As credit unions embrace data and analytics, the subjects of Big Data and Data Lakes are increasingly topics of interest. Just as “Data Warehouse” and “Business Intelligence” were novel (now nearly obsolete) concepts just a few years ago, credit unions today are trying to understand how vast pools of data can benefit their bottom lines.
As a naturally collaborative industry, credit unions have a great advantage over their counterparts in the community bank space when it comes to pooling data. By voluntarily contributing their member and financial data to an industry-focused data lake, credit unions provide themselves the opportunity to improve not only their own organizational results, but also improve the competitiveness and security of the industry overall.
A further advantage credit unions possess in this area is data standardization. What is meant by data standardization and why is it important? For an explanation, OnApproach’s Big Data Architect, Brian Flüg, offers some insight into this important topic: