3 ways community spurs advancement within the credit union industry

Sharing ideas and analytics solutions allows credit unions to thrive in the ever-changing financial marketplace

by: Nate Wentzlaff

Recently, I attended the Credit Union Big Data/Analytics Conference hosted by OnApproach.  During the conference, many presentations discussed how credit unions should leverage their progress in data and analytics solutions.  As the marketplace of financial solutions continues to become more chaotic, credit unions must stick together to prosper in the waves of disruption that are sweeping the globe.  Big Data and Analytics solutions are providing credit unions the opportunity to expand their cooperative philosophy throughout their industry as a whole.  Learning how to collaborate around data and analytics will be the next step for the credit union industry.

There are three steps that credit unions must take to effectively collaborate with their data:

  1. Big Data/Analytics User Community

Using Big Data/Analytics tools and solutions will be extremely difficult for individual credit unions.  By forming a user community around this subject, the credit union industry will be able to communicate and leverage the experiences of employees that are in the midst of taming their respective data beasts.  User communities allow ideas and experiences to be shared with a group of people tackling the same business problems.  Instead of solving business problems on their own, a user community allows each credit union to learn from each other’s experiences.  OnApproach is currently cultivating a user community, and it will be a catalyst for cooperation throughout the industry.

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