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even capable of determining which members are not profitable, as factors such as product mix have proven to be an outdated and misleading determinant.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

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Topics: Analytics, Big Data, Credit Unions

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.

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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.

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Topics: Credit Unions, Loan, CECL

Saving Small Credit Unions with Big Data

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

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Topics: Credit Unions, Big Data & Analytics

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

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.
 
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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.

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Topics: Credit Unions, Data Storage

Eye on the Prize:Getting to Self-Service Analytics

Posted by Peter Keers, PMP on Oct 14, 2015 10:55:18 AM

Here is an all too common scenario in today’s credit union: It’s month end and the IT department is scrambling to meet the demand from business units for scheduled reports and ad hoc information requests. All long-term project work is put on hold as the staff works overtime providing information to support the organization’s critical strategic and tactical decision making.

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Topics: Big Data, Credit Unions, Self-Service Analytics

4 Reasons to use Credit Union Service Organizations (CUSOs)

Posted by Austin Wentzlaff on Aug 20, 2015 2:10:40 PM

“[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.

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Topics: Big Data, Credit Unions, Credit Union Service Organization, collaboration

7 Challenges of Implementing a Big Data & Analytics Solution

Posted by Austin Wentzlaff on Apr 13, 2015 12:59:00 PM

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:

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Topics: Analytics, Big Data, Credit Unions, Big data/analytics, Credit Union Service Organization

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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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