I had the opportunity to attend NACUSO 2015 in Orlando last week. NACUSO is a great conference to interact with other thought leaders in the credit union industry to make valuable business connections. It is the essence of the “credit union movement”, a group of talented industry leaders looking for ways to collaborate to make the industry stronger.
Today, there are very few that will deny the importance of data and analytical decision making. Big Data has been a buzz word for years but it has finally turned into a reality. Companies like Amazon and Uber dominate their industries with the use of data analytics. They, among many companies, have realized that data is the new way of interacting with customers. Although the shift from brick-and-mortar to mobile has been happening for years in the retail space, Big Data & Analytics is about to make its biggest mark in the retail financial services space with mobile payments.
In my most recent blog post, “A Lesson from Amazon & Uber: How to Transform Data into Your Most Valuable Asset”, I discuss the ways in which data is changing how we interact with retail institutions. Rather than interacting with a physical, brick-and-mortar location, we now see retailers such as Amazon championing a more online/mobile approach. The reason for this fundamental shift is the growing realization that data is the most valuable asset a company possesses. It provides valuable insights into customer behavior at a much lower cost than physical expansion, resulting in a higher return on investment (ROI) for the company.
Big Data and Mobile Banking