The Decision Maker

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even capable of determining which members are not profitable, as factors such as product mix have proven to be an outdated and misleading determinant.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.

Read More

Topics: Analytics, Big Data, Credit Unions

Identifying & Measuring Value the Credit Union Gives its Members

Posted by Anne Legg (Thrive) on Oct 27, 2016 10:23:00 AM

Value is a difficult term to quantify as it has many interpretations. Fortunately, Eric Almquist, John Senior and Nicholas Bloch from Bain & Company have tackled this problem and published their findings in a recent issue of Harvard Business Review.

Read More

Topics: Credit Unions, Value

Sharpen Collateral Valuation through Data Integration

Posted by Nate Wentzlaff on Jul 13, 2016 11:30:00 AM

Collateral Valuations are essential while serving members and maintaining a healthy credit union. However, credit unions are relying on inaccurate valuations of their members’ collateral values because of disintegrated data.

Read More

Topics: Big Data, Credit Unions, Data Integration, predictive analytics

FASB’s New CECL Comments Could be a Worst-of-Both-Worlds Approach

Posted by Joe Breeden (Deep Future Analytics) on Apr 19, 2016 11:30:00 AM

Last week’s comments by the Financial Accounting Standards Board (FASB) about how they will allow the different levels of complexity in credit loss calculations for lenders of different sizes would seem to be a victory for smaller credit unions and community banks.

Read More

Topics: Credit Unions, Loan

How Can Credit Unions be the Disruptor?

Posted by Anne Legg (Thrive) on Apr 12, 2016 11:30:00 AM

Asked Jim Nussel, CEO of CUNA to the credit unions in attendance at the Minnesota Credit Union Network’s annual meeting held last week in Minneapolis. 

Read More

Topics: Credit Unions, Disruption

Saving Small Credit Unions with Big Data

Posted by Nate Wentzlaff on Mar 30, 2016 1:00:00 PM

Read More

Topics: Credit Unions, Big Data & Analytics

Big Data Is The New Black (Oil)

Posted by Anne Legg (Thrive) on Mar 24, 2016 11:30:00 AM

Over 150 years ago, oil was pulled from the ground and thus began a shift in the way Americans functioned. With the advent of the internal combustion engine (that solely operates on oil), people could travel outside of the range of trains and horses, could consume goods from other places more quickly, could experience new products /services and new labor forces were created, suffice it to say society changed.

Read More

Topics: Big Data, Credit Unions

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:

Read More

Topics: Analytics, Big Data, Credit Unions

The Evolution of Credit Unions

Posted by Joe Breeden (Deep Future Analytics) on Jan 19, 2016 12:00:00 PM

 We all know that our economy and our society is evolving rapidly through data collection and advanced analytics, yet we are surprised by news each day of another business area adopting advanced techniques. Within the world of finance, credit unions are beginning this same evolution.  
 
We might think “even credit unions” are changing, but with thousands of credit unions and a naturally more collaborative environment, groups of credit unions are combining resources to deploy advanced analytics. Although this will happen naturally, the proposed CECL accounting rules for loan loss reserves will cause a dramatic shift in the use of data and analytics at credit unions, comparable to the changes occurring at larger banks due to CCAR and DFAST.
 
Read More

Topics: Credit Unions, Big Data & Analytics

A Storm's Brewing: Build Your Data Reserves!

Posted by Nate Wentzlaff on Jan 13, 2016 11:30:00 AM

As economic changes and regulatory winds continue to blow faster every year, credit unions should prepare for the future by effectively collecting and storing their data.

Read More

Topics: Credit Unions, Data Storage

Subscribe to Email Updates

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.

This blog will:

  • Educate subscribers about data integration and Big Data and Analytics.
  • Provide tips and best practices.
  • Provide entertainment.
  • Share ideas and expertise.

Posts by Topic

see all