Analytics has been a prevalent topic for many years but never more prevalent in the credit union industry than it is today. Just a few years ago, the topic hardly came up, but in 2017, it’s hard to find a credit union not talking about, or planning and budgeting for a proper analytics solution. This excitement about analytics has gathered widespread attention, involving industries, companies, and individuals new to the field of analytics.
Now that there is a lot of buzz around the topic, it is important to understand whose challenge, but more importantly, whose opportunity analytics is. Analytics is the credit unions’ opportunity. Not just one individual credit union, but all credit unions – the industry or movement.
Credit unions need to understand the value of their data, not just as one credit union’s data, but the value of all credit union data. Alone, as a single credit union, how do we compete with U.S. Bank, Wells Fargo, and Citi Group, not to mention the FinTechs like SoFi? We can’t. The answer to our biggest challenges is something that is inherent to the credit union industry – collaboration. While we might not be able to fully execute on analytics alone, we can do it together – as ONE.continue reading »