The credit union industry is on the cusp of significant challenges with the potential to disrupt the financial services landscape as we know it. Big Data and Analytics is driving a new breed of competitor into what has been a very traditional marketplace. The industry will need to envision and build out the “Next Big Idea” for credit unions to stay competitive and successfully navigate the next 10 years.
One of the best blogs I’ve read on credit union Big Data and Analytics (BD/A) in the past year is John Best’s Everybody Wants to "Moneyball" Their Credit Union. John highlights the often cited example of how Billy Beane and the Oakland Athletics stunned the baseball world using data and analytics to successfully drive their decision making. This trend in sports keeps evolving as evidenced in the Wired magazine November 2014 issue article, Court Order: One Cartographer’s Audacious Quest to Map Every Moment of Basketball and Change the NBA Forever.
While the BD/A trend rockets ahead in sports, credit unions have been slow to adopt these types of innovations. John’s blog is a call to action for credit unions to embrace these techniques. In doing so, he makes two important points.