFI Conference Recap #1

The CECL regulation has been finalized and will go into effect December 15, 2020.  Fortunately, this gives you some time to prepare. However, you should begin preparing for these changes now. Modeling is only part of the solution. A model is like an engine. It can’t run without fuel. Data is the fuel that makes the modeling engine run. Just like actual fuel, quality and volume make a difference. See what the new regulations mean for your credit union here…

  1. Sharpen Collateral Valuation through Data Integration

Collateral Valuations are essential while serving members and maintaining a healthy credit union. However, credit unions are relying on inaccurate valuations of their members’ collateral values because of disintegrated data. Read the rest here…

  1. The Fed is Data-Driven; What Drives Your Credit Union?

Behind every decision there is a driver. Every choice we make is based on past experiences and the knowledge we have about the world around us. Arguably the world’s most powerful institution, the Federal Reserve (the Fed), understands this data-driven thinking very well. It makes critical decisions that shape the global economy. Decisions this important cannot be made based on someone’s opinion. Janet Yellen, chairwoman of the Fed knows that decisions must be backed up by data from as many sources as possible. Strategically integrated data provides the Fed with a platform to make decisions that direct the United States economy. Click here to read more…

  1. How Credit Unions can Achieve Big Data without Big Costs

By now, credit unions are aware of the industry’s changing landscape. Credit Unions are facing Fintech influence, industry disruption, and realize it is no longer an option, but a necessity to capture and optimize every piece of obtainable data to remain competitive in financial services. Large banks have been investing heavily in big data and continue to do so. Unfortunately, these banks are directly competing with credit unions, which don’t have the same resources available to effectively invest in big data. Awareness is step one, but one state is taking action to put the power of big data in the hands of credit unions. Read the full blog here…

Have you read Part One? Click to see the most popular blogs of 2016. To keep up with more articles like these, subscribe to The Decision Maker, and receive them directly to your inbox as frequently as you prefer.  

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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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