The trend of data-driven decision making is exploding within the credit union space. Pressures to increase revenue, reduce risky assets, and efficiently identify qualified sales leads have all contributed to the growing trend. But as the push for data-driven decision making has gained popularity, the need for a wider breadth of data has become apparent.
The credit union industry is on the cusp of significant challenges with the potential to disrupt the financial services landscape as we know it. Big Data and Analytics is driving a new breed of competitor into what has been a very traditional marketplace. The industry will need to envision and build out the “Next Big Idea” for credit unions to stay competitive and successfully navigate the next 10 years.
OnApproach's Founder and CEO Paul Ablack discusses today's evolution of Big Data and how credit unions can benefit from this increasingly refined information to provide more specific products and services for enhanced value.
Topics: Reporting and Analytics, Analytics, Mobile Banking, Business Intelligence, Big Data, Credit Unions, Mobile Payments, Data warehouse, Data Integration, Marketing, Data Pool, Video, Mobile, Shared Applications, Big data/analytics, predictive analytics, Lending Clubs, Cooperation, Podcast
“Unity is strength... when there is teamwork and collaboration, wonderful things can be achieved.” –Mattie Stepanek
The credit union industry (or credit union movement as it’s often referred to) is probably one of the most collaborative industries in the United States, if not the entire world. Unlike other organizations, credit unions share ideas and even their “secrets.” They truly care about the welfare of the industry and its millions of members. It’s great! Collaboration benefits credit unions in several ways but one way, in my opinion, presents the biggest opportunity. Big Data and Analytics.