Big data and the credit union movement
by: Austin Wentzlaff
The use of Big Data is becoming a crucial way for leading companies to outperform their peers. In most industries, established competitors and new entrants alike will leverage data-driven strategies to innovate, compete, and capture value.
Big Data provides credit unions with the ability to make better, fact-based decisions that allow for the discovery of vital trends in member behavior, resulting in improved financial performance, reduced risk, and enriched relationships with members.
OnApproach’s CEO, Paul Ablack, commented, “Big Data and Analytics presents both opportunity and challenge for credit unions. While credit unions are rich in data, which is growing exponentially, they lack the infrastructure to effectively integrate, store, and analyze that data. Meanwhile, credit union members are being conditioned every day to expect more personalized information at their fingertips through all aspects of their lives. This information expectation will soon, if not already, be a top strategic priority for credit unions.”continue reading »