From developing predictive models to interpreting data, UCF graduate students had the chance to put their data analytics skills to the test, as CFE Federal Credit Union launched its inaugural Lending Analytics Competition. From October 2017 to January 2018, teams used data sets to predict lending risks facing the credit union industry. This competition culminated in the UCF Data Analytics Symposium on March 22, where CFE awarded a total of $5,000 in scholarships to the winning teams.
“As the field of data analytics grows exponentially, it has become more important than ever for companies to use big data to make strategic decisions,” said Kevin Miller, CFE’s President and CEO. “At CFE, we believe in the value of data analytics in the banking industry and beyond, and are proud to invest in UCF’s graduate-level programs.”
Teaming up with the UCF Department of Statistics, CFE’s Business Intelligence department developed a competition designed to reduce consumer lending risks. Teams received data sets with disguised information about CFE’s loan portfolio, along with data dictionaries to help students better understand the industry-specific data. With this information, teams created predictive models to determine which data points are most closely associated with loan charge-offs, and communicated their findings in a project report to present to Senior Management.
The teams’ models were tested against a wider data set, and three winning teams were selected based on how closely their models predicted factors related to loan charge-offs.
“By working with talented students at UCF, we can resolve real-world problems that are facing our organization and our industry as a whole. Through data analytics, students have the power to effect real change in the organizations they serve, as they collaborate with businesses both locally and worldwide,” said Kevin Wright, Chief Information Officer at CFE.
On March 22, UCF hosted its annual Data Analytics Symposium, featuring professors and industry professionals as keynote speakers. During the event, CFE announced the three winning teams, and the first-place winners had the opportunity to present their findings.
“We hope that the lessons that students learn in competitions like this will give them unparalleled experience and a strong competitive advantage in their professional careers,” said Jason Mizrahi, Manager of Business Intelligence at CFE.
CFE has partnered with the Department of Statistics in the past to support their programs and hire graduate-level interns. In the future, CFE plans to host additional data analytics competitions that address issues facing the banking industry.
