This is Part 2 of 2 in a blog series on how credit unions can catch up in data and analytics. In Part 1, we discussed which questions credit unions need to be asking to get off the bench, the issue with data silos, and what it will take to move forward with data analytics. In Part 2, we will further discuss the concept of big data, staffing for data analytics, and creating value from the data.
“A recent McKinsey & Company report emphasizes the fact that many industries are achieving only a fraction of their “digital potential”. However, the report observes, “In the United States, the information and communications technology sector, media, financial services, and professional services are surging ahead…”. This means other players in the marketplace served by credit unions have a big head start.
Credit unions that have been sitting on the sidelines can wait no longer. To get off the bench, these organizations need to ask:
- What are the basic questions about the organization’s strategic direction that cannot be answered today?
- How can existing data be better “generated, collected, and organized”?
- What data outside the organization would be useful?
- What skillsets are missing internally and to what degree can they (or should they) be outsourced?
- Once “insights” are uncovered from analytics, what are the practical steps to leveraging them to create value?”
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