The Decision Maker

Big Data and Mobile Payments

Posted by Austin Wentzlaff on Aug 18, 2014 7:04:16 AM

“…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 a highly competitive financial services industry, credit unions are turning to mobile to survive and meet the ever changing demand of members. Credit union members are flocking to their mobile devices to do everything from check balances to deposit checks because they find it more convenient than the “old way” of banking. As credit unions realize their members demand to go mobile, they begin to shift their focus from expanding physically to expanding virtually. Investments in mobile applications will likely dominate credit unions’ budgets in the coming years as they attempt to stay competitive. One of these investments will likely be enhancing mobile payments. Mobile payments will not only make life more convenient for credit union members but it will change the way credit unions interact with their members as they use Big Data and Analytics to gain better member insights.

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Topics: Business Intelligence, Big Data, Credit Unions, Membership, Digital, Data Analytics

Defining a Member: Helping Credit Unions Identify Their Members

Posted by Owen Mibus on Aug 13, 2014 6:29:38 AM

Credit unions, as member-owned financial cooperatives, track and report regularly the number of members they have. Membership is reported to the National Credit Union Administration (NCUA), the credit union board, credit union management and in the annual report to members, among others.

Often the number of members reported varies depending on who at the credit union does the reporting. This can lead to confusion and concern. There may be someone in finance, someone in marketing and someone in administration all reporting on how many members the credit union has, and all reporting a different number of members!

Obviously the total member count needs to be consistent and accurate. However, there are several challenges that must be overcome:

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Topics: Reporting and Analytics, Credit Unions, Membership