BIG and OnApproach conduct data analytics and digital strategy survey for credit unions
TAMPA, FL (April 12, 2018) — Best Innovation Group (BIG), an innovation catalyst and strategic consulting partner focused on strengthening and growing credit unions, recently published its first semi-annual survey on data analytics with long-time partner OnApproach, the leading provider of big data and analytics solutions for credit unions.
The companies conducted an extensive survey on data analytics and digital strategy for the credit union industry.
The recurring surveys will help credit unions gain a deeper understanding of trends in digital strategies and data analytics. Approximately, 85 credit unions responded to questions on topics ranging from strategies and timelines to budgets and staffing. The results provide a comprehensive look at the state of analytics and digital transformation across credit unions nationwide. While this is the first such survey for the companies, going forward they plan to repeat the process semi-annually. This will help credit unions benchmark and trend industry progress in these critical business areas.
“Credit unions have some advantages in the battle with banks over market share. Growing pools of relevant, timely data are ground zero in that war. The ability to cooperate for scale and having the best interest of the member at heart give credit unions a leg up in the contest and represent the heart of the credit union movement. But they are behind the curve in data analytics and need to embrace these concepts and strategies to more effectively compete in the future,” said Kirk Kordeleski, Chief Strategy Officer & Senior Managing Partner, Best Innovation Group. “Our goal is to educate the industry, and ultimately encourage credit unions to continue thinking about and preparing for the future.”
“A proper data strategy is imperative for credit unions today. The traditional business model of the community financial institution is quickly evolving, and those organizations that do not adapt quickly will be left behind. Credit unions need to be thinking about, and actively executing, effective data strategies. We are proud to help to produce this survey, and we look forward to the progress it will catalyze across the industry,” said Paul Ablack, CEO, OnApproach.
Credit unions that recognize the need to develop or evolve their data strategy have the opportunity to speak with one of BIG’s strategists free of charge. BIG offers credit unions a complimentary one-hour consultation to discuss data resources and digital transformation plans. “This is a critical time for the entire credit union industry” offers BIG Founder and CEO John Best. “The industry as a whole is consolidating and, while technologies exist that can help credit unions not only survive but thrive, the time is here to take action.”
BIG View the complete survey results here.
John Best
Kirk Kordeleski
Paul Ablack
About Best Innovation Group (BIG)
Founded in 2014, Best Innovation Group (BIG) was created to provide clients with the resources to quickly implement digital solutions and adopt cutting-edge technologies. BIG provides research and development in areas including voice banking, distributed ledger, and machine learning, as well as a wide array of consulting services. For more information, visit www.big-fintech.com.
About OnApproach
OnApproach is the only CUSO dedicated to credit union success through a collaborative analytics ecosystem. By providing a secure and frictionless data experience, OnApproach empowers credit unions to take full control of their own data and their own futures. We exist to serve the credit union movement with technology and expertise required for the digital transformation of the industry business model. OnApproach’s collaborative ecosystem enables communities of users, data scientists, and application developers focused on analytics innovation.
