Prescriptive analytics for credit unions: Healthcare style
Being raised in a small town, I never thought about the healthcare I received. I had the same doctor from birth until I moved to college. As long as nothing seemed wrong to him, I [...]
OnApproach News Archives
Credit union cooperation: Google Maps style
Google Maps has revolutionized how we navigate our lives. It saves us from headaches caused by unnecessary traffic and other challenges in traveling. My journey from work to home has many different routes depending on [...]
Stop worrying about millennials, say hello to Generation Z
There has been a major emphasis on making banking friendly for millennials. Of course, this is a necessity as millennials make up a larger percentage of the workforce and have different expectations for their financial [...]
The comfort of data-driven decisions
Recently, my wife and I were shopping for a mattress. We began the process by “trying out” mattresses by how they felt. My wife thought she preferred firm mattresses, while I thought I preferred soft [...]
The analytics talent gap: Why the middle matters
There are many challenges to creating a data-driven credit union. One often cited issue is attracting and retaining qualified technical personnel. Hiring a Data Scientist is impossible for all but the very largest credit unions [...]
The power of truth in credit union analytics
New technologies are enabling credit unions to collect a vast array of data only dreamed about in the past. However, this massive amount of data will only create more confusion if it is not organized [...]
The power of semantics in credit union analytics
A common language forms a bond between humans and strengthens their ability to cooperate. Credit unions must agree on common semantics to establish powerful business analytics throughout the industry. Language is very powerful tool. The [...]
Top 5 lessons from the 2016 Analytics and Financial Innovation (AXFI) Conference
1. Your Members are not just Numbers, but Numbers Help You Understand Your Members The best way to build strong relationships with your member is to know your member. Learn their habits, needs, and patterns. [...]
The Internet of Things in retail banking
The Internet of Things (IoT) has gained a considerable amount of hype as the “Next Big Thing” to change the world as we know it. Applications of IoT are thought by some to be limited [...]
6 steps to analytics and the tools needed
A common misunderstanding with data analytics is how and when the various “tools” are used. Many think that a great data visualization tool (e.g. Tableau) will solve all of an organization’s problems. Often [...]
Saving small credit unions with big data
“...Chartering a credit union nowadays is a difficult (almost impossible) task. When a credit union merges today, its charter ceases to exist. If… five months later, someone realizes they should have given that credit union [...]
Fintech startups and smartphones drive real changes in credit union innovation
At the October 2015 Credit Union Big Data/Analytics Conference (now Analytics and Financial Innovation Conference) in Minneapolis, John Best, CEO of Best Innovation Group and a well-known technology innovator in the credit union industry, [...]
Analytics for CECL: Challenge creates opportunity
Getting ahead of the new CECL requirements is a strategic initiative for all credit union executives in 2016. Being complaint will be no easy task, however. The new CECL requirements require life-of-loan loss forecasting capabilities. [...]
Out with the old and in with the new: Reporting & analytics for credit unions
If you are responsible for report writing (including dashboards) at your credit union or you are a report consumer, you know the problem: the current process for fulfilling reporting requests is broken and it has [...]
4 reasons to use credit union service organizations
“[CUSOs] provide a means to an end – allowing credit unions the capability to fulfill the financial needs of their members in a cost effective environment through efficient delivery channels. Plus, they attract the brightest and [...]