Leaders and business intelligence at credit unions are putting a tremendous focus on ways to use advanced data analytics to identify trends, detect patterns and glean other valuable findings from the sea of information available to them. Without question, member data is valuable. But the greatest value lies in the ability to empower each line of business to achieve strategic initiatives and performance goals. When this empowerment is coupled with improving member service, a proven, repeatable best practice results.
Many credit unions rely solely on FICO scores for their lending decisions. Data analytics now gives them the ability to develop their own forward-looking member risk scores.