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.
Language is very powerful tool. The ability for people to understand each other forms one of the strongest bonds known to man. The credit union industry has remained strong through the power of collaboration. However, new challenges have been mounting against the industry such as big banks and fintech competitors, stricter regulations and the increasing complexity of products and channels. Therefore, being on the “same page” is more important than ever. Currently, credit unions are speaking different languages and trying to collaborate. This results in miscommunication throughout the industry which depends on unity for strength. The ability to communicate easily and effectively is the foundation of credit union analytics.