The Decision Maker

Reports of Reporting’s Death are Greatly Exaggerated

Posted by Peter Keers, PMP on May 2, 2017 11:01:00 AM


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.

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Topics: Reporting and Analytics, Omni-Channel, Data Visualization

How Credit Unions Can Leverage Big Data [Video]

Posted by Austin Wentzlaff on Feb 5, 2015 11:30:00 AM

 


 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.

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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

The “Yin and Yang” of Credit Union Reporting/Analytics Software: 3 Factors to Consider

Posted by Paul Ablack on Jan 8, 2015 12:34:07 PM

As a veteran of the Business Intelligence (BI) industry, which is now being eclipsed by Big Data and Analytics, I have witnessed many organizations looking for the “perfect BI software”.

For at least a decade now, BI software companies have been striving for leadership in the coveted Gartner Magic Quadrant for Business Intelligence. The Magic Quadrant evaluates BI software vendors on two dimensions: (1) Completeness of Vision and (2) Ability To Execute. While these two dimensions do provide very good insight into the capabilities of each vendor’s product offering, they don’t tell the whole story.

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Topics: Reporting and Analytics, Data warehouse, Data Integration, Big data/analytics

Big Data/Analytics Solutions: The Missing Link

Posted by Austin Wentzlaff on Dec 17, 2014 12:00:00 PM

When starting your Big Data/Analytics journey, there are many project characteristics to consider.  The first, before considering analytics, is how to integrate all of the data into a “single source of truth.”  That is, how to design a data warehouse that will fulfill your needs and integrate all the necessary disparate data sources at your credit union.  

A true enterprise data warehouse requires a significant amount of planning and a robust architecture to meet the needs of the end users. The architecture seen most fit for the complex nature of credit union data sources is the star schema developed by Ralph Kimball.  While this might be one of the best solutions for credit unions, architecturally speaking, it presents a few challenges that hinder the desired end result, reporting and analytics.

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Topics: Reporting and Analytics, Analytics, Data warehouse, Data Integration

“I Know It When I See It” - 3 Essentials for Effective Business Intelligence Requirements

Posted by Peter Keers, PMP on Oct 15, 2014 11:30:00 AM

Supreme Court Justice Potter Stewart famously said about obscenity, "I know it when I see it". This often seems to be the case with many credit union decision makers when asked to define Business Intelligence (BI) requirements.

Consider this common scenario: an innovative credit union executive champions the BI concept. The executive points out all the flaws in organization’s current reporting and analytics. Then, showing examples of how BI is revolutionizing performance in other industries, secures budget dollars for a BI initiative.

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Topics: Reporting and Analytics, Business Intelligence, Credit Unions, Data warehouse, Data Integration, Budgeting

The REAL Opportunity of Credit Union Big Data and Analytics

Posted by Austin on Oct 8, 2014 12:58:00 PM

“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.

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Topics: Reporting and Analytics, Analytics, Business Intelligence, Big Data, Credit Unions, Data warehouse, Data Integration, Data Pool, Shared Applications

Is Your Data Being All That It Can Be?

Posted by Kim Carlstrom on Sep 21, 2014 5:44:32 PM

A frequently asked question in the credit union movement is, “what is the data most credit unions have that they should be gathering, monitoring and reporting?”

In short, all of your data can be a critical component in gaining valuable insight into your members and optimizing business practices. The big question is . . . How accessible, comprehensive and useful is the data?

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Topics: Reporting and Analytics, Analytics, Business Intelligence, Big Data, Credit Unions, Data warehouse, Data Integration, Decision Support

How Business Analytics Improves Data Quality

Posted by Nate Wentzlaff on Sep 19, 2014 5:02:39 AM

Many credit unions are under the impression they must have perfect data before beginning a Business Analytics (BA) initiative. While high quality data is the foundation for BA, one of the best ways to determine the quality of the credit union’s data is by jumping right into an analytics project. Business problems are the basis for beginning any new project. Viewing credit union data from the lens of BA software allows credit unions to assess their data quality and improve their underlying systems. In order to grasp the concept of analytics, and how it can benefit business decisions, starting an analytics project (with a top down view) is the first step.

BA software is designed for the business. Managers and executives should define what information determines the health and success of the business. A BA project is similar to visiting a doctor. Before the visit, you may think and feel that everything is fine as long you are ignorant of your true health conditions determined by sophisticated analysis and doctors’ expertise. There will be no diagnosed symptoms as long as a person does not visit the doctor. When implementing analytics throughout an organization, a credit union’s systems will undergo a check-up in deriving enterprise analytics. This testing is a good thing because it brings issues to the surface that may otherwise go unnoticed. Credit unions can begin to audit their systems through the implementation of BA.

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Topics: Reporting and Analytics, Analytics, Big Data, Credit Unions

3 Ways Business Analytics Cultivate Cooperative Culture: An Example From Retail Mortgage Lending

Posted by Nate Wentzlaff on Aug 20, 2014 4:36:43 PM

In my previous blog, 3 Steps to Build Business Analytics in Mortgage Lending, I explained the steps a credit union should take to implement Business Analytics (BA). A great entry point for credit unions to begin establishing BA is mortgage lending. Once BA has been implemented, opportunities for deepening the cooperative culture of a credit union arise. Cooperation is the DNA of the Credit Union Movement. BA gives credit unions the ability to establish clear communication to strengthen their cooperative-oriented culture. Data-driven decisions and effective communication delivered by BA (embedded in business processes) will reinforce the cooperative strategy of credit unions.

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Topics: Reporting and Analytics, Analytics, Business Intelligence, Big Data, Credit Unions, Members

Defining a Member: Helping Credit Unions Identify Their Members

Posted by Austin 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.

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Topics: Reporting and Analytics, Credit Unions, Members, Decision Support

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You now have more information at hand about your credit union than ever before. But are you using it to "out-think" your rivals? If not, you may be missing out on a potent competitive tool.

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