4 business processes being revolutionized by big data & analytics
Credit unions must focus on business processes when implementing big data & analytics (BD/A) solutions
by: Nate Wentzlaff
The goal of every BD/A solution is to improve the business. While this may seem like an obvious statement, it is a concept that has yet to be grasped by most credit unions. Leaders throughout the credit union industry are still in awe of BD/A tools and their ability to display data in fancy and beautiful ways. Although these features are impressive and give new insights to the human mind, they will be like a luxury car in your garage if there is no business purpose planned for it. BD/A tools, similar to a luxury car, might be something that you show off when your friends are in town, but not what you would use for work. However, with effective Business Process Management (BPM) mindsets and methodologies, credit union leaders can leverage BD/A tools as a master-builder to create innovative technologies that shape the future of the credit union industry.
There are four major business processes being revolutionized by BD/A tools at credit unions:
1.) Loan Origination
BD/A solutions are providing deeper intelligence into the loan origination decisions of credit unions. They are enabling managers to monitor all loan applications that enter the credit union. A loan origination decision begins (or ends) a long-term relationship with a member. Therefore, making strategic loan originations is crucial for the future of the credit union. Loan origination data is pouring into credit unions every day. Utilizing public, application, and various other data sources, credit unions will be able to gain a competitive advantage over competitors who do not have a deep relationship with members. These relationships have created a robust amount of historical member data throughout the credit union industry that has yet to be effectively leveraged.
continue reading »
