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.