Credit unions sitting on mountains of big data gold
Financial institutions (FIs) collect large amounts of data that often go unmined. When extracted, however, this golden information can be used to predict everything from borrower risk to consumer behavior.
Unlike precious metals, data alone rarely has value. The extensive deposits of information are meaningless unless it can be converted into actionable insights. While transforming data into actual strategies with measurable impact is a multi-step process, it certainly can be done.
A recent CUInsight.com article takes a look at four steps to translating mined Big Data gold into valuable knowledge and meaningful insights:
- Retrieve data to convert it into serviceable information.
- Create innovative products and services to meet expectations and improve the consumer experience.
- Develop targeted marketing campaigns to successfully introduce these new products and services.