The Decision Maker

Summer Intern Perspective: Sports and Data Analytics

Posted by Nick Kerbeshian on Sep 25, 2018 11:10:00 AM

Being a summer intern here at OnApproach, I’ve had a different view on data analytics. It’s more than just looking at numbers and seeing trends. To be successful in data analytics, it is very important to have a clear vision and understanding of the industry that you are working in. From working in the industries of sports and credit unions I’ve found a commonality between them. The main goal between the two industries is to make the best decisions for their fans (sports), and members (credit unions). For both industries to achieve that, they need data analytics.

Money is not everything to most people, but it is possible that money is the most important asset that we need for our lives. The way you manage money will be a vital part of anyone’s life or business. I’ll take one of the biggest industries out there, sports, as an example.

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Topics: Data Analytics

5 Reasons You Need to Attend the 2018 Analytics and Financial Innovation (AXFI) Conference

Posted by Mark Portz on Apr 3, 2018 11:01:00 AM

Growing rapidly from only 28 attendees in 2014 to an expected attendance of well over 300 this year, the Analytics and Financial Innovation (AXFI) Conference consistently provides a unique forum for credit union collaboration and innovation. The 5th Annual AXFI Conference addresses not only the growing need to make analytics, innovation, and security top priorities for credit unions, but also provides tangible examples and hands-on workshops so credit union employees can walk away from the conference with a deeper understanding of how to move forward and achieve organizational goals. This conference is designed to be of interest to all levels of credit union management, C-Level, VPs, Managers and Technical Staff.

Here are 5 reasons you won’t want to miss the 2018 Analytics and Financial Innovation (AXFI) Conference:

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Topics: AXFI Conference, FinTech, Innovation, Security, Digital, Data Analytics

Bitcoin crosses $10k; Bezos’ Net Worth $100B – Why should we care?

Posted by Mark Portz and Austin Wentzlaff on Jan 9, 2018 11:07:00 AM

Please note: this article was started when Bitcoin crossed $10,000.Bitcoin is now at $18,000 (maybe even higher as you read this).

When thinking about Bitcoin and Amazon it might be easy for one to ignore the relevance to their own situation. What does a cryptocurrency and an online retailer have to do with me (or my institution)? The answer – everything. It isn’t about Bitcoin or Amazon per se, but rather what they stand for – The new digital world.

Digital Transformation is a term that is relatively new, but a term that is becoming increasingly more popular.  What it means, in short, and to be rather blunt, is that your old ways are broken and we need to reinvent using the new technologies available, namely the internet and mobile devices.

For many credit unions that have been very successful for many years, we are stuck in the old adage of “if it ain’t broke, don’t fix it.”  However, unfortunately, this old adage is just that – Old.  In the new digital age that we live in today, we have to constantly think about reinvention and transformation – not just every 5 years but every month.

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Topics: Data Analytics, Innovation, Digital

Making a Difference with Data at Our Community Credit Union

Posted by Mark Portz on Oct 19, 2017 12:23:10 PM

In the recent BIGcast, Analytics as The Fuel for Innovation – Implementing Analytics at OCCU, Andrew Bertrand, Data Analyst at Our Community Credit Union (OCCU) in Shelton Washington, discusses his role as a data analyst, getting started with data analytics, and data pooling for predictive analytics.

Getting Started with Analytics at OCCU

In the podcast, Andrew explains that prior to installing OnApproach M360 Enterprise, OCCU, a credit union with $360 Million in Assets, had an ODBC connection to their core system. It was a hassle to obtain data, and it didn’t meet the growing needs of a data-driven organization. Andrew realized that he could not possibly perform any predictive analytics without obtaining the history of member transactions.

After briefly (and in Andrew’s words, “foolishly”) considering to build their own data warehouse, Andrew decided it would be an inefficient use of time and resources. As John Best describes, for a financial institution to build their own data warehouse from scratch, is like building a “house of cards” as it has to be rebuilt repeatedly as elements are added and improvements are made.

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Topics: Podcast, Case Study, Data Analytics

A Day in the Life of a Data Analytics SVP: Making Use of Your Credit Union’s Data

Posted by Mark Portz on Aug 24, 2017 11:17:42 AM

If you are a credit union still waiting on the data analytics sidelines, you’re already too late. Data analytics is not a fad – it is a major opportunity for credit unions to gain deeper insights and improve decision making to create a strong and competitive future. However, it is not always clear where credit unions should begin. To help answer these questions, John Best recently spoke with Clay Yearsley, SVP of Data Analytics at Texas Trust Credit Union about getting started on the analytics journey, the skills needed, and the value of data in the podcast, “Catching a Unicorn – Discussing Data Analytics with Clay Yearsley”.

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Topics: Data Analytics, Podcast, Leadership, Analytic Data Model

Lagging Contenders: How Credit Unions Can Catch Up in Data and Analytics - Part 1

Posted by Peter Keers, PMP on Aug 8, 2017 11:18:43 AM

The message has been ringing load and clear throughout the credit union industry for years: make better use of data and analytics or lose “member share” to more progressive CU peers or (horrors!) banks and fintech startups.

Despite the warning cries, the proportion of credit unions embracing this trend is (horrifyingly!) low.

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Topics: Data Quality, Data Integration, Data Analytics, Analytic Data Model

CuOS – A Platform for Credit Unions Similar to Apple iOS

Posted by Austin Wentzlaff on Jul 31, 2017 9:02:00 AM

Apple has made a tremendously successful company off of one thing… Is it the iPhone, iPad, iPod, or Mac series? No.  What makes Apple so powerful and successful is not its products, but rather the ecosystem it’s created through its standard operating system, the iOS.  An operating system or “platform” that enables its users to connect with the rest of its users as a community and its developers.  With this common platform, all users are on a level playing field with a similar access to all “apps” and services that have been created on the platform – rather than each user building everything themselves.

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Topics: CU Analytics Ecosystem, Insight Platform, Collaboration, Data Analytics

Get Your Game On: Criteria for Evaluating Analytics Tools

Posted by Peter Keers, PMP on Jul 11, 2017 11:07:00 AM

Forward-thinking credit unions are tuning their internal data for improved decision making. Previously, data was locked up in multiple, “siloed” transactional systems. Now, innovative credit unions organize their critical information within integrated data warehouses.

 However, once the data is made available, how does a credit union make best use of it? An apt analogy is the XBOX and other gaming platforms. The game console by itself is a marvelous piece of technology. Yet, without the games, it is not very useful. By the same token, video games without a console are useless. Put the two together and wonderful things happen for video game aficionados.

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Topics: Data Analytics

Leveraging the Data Advantage

Posted by Peter Keers, PMP on Jun 26, 2017 12:03:00 PM

Credit unions are awash in data, but until recently there were few options for leveraging this data for better decision making. That has changed with the emergence of two major innovations. 

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Topics: Data Standards, CU Analytics Ecosystem, Data Analytics

Credit Union Analytics Comes of Age: 9 Essential Guidelines

Posted by Peter Keers, PMP on Jun 6, 2017 11:04:00 AM

A fascinating new report by McKinsey & Company highlights that credit unions can drive organizational value by creating an analytics culture.

The report recognizes that financial services analytics has reached a point where marketing was in the 1970’s for the banking sector. Prior to that time, sales and marketing initiatives for credit unions and banks were rare. In 2017, a credit union would find it difficult to survive without some level of marketing effort.

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Topics: Leadership, Data Analytics