The Decision Maker

8 Steps to Make Data Analytics Work for You

Posted by Peter Keers, PMP on Jan 17, 2017 11:01:00 AM

Credit unions interested in advancing their data analytics efforts will find a wealth of information in a recent article in the McKinsey Quarterly. Simply entitled, “Making Data Analytics Work for You – Instead of the Other Way Around” (Mayhew, Salah, and Williams), the article provides an easy to follow list of steps for any organization to get the most out of their investment in data analytics.

The authors emphasize that improving corporate performance is the only meaningful reason for organizations to pursue data analytics. As a result, they state two important principles:

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Topics: Data Analytics, Structured vs. Unstructured Data, Data-Driven

Death, Taxes, and Budgets: 4 Tips Credit Unions Need to Know About Budgeting for Data Analytics

Posted by Mark Portz on Sep 6, 2016 11:20:00 AM

A professor at the University of Minnesota once taught me that death and taxes are not the only certainties in life, because you can also always count on your budget being wrong. While this (annoyingly) still seems to prove true, there are a number of practices to improve budget planning and optimize the potential of your budget to prepare you for data analytics.  

With fall around the corner, many credit unions are entering the budget planning stages for the next year. If you are planning to remain competitive in the industry,  this does not mean you are simply tweaking minor adjustments from last year’s budget. 

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Topics: Budgeting, Data Analytics

Big Data Insights Found in Unexpected Places

Posted by Austin Wentzlaff on Jun 4, 2015 10:13:00 AM

It’s often easy to overlook the obvious.  As a team member of OnApproach, a company that integrates all of the disparate data sources within a credit union into a single source of truth, I have failed to recognize the value of ALL the data available to credit unions.  At the 2015 CUNA CFO Council Conference, I attended a session presented by Bill Goedken, President & CEO of Idea5, entitled “Mining Gold – New Trends and Discoveries in ‘Big Data’ That Will Help Your Credit Union Compete.”  During Bill’s session, he discussed the ways credit unions can leverage external data to better serve their members.  While both internal and external data are extremely valuable, the combination of the two is where the real value lies.

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Topics: Analytics, Big Data, Big data/analytics, Data Analytics

The Digital Revolution: Prepare for the Millennials!

Posted by Nate Wentzlaff on May 1, 2015 10:53:00 AM

As a generation who has been raised online begins its financial journey, digital demands on financial services will begin exploding

The credit union industry is the middle of a digital revolution.  As technological innovations continue, members will shift toward digital channels to interact with their credit union.  Basic transactions continue to take place though online and mobile banking channels where members can take control of their financial needs.  Depositing checks, transferring money, and paying bills can all be accomplished through this channel.  Members no longer need to rely on the branch for basic transactions.  The main drivers of digitization are the millennials who were born at the advent of the internet.  Their lives have been surrounded by the interconnected digital world.  Consequently, they will demand a digital credit union that meets all of their financial needs when (and where) they need them.

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Topics: Mobile, Millennials, Gamification, Social Media, Data Analytics

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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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