The Decision Maker

How Credit Unions Can Win the Big Data Play

Posted by Robert McGarvey on Jul 2, 2018 12:47:00 PM

Ask executives at the money center banks how they plan to win, against both fintechs and smaller institutions like credit unions, and they smirk as they say two words, big data.

Big data is today’s magic.  How does Amazon knows what book you want to read next, or what music you want to buy, or when you are about to run out of cat treats? Those are simple examples but the answer is big data. Amazon crunches a lot of data, in a blink of an eye, and it knows what you want, maybe before you know.

The race now is on inside financial institutions to crunch lots of data and to achieve similar predictive intimacy about their customers and members. 

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Topics: Big Data, Data warehouse, data pooling, Data Lake, Data Ownership, Collaborative Analytics

4 Challenges and the Opportunity for Credit Unions [Video]

Posted by Mark Portz on Feb 6, 2018 11:07:00 AM

In the webinar, "Fueling a Bright Future for Credit Union Analytics", Austin Wentzlaff, VP Business Development, OnApproach, presents the challenges and opportunities for credit unions regarding topics including data analytics, digital transformation, and collaboration. 

Credit unions are facing several unique challenges. As an industry, credit unions have fallen behind competing fintech startups and major retail banks. It is vital for financial institutions to understand the problems they are facing and how they are possible to overcome. In 2018, the credit union industry must work together to push past these challenges and remain relevant in the age of digital transformation.

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Topics: Data Integration, Data Pool, Video, collaboration, Data Lake, Data Ownership, Webinar

Credit Unions and Data Lakes – The Next Wave

Posted by Peter Keers, PMP on Oct 5, 2017 12:03:00 PM

In two previous OnApproach blogs, the concept of a data lake was defined and differentiated from a traditional data warehouse. Yet, a key point was a data lake and a data warehouse are not mutually exclusive. In fact, a structured data warehouse could be a subset of an overall data lake architecture.

Simply stated, a data lake is an effective way to store and access very large quantities of data.

What does this mean for credit union decision makers?

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Topics: Data warehouse, Data Pool, Data Lake

What is a Data Lake? - Part 2: Sink or Swim

Posted by Mark Portz on Jul 26, 2017 11:07:00 AM

In my previous blog, “What is a Data Lake? Part 1”, I discussed how to define a data lake, and how it differs from a data warehouse. To briefly recap, a data lake is a massive data repository for raw data in its native format. To better understand the idea, let’s dive a bit deeper and get to know the advantages and disadvantages surrounding data lakes.

To start, there are a number of advantages data lakes serve for financial institutions:

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Topics: Data warehouse, Data Pool, Data Lake

What is a Data Lake? - Part 1: Testing the Waters

Posted by Mark Portz on Jul 18, 2017 11:03:00 AM

Financial institutions all over are working to build effective data strategies and improve decision-making. With so many new technologies and innovations out there, it can get very difficult to keep up with the industry and even keep straight the buzzwords we hear throughout the day. In this piece, let’s dive in to better understand what makes a data lake.

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Topics: Data warehouse, Data Pool, Data Lake

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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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  • Educate subscribers about data integration and Big Data and Analytics.
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