“[CUSOs] provide a means to an end – allowing credit unions the capability to fulfill the financial needs of their members in a cost effective environment through efficient delivery channels. Plus, they attract the brightest and most innovative minds to the board table, bringing best practices of credit unions across the country, which is a priceless experience.” – Doug Petersen President/CEO of Workers’ Credit Union.
Last week in my blog, Credit Union Industry Disruption: NACUSO 2015 – Part 1, I talked about the pending threat of Big Bang Disruption in the financial services industry and the growing prominence of predictive analytics. In this second and final blog on the learnings from the NACUSO 2015 conference, I will cover what we learned about how credit unions can respond to Big Bang Disruption and the strategic importance of Predictive Analytics.
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.
Most credit union leaders are familiar with the concept of Big Data and business intelligence, but many fail to fully understand the significance they have on their credit union and its future. Big Data & Analytics can provide credit unions with the ability to make better decisions that positively affect member relationships and ultimately their top and bottom lines. There are several obstacles in the Big Data & Analytics process that need to be overcome in order to achieve success. These obstacles typically take an extensive amount of time to conquer, especially the first time they’re encountered. Credit union leaders should consider the following challenges before implementing a Big Data & Analytics solution:
Plymouth, MN (March 5th, 2015) – OnApproach (www.onapproach.com), the leading provider of Big Data and Analytics for credit unions, is pleased to announce TopLine Federal Credit Union (TopLine) has made a CUSO investment with OnApproach. TopLine selected OnApproach as its Big Data/Analytics provider in 2012.