Credit unions are awash in data, but until recently there were few options for leveraging this data for better decision making. That has changed with the emergence of two major innovations.
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.
Credit unions aiming to build Big Data & Analytics capabilities have a lot of decisions to make. One of the most fundamental decisions is how much source data to capture. The two dimensions of “how much” are depth and breadth.
With systems designed to capture a robust amount of data on every transaction that occurs throughout the credit union, standard data sets are required to form strong analytics.