In the first part of this blog, we learned about who Generation Z is. Now that we have a better understanding of who we are talking about and realize that we need to be prepared, let’s look at what it means for your financial institution.
In the world of credit union data and analytics, there are hot topics galore:
These subjects fall under the trendy term, Data Science. Yet, when it comes down to the practicalities of everyday business at a credit union, plain old reporting still provides the most information used for decision making. An O’Reilly/TIBCO Jaspersoft e-book released in March 2017 quotes a recent InformationWeek survey that found 88% of organizations are using reports while only 34% use data science.
Thanksgiving and Black Friday have already passed, and now, for many of us, the real fun begins on Cyber Monday. While we are searching the whole web for the best deals on new clothing and that big TV, it is also a good time to put some thought into our digital identities.
What is Digital Identity?
The internet has essentially become a necessity in our daily lives; both work and personal. Whether we like it or not, every interaction we make online helps to create a more comprehensive identity of our digital selves. Digital identities are not only your shopping history and google searches, but also include how you use your apps (fitness, sleep, etc.), where you have taken Uber rides, the social media updates you have posted, the friends you interact with, your credit, and so much more.
“…wallets may generate substantial data that will lead to better member insights and possibly also profits.” – Kirk Drake, founder and CEO of Ongoing Operations, LLC
In an age of increasingly complex relationships, members expect an omni-channel relationship with their credit union.
As a generation who has been raised online begins its financial journey, digital demands on financial services will begin exploding
The credit union industry is the middle of a digital revolution. As technological innovations continue, members will shift toward digital channels to interact with their credit union. Basic transactions continue to take place though online and mobile banking channels where members can take control of their financial needs. Depositing checks, transferring money, and paying bills can all be accomplished through this channel. Members no longer need to rely on the branch for basic transactions. The main drivers of digitization are the millennials who were born at the advent of the internet. Their lives have been surrounded by the interconnected digital world. Consequently, they will demand a digital credit union that meets all of their financial needs when (and where) they need them.
I had the opportunity to attend NACUSO 2015 in Orlando last week. NACUSO is a great conference to interact with other thought leaders in the credit union industry to make valuable business connections. It is the essence of the “credit union movement”, a group of talented industry leaders looking for ways to collaborate to make the industry stronger.
Consumers, particularly millennials, are becoming less interested in meeting actual people to solve their problems and more interested in doing it themselves. With the rise of the internet, information is readily available to all. This allows consumers to search and find solutions to meet their needs in a matter of seconds. This is a tremendous opportunity for consumers but it is also a serious challenge for retail institutions. This is especially true for retail financial institutions such as community banks and credit unions.
Today, there are very few that will deny the importance of data and analytical decision making. Big Data has been a buzz word for years but it has finally turned into a reality. Companies like Amazon and Uber dominate their industries with the use of data analytics. They, among many companies, have realized that data is the new way of interacting with customers. Although the shift from brick-and-mortar to mobile has been happening for years in the retail space, Big Data & Analytics is about to make its biggest mark in the retail financial services space with mobile payments.
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, Business Intelligence, Big Data, Credit Unions, Data Integration, Marketing, Data Pool, Video, Podcast, Collaboration, Analytic Data Model, Digital, Lending, Data Analytics