The Decision Maker

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 warehouse, Data Integration, Data Analytics, Data Quality, Data Silos

Stop Worrying about Millennials, Say Hello to Generation Z: Part 2

Posted by Mark Portz on May 9, 2017 1:04:00 PM

In the first part of this blog, we learned about who Generation Z is. Now that we have a better understanding of who we are talking about and realize that we need to be prepared, let’s look at what it means for your financial institution.

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Topics: Mobile Banking, Data Integration, Mobile

Prescriptive Analytics for Credit Unions: Healthcare Style

Posted by Nate Wentzlaff on Mar 2, 2017 12:03:00 PM

Just as healthcare is developing robust analytics for patients, credit unions have a great opportunity to empower members to track their financial health and take actions to improve it.

Being raised in a small town, I never thought about the healthcare I received. I had the same doctor from birth until I moved to college. As long as nothing seemed wrong to him, I felt confident that I was healthy. However, when I moved to a bigger city, everything changed. I was no longer able to rely on my hometown doctor, and I needed a way to monitor and maintain my health. At the same time, the healthcare industry was going through a data revolution. The traditional relationships between doctors and patients were changed forever. In shopping for my new healthcare provider, I felt the most comfortable with the one that had the best analytics and enabled me to make data-driven decisions to improve my health.

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Topics: Data Integration, Data Analytics, Prescriptive Analytics

Credit Union Cooperation: Google Maps Style

Posted by Nate Wentzlaff on Feb 7, 2017 12:02:00 PM

As credit unions begin their journey into the future, they must rely on an industry standard analytics platform to guide them to their destinations.

Google Maps has revolutionized how we navigate our lives. It saves us from headaches caused by unnecessary traffic and other challenges in traveling. My journey from work to home has many different routes depending on traffic patterns. During days with slower traffic (i.e. - winter snowstorms), the Google Maps recommended route will change every 5 – 10 minutes. Using an analytics engine that informs me of the best route allows me to spend extra time on more important things in life. Credit unions have a similar opportunity when navigating their institutions into the uncertain future of financial services. Establishing an industry standard analytics platform will enable credit unions to cooperate on analytics and guide them to their desired destinations.

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Topics: Analytics, Data Integration, Data Pool, Cooperation, Data Visualization, Insight Platform

The Power of Semantics in Credit Union Analytics

Posted by Nate Wentzlaff on Aug 23, 2016 11:06:00 AM

A common language forms a bond between humans and strengthens their ability to cooperate. Credit unions must agree on common semantics to establish powerful business analytics throughout the industry.

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Topics: Data Integration, Data Standards, Semantic Layer, data model

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

Having It All: The Keys to Comprehensive Data Capture

Posted by Peter Keers, PMP on Jul 1, 2015 9:57:33 AM

Credit unions aiming to build Big Data & Analytics capabilities have a lot of decisions to make. One of the most fundamental decisions is how much source data to capture. The two dimensions of “how much” are depth and breadth.

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Topics: Big Data, Data warehouse, Data Integration, Analytic Data Model, Data Standards

Why Analytics Requires Standard Data Sets

Posted by Nate Wentzlaff on Mar 30, 2015 12:43:00 PM

With systems designed to capture a robust amount of data on every transaction that occurs throughout the credit union, standard data sets are required to form strong analytics.

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Topics: Data Integration, Analytic Data Model, Data Standards

6 Steps to Develop a Data-Driven Vision

Posted by Nate Wentzlaff on Mar 19, 2015 12:30:00 PM

As an industry in the middle of a massive shift, credit unions must steer in the best direction to enter a prosperous future.

The Financial services industry has traditionally been an industry where change happens gradually at the direction of a few large institutions.  Since the introduction of the internet in the 1990’s, finance has been in a state of exponential change.  The digitalization of money is causing an even more powerful catalyst of change: the proliferation of data at a pace most credit unions cannot fathom.  Consequently, credit unions must form a data-driven vision to act as a strong rudder to navigate through the data storm.

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Topics: Analytics, Big Data, Data Integration, Members, Decision Support, Big data/analytics, community, data integrity

Credit Unions and Big Data/Analytics [VIDEO]

Posted by Austin Wentzlaff on Mar 16, 2015 12:13:00 PM



 

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Topics: Analytics, Business Intelligence, Big Data, Credit Unions, Data warehouse, Data Integration, Data Pool, Big data/analytics, Analytic Data Model

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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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