3 credit union pain points and their big data/analytics solutions
by: Austin Wentzlaff
The Credit Union Movement has been one of the slowest industries to adopt Big Data and Analytics and data warehouse solutions. The reason for this is many credit unions have failed to recognize the benefits Big Data and Analytics has on solving some of the industry’s biggest pain points. Identifying these pain points and their possible Big Data and Analytics solutions will help identify the true value of Big Data and Analytics. Here are three pain points and their Credit Union Big Data/Analytics solutions:
NCUA Reporting Requirements – Credit Unions are required to file several reports to comply with regulators such as a quarterly 5300 Call Report. The 5300 Call Report shows data regarding a credit union’s financial health and its results from operations. This data is then used by the Congress of the United States, banking authorities, researchers, and rating agencies. Consequently, these reports need to be filed on time with completely accurate information. This is so important that the NCUA has set penalties of up to $1 million per day for failing.
Preparing these reports for filing is no easy task as there is a plethora of information required such as income statements, charge-offs, balance sheets, securities, assets, liabilities, and a daunting list of other information. Much of the data required for reporting is scattered throughout disparate data sources that are individually and manually accessed at the credit union.
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