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 Pool, 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

Why Analytics is a Credit Union Industry Opportunity

Posted by Austin Wentzlaff on Oct 10, 2017 11:08:00 AM

Analytics has been a prevalent topic for many years but never more prevalent in the credit union industry than it is today.  Just a few years ago, the topic hardly came up, but in 2017, it’s hard to find a credit union not talking about, or planning and budgeting for a proper analytics solution.  This excitement about analytics has gathered widespread attention, involving industries, companies, and individuals new to the field of analytics.

Now that there is a lot of buzz around the topic, it is important to understand whose challenge, but more importantly, whose opportunity analytics is.  Analytics is the credit unions’ opportunity.  Not just one individual credit union, but all credit unions – the industry or movement.

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Topics: Data Ownership

Taking Data Analysis at Credit Unions to Another Level with Collaborative Analytics [Video]

Posted by Mark Portz on Sep 28, 2017 1:47:41 PM

  

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Topics: Video, Shared Applications, collaboration, CUBroadcast, Insight Platform, Data Ownership, Digital Transformation

Whose Data is it Anyway?

Posted by Austin Wentzlaff on Aug 30, 2017 11:06:00 AM

By now it’s clear, data and data analytics is an extremely important growth area for credit unions. Behind it all, there is one main motive – monetizing data to its fullest extent.  There is tremendous value to be unlocked from data, and with it, tremendous money to be made by monetizing it.  However, the burning question in the credit union world is: Whose Data is it Anyway?

There are a lot of “solutions” out there to help credit unions leverage data to their fullest extent. Whether it be an analysis on the loan portfolio to increase net interest margin or a next best product analysis to increase the number of products per member.  All are extremely beneficial to the credit union’s top line, bottom line, and members.  Yet, how we get to these analytic outputs is extremely crucial.

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Topics: Credit Union Service Organization, Data Ownership

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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.

This blog will:

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