These days, data is ubiquitous. As consumers, we carry it with us and leave a digital footprint wherever we go. Lending leaders need it, value it, and are able to amass it—but many of them are not leveraging it to its full potential to further enrich their business goals. In this blog, we’ll explore DDDM, or data-driven decision making as a process and how, in conjunction with artificial intelligence, credit unions and other financial entities are utilizing it to develop and drive strategic goals.
The Value of Utilizing Data
Credit unions have tremendous access to more data than ever from their members. Data is this century’s intrinsic currency. Many credit unions sit on a mountain of data without the necessary mining capabilities to offer a greater personalized membership experience, accurate credit decisions, fraud detection and enterprise risk management. Using AI with sophisticated analytics, credit unions can discover trends within their existing data sets that ultimately lead to better service options for their members.
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