How credit unions can win the big data play

Ask executives at the money center banks how they plan to win, against both fintechs and smaller institutions like credit unions, and they smirk as they say two words, big data.

Big data is today’s magic.  How does Amazon knows what book you want to read next, or what music you want to buy, or when you are about to run out of cat treats? Those are simple examples but the answer is big data. Amazon crunches a lot of data, in a blink of an eye, and it knows what you want, maybe before you know.

The race now is on inside financial institutions to crunch lots of data and to achieve similar predictive intimacy about their customers and members.

Think about how many pointless marketing pitches go out: mortgage info to a member who just bought a house, car loan info to a member who just leased a new BMW, and credit card info to a member with a 500 FICO score.

Big data means never making a dumb pitch again.

 

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