The Decision Maker

The Cost of Cheap Spreadsheets

Posted by Peter Keers, PMP on Aug 4, 2014 5:01:16 AM

According to a recent study by SunGard Consulting Services, a majority of organizations surveyed were using outdated reporting and analytics techniques. The study concluded that while advanced data handling and reporting processes are widely available, they were not being acquired and implemented.

This phenomenon has been a big problem in the credit union industry for years. Backward-looking, spreadsheet-based system (SBS) reporting and analytics continues to be the norm in many institutions.

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

7 Challenges to Consider when Building a Data Warehouse

Posted by Austin Wentzlaff on Jul 27, 2014 3:43:00 PM

Most credit union leaders are familiar with the concept of Big Data and business intelligence, but they may fail to fully understand the significance they have on their credit union and its future. Big Data can provide credit unions with the ability to make better decisions that positively affect member relationships and ultimately their top and bottom lines. An essential piece of any business intelligence (BI) strategy is a data warehouse. Data warehouses provide credit unions with the ability to integrate data from many disparate sources to create a single source of truth. From this single source of truth, credit unions are able to generate reporting and analytics tools that leverage data to make the most informed business decisions possible. A data warehouse project seems simple: find all disparate sources of data and consolidate them into a single source of truth. In all actuality, building a data warehouse is a complex process that could end in disaster if handled improperly. There are several obstacles in the process that need to be overcome in order to achieve success. These obstacles typically take an extensive amount of time to conquer, especially the first time they’re encountered. Credit union leaders should consider the following data warehouse challenges before building a data warehouse:

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

How can Return on Investment from Mobile Banking be Measured?

Posted by Austin Wentzlaff on Jun 3, 2014 2:15:44 PM

“Midsize banks are falling behind in meeting the needs of the fastest growing demographic groups, millennials and minorities, especially in online, mobile and problem resolution,” –Jim Miller, Director of Banking Services at J.D. Power

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

Believers at the Top

Posted by Aaron Wang on Feb 23, 2014 2:43:08 PM

“The factor perhaps most determinant of success with an analytical strategy is the degree of engagement from the executive ranks.”

This quote from the recent Aberdeen Group report Executive’s Guide to Effective Analytics (http://bit.ly/1e7nZFH) sums up one of the key drivers to an effective credit union analytics effort.

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

Buzz Off: Big Data Moves from Hype to Reality

Posted by Peter Keers, PMP on Feb 2, 2014 4:02:48 PM

Credit Union leaders are painfully aware that new ideas in technology often explode on the scene in excited waves of hyperbole (hence, “hype”). Big Data certainly fell into this pattern. Not only were there unending media reports about the subject (“buzz”), but most credit union decision makers were hard-pressed to define precisely what was meant by the term Big Data and how it would help their organizations.

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

Report from the Frontier

Posted by Aaron Wang on Jan 19, 2014 3:34:21 PM

In the December 2013 issue of the Harvard Business Review, reporting and analytics guru Thomas Davenport writes about how far the innovators in the analytics field have advanced.

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

Get the Analytics Part Right

Posted by Aaron Wang on Sep 22, 2013 6:15:09 PM

Many credit unions are launching business intelligence initiatives with high hopes for improving performance. However there are two big challenges to overcome.

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

The Perception Problem

Posted by Aaron Wang on Sep 14, 2013 6:18:15 PM

“We don’t have enough data to make good decisions! “ Have you heard a similar complaint at your office? It may be a valid frustration but the root cause of the problem is off the mark.

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

Reducing the Risk in Risk Management

Posted by Aaron Wang on Sep 8, 2013 10:15:44 PM

Risk and compliance are often at the top of the list when it comes to headaches for community financial institutions. Yet, an underperforming risk and compliance management program can be a dire threat. What factors separate high-performing programs from underachievers?

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

Know Thy Member And Be Glad

Posted by Aaron Wang on Aug 25, 2013 3:55:09 PM

Aberdeen Research recently conducted a survey among credit unions and other banking organizations to determine their use of business intelligence (BI) tools. In one major section of the study, Aberdeen analyzed the results in terms of institutions that used BI to analyze their customers and those that did not.

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Topics: Reporting and Analytics, Analytics, Credit Unions, 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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