The Decision Maker

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

CuOS – A Platform for Credit Unions Similar to Apple iOS

Posted by Austin Wentzlaff on Jul 31, 2017 9:02:00 AM

Apple has made a tremendously successful company off of one thing… Is it the iPhone, iPad, iPod, or Mac series? No.  What makes Apple so powerful and successful is not its products, but rather the ecosystem it’s created through its standard operating system, the iOS.  An operating system or “platform” that enables its users to connect with the rest of its users as a community and its developers.  With this common platform, all users are on a level playing field with a similar access to all “apps” and services that have been created on the platform – rather than each user building everything themselves.

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Topics: Analytics, Shared Applications, collaboration, CU Analytics Platform, Insight Platform

Get Your Game On: Criteria for Evaluating Analytics Tools

Posted by Peter Keers, PMP on Jul 11, 2017 11:07:00 AM

Forward-thinking credit unions are tuning their internal data for improved decision making. Previously, data was locked up in multiple, “siloed” transactional systems. Now, innovative credit unions organize their critical information within integrated data warehouses.

 However, once the data is made available, how does a credit union make best use of it? An apt analogy is the XBOX and other gaming platforms. The game console by itself is a marvelous piece of technology. Yet, without the games, it is not very useful. By the same token, video games without a console are useless. Put the two together and wonderful things happen for video game aficionados.

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Topics: Analytics

Credit Union Analytics Comes of Age: 9 Essential Guidelines

Posted by Peter Keers, PMP on Jun 6, 2017 11:04:00 AM

A fascinating new report by McKinsey & Company highlights that credit unions can drive organizational value by creating an analytics culture.

The report recognizes that financial services analytics has reached a point where marketing was in the 1970’s for the banking sector. Prior to that time, sales and marketing initiatives for credit unions and banks were rare. In 2017, a credit union would find it difficult to survive without some level of marketing effort.

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Topics: Analytics, Company Culture

Big Data vs. Little Data: Part 2 - The Steps to Data Analytics Mastery

Posted by Austin Wentzlaff on Feb 14, 2017 11:03:00 AM

In my previous blog, Big Data vs. Little Data: Part 1 - Structured and Unstructured Data, I discussed the two main types of data that should be top of mind for any organization thinking of becoming truly “Data-Driven.” In the world of data and data analytics, credit unions must leverage ALL the data accessible to them but the journey of mastering data analytics can be very tricky.

Determining the right tools will be critical.  When it comes to data and data analytics, the order in which you introduce new tools is extremely important.  In order to make each step up the analytics curve effective as the last, credit unions must consider the following steps:

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Topics: Analytics, Big Data, Little Data

Credit Union Cooperation: Google Maps Style

Posted by Nate Wentzlaff on Feb 7, 2017 12:02:00 PM

As credit unions begin their journey into the future, they must rely on an industry standard analytics platform to guide them to their destinations.

Google Maps has revolutionized how we navigate our lives. It saves us from headaches caused by unnecessary traffic and other challenges in traveling. My journey from work to home has many different routes depending on traffic patterns. During days with slower traffic (i.e. - winter snowstorms), the Google Maps recommended route will change every 5 – 10 minutes. Using an analytics engine that informs me of the best route allows me to spend extra time on more important things in life. Credit unions have a similar opportunity when navigating their institutions into the uncertain future of financial services. Establishing an industry standard analytics platform will enable credit unions to cooperate on analytics and guide them to their desired destinations.

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Topics: Analytics, Data Integration, Data Pool, Cooperation, Data Visualization, Insight Platform

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

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!

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Topics: Analytics, Big Data, Best of

Top 5 (and 5 most missed) of 2016: Credit Union Big Data and Analytics – Part 1

Posted by Mark Portz on Dec 29, 2016 12:39:55 PM

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 comes to an end, 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 one of two and features the most read pieces of 2016. Click here to see Part Two highlighting the some good reads you may have missed over the year. Enjoy!

 

The Top 5 Favorites:

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Topics: Analytics, Big Data, Best of

The Comfort of Data-Driven Decisions

Posted by Nate Wentzlaff on Dec 13, 2016 11:02:00 AM

 

As the next generation begins making financial decisions, credit unions will be able to comfort them with data-driven product recommendations.

Recently, my wife and I were shopping for a mattress. We began the process by “trying out” mattresses by how they felt. My wife thought she preferred firm mattresses, while I thought I preferred soft ones. As we tried mattress after mattress, my wife would ask me, “what do you think about this one”, in which I would usually reply, “It feels pretty good to me”. We became frustrated by a complicated search for a large budget item until we found a mattress store that comforted us with data. The mattress store (Becker Furniture World) is locally owned with only 8 locations (does this sound familiar to your credit union?). They approached mattress shopping from a data-driven way. By using an analytic data model (developed by Sleep to Live Institute), they are using analytics to aid customers in their mattress investments through data sensors and user input. The data comforted us enough that we decided to purchase one of the mattresses it recommended.

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Topics: Analytics, Data-Driven

Big Data and Analytics can do some pretty cool things for Credit Unions

Posted by Mark Portz on Nov 17, 2016 11:04:00 AM

Last week, OnApproach’s CEO, Paul Ablack discussed Big Data and Analytics with CUNA’s Senior Editor, Craig Sauer. In the podcast, we learn about the state of the credit union industry, what data means for financial institutions today, and how credit unions can thrive in an industry facing intense fintech disruption.

“95% of credit unions today are not able to truly integrate their data”, according to Ablack. Core vendor solutions do not allow credit unions to easily integrate data from disparate sources, or share and benefit from data of other credit unions. This means 95% of credit unions are at the bottom of the curve for analytics capabilities. As discussed in the podcast, less than 10% of credit union members are profitable. Unfortunately, credit unions at the bottom of this curve aren’t even capable of determining which members are not profitable, as factors such as product mix have proven to be an outdated and misleading determinant. Credit unions need to take action to integrate data and improve analytics to seize market opportunities.

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Topics: Analytics, Big Data, Credit Unions

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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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