The Decision Maker

The Purpose of Analytics

Posted by Nate Wentzlaff on Nov 1, 2016 12:04:37 PM

As credit unions continue to invest in analytics solutions, they should focus on the purpose of analytics; Making data-driven decisions to better serve members.

Big data and analytics are a couple of the most used buzzwords throughout the credit union movement.  You can’t avoid these terms no matter where you try to hide. Many vendors promise analytics that will be a panacea to the movement. They continue to make bold claims that are sure to perk an executive’s ears (and drive sales for the vendor). Although there are many powerful products available to credit unions, they must understand the purpose of analytics before they begin their journey.

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Topics: Analytics, Machine Learning, Data-Driven

The Analytics Talent Gap: Why the Middle Matters

Posted by Peter Keers, PMP on Oct 25, 2016 11:15:00 AM

 

There are many challenges to creating a data-driven credit union. One often cited issue is attracting and retaining qualified technical personnel. Hiring a Data Scientist is impossible for all but the very largest credit unions due to cost. Filling the position Data Architect is tough because of the heavy competition for qualified candidates. However, for many credit unions, having full-time employees with these skillsets is probably overkill anyway. There are many qualified vendors and consultants who can provide these services on either a project or retainer basis.

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Topics: Analytics, Enterprise Data Management, Leadership

The Power of Truth in Credit Union Analytics

Posted by Nate Wentzlaff on Sep 28, 2016 10:07:00 AM

Data generation continues to grow at an exponential rate throughout the credit union industry. In order to hear the signals through the noise, credit unions must establish a single version of the truth.

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Topics: Analytics, Semantic Layer

The CEO Difference: Why Successful Analytics Programs Start and Continue at the Top

Posted by Peter Keers, PMP on Sep 13, 2016 11:15:00 AM

If there is one “truism” that has emerged in the credit union analytics revolution, it is that successful analytics initiatives are usually driven by, or strongly sponsored by, the CEO. Most grassroots efforts to launch such initiatives fail because the amount of organizational change required for success can only be effectively led from the C-suite.

However, it is not enough for a CEO to preside over the launch of analytics. Top managers must also be prepared for a second wave of post-launch complications that threaten to scuttle even the most promising programs.

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Topics: Analytics, Leadership, CEO

6 Steps to Analytics and the Tools Needed

Posted by Austin Wentzlaff on May 12, 2016 1:05:04 PM

A common misunderstanding with data analytics is how and when the various “tools” are used.  Many think that a great data visualization tool (e.g. Tableau) will solve all of an organization’s problems.  Often overlooked, however, are the many steps it takes for an organization to get from data ground zero to becoming completely analytically proficient.  When it comes to data management and 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, Hadoop

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

Posted by Nate Wentzlaff on Apr 14, 2016 11:30:00 AM

fed.jpg

In the last few FOMC meetings, the Federal Reserve has emphasized it will only act according with economic data. The same data that the Federal Reserve utilizes to make data-driven decisions are available to every credit union. 

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Topics: Analytics, Big Data

The Data Imperative: Credit Unions Need to Up Their Data Management Game

Posted by Peter Keers, PMP on Apr 7, 2016 12:00:00 PM

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Topics: Analytics, data management

Fintech Startups and Smartphone Adoption Drive Banks and Credit Unions to Innovate

Posted by Paul Ablack on Feb 25, 2016 11:00:00 AM

At the October 2015 Credit Union Big Data/Analytics Conference (now Analytics and Financial Innovation Conference) in Minneapolis, John Best, CEO of Best Innovation Group and a well-known technology innovator in the credit union industry, presented a compelling vision about the disruptive threat facing banks and credit unions right now:

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Topics: Analytics, Big Data, Credit Unions

HOW TO TRANSFORM DATA INTO YOUR MOST VALUABLE ASSET: A LESSON FROM AMAZON & UBER

Posted by Austin Wentzlaff on Dec 17, 2015 11:16:57 AM

In recent years we’ve experienced a phenomena in business – the transformation from physical, brick-and-mortar retailers to online/mobile retailers.  This transformation has shaken up the way people interact with businesses and consequently how business operations have changed to accommodate.  Online/mobile has created a whole new definition of the word convenient by making payments more simplistic and by giving users unique experiences by recommending products and services they unknowingly love.  Online/mobile retailers are becoming integral parts of many consumers’ day-to-day lives by creating a new type of relationship, unrivaled by their brick-and-mortar counterparts.  But how have companies such as Amazon and Uber taken so much market share with so little in physical assets?  The short answer, data.

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Topics: Analytics, Big Data

Are credit unions winners in the Payments revolution?

Posted by Peter Keers, PMP on Dec 10, 2015 1:25:22 PM

Credit unions are well aware of the growing revolution in payments. A recent report by McKinsey & Company (Global Payments 2015: A Healthy Industry Confronts Disruption) noted that, the growth of nonbank digital competitors over the next five years will increase downward pressure on transaction margins while increasing growth in electronic payments.

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Topics: Analytics, Payments

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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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