The logistical and economic challenges presented by a business landscape turned upside-down due to a national health crisis that have tested every credit union’s ability to improvise, adapt and overcome to serve members and [...]
Credit unions confront a new reality that is now shaped by changing member behaviors that are motivated by a national health and economic crisis. Thousands of non-essential brick-and-mortar shopping sites are closed for now. Credit [...]
Apart from a credit union’s members, the member data it stores in multiple systems and databases represent its next most valuable asset. But some credit unions may struggle to successfully find, manage and leverage [...]
Managing your data takes work. Just because you have data does not mean it is the correct data. You must make sure that you have useful data to inform the rest of your operations. People [...]
Data insights start, naturally, with data. Get the data wrong, and your insights will be wrong. Who wants to take business actions on insights based on bad data? The real problem is when you’re [...]
Data governance is an organized discipline of people, process, and technology supporting a company’s data. Starting with data governance needs to be small enough that it is manageable but large enough that it makes [...]
The credit union industry looks very different now than it did twenty years ago. Just think about what credit unions will look like twenty years from now. Where does the journey for the next twenty [...]
Credit unions have a great deal of data on their members - how much they earn, where they spend their money, how much their house is worth. Credit unions now have access to more data [...]
One of the most common questions I hear thrown around is, “what is the purpose of analytics?” It’s a great question, but that’s because the answer isn’t as straightforward as it might [...]
Data analytics is no longer available only to massive technology corporations and big banks. In fact, with access to enough data, even smaller credit unions can join the fun. With several data analytics platforms that [...]
A typical credit union downloads its report bundles, daily from its processors. Usually the only option is to store those highly sensitive PCI report bundles on a network drive, with some level of appropriate user [...]
Many credit unions are struggling to retain members and capture the wave of increased credit union membership the industry is experiencing despite paying out a record level of membership dividends, helping members affected by the [...]
When reviewing their revenue data, credit unions see an average of 7% year-over-year growth in their credit card portfolio revenue. That’s not bad, but it’s also not great. The issue isn’t that [...]
Chapter 1 of this series considered the importance in establishing a specific goal to solve using data analytics and proving the ROI in order to justify automation and decisioning using business intelligence in a credit [...]
Enhancing member experience has been the subject of many blogs and white papers, and there is a reason why this topic is so popular. In fact, there are three good reasons why this topic is [...]
