Four Ways Credit Unions Can Use Big Data

By. Anne Legg

We’ve talked about what big data is and how credit unions can get in the game. But how can you make it actually work for you? We’re sharing some tips from a recent Harvard Business Review article that highlighted how successful companies have gained ROI from leveraging their big data. Companies like Netflix, General Electric and LinkedIn are using big data to identify unnecessary costs and improve sales, marketing and R&D.

The secret to success, according to HBR, is using big data in four key ways. Here’s Third Degree’s take on how credit unions can adapt these recommendations.

1. Keep an eye on the internet.

Successful organizations determined how much of their total revenue was coming from orders received via the internet.  They were then able to use this information to fine-tune their sales and marketing approaches.

In the credit union world, this means identifying how many loans you’re generating from your web, mobile and tablet channels. Make sure you not only look at the number of web applications, but also when, for how much and which channel.

continue reading »