Big data offers great promise

by. Craig Sauer

Many CUs won’t get involved with big data because of a lack of resources, but that’s a short-sighted approach.

Don’t let the magnitude of “big data,” or uncertainty over how best to use it, paralyze your credit union’s ability to take advantage of its great promise.

Large corporations and financial services competitors already rely on big data, increasingly using it to siphon away business opportunities with your members, says Peter Halenar, vice president of strategic partnerships for MoneyDesktop.

“I would highly suggest that you start to have the conversation internally,” Halenar told CUNA Community Credit Union & Growth Conference attendees in October. “You can either start to address it now, or after it’s passed you by and you have to play catch-up. That’s not a situation you want to be in.”

The world produces as much data in two days as in the previous 5,000 years, Halenar says, offering a treasure trove of information if interpreted properly. Predictive policing helps departments target areas where crime is on the rise. Netflix analyzes usage patterns of the 31 million customers who stream its movies to recommend other content for their queues. Retailers target advertising to customers based on their recent purchases.

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