Millennials are living in a vastly different world than their Baby Boomer parents. They live in a time in which a phone isn’t just a piece of plastic used for making calls, it’s now “smart” and acts as an extension of oneself. A time in which “going shopping” or “depositing a check” no longer requires you to leave home. We are living in a world dominated by the rise of online/mobile and the demise of brick-and-mortar. This changing consumer landscape is being primarily driven by Millennials as they demand more personalized experiences.
“Everything negative - pressure, challenges - is all an opportunity … to rise.” – Kobe Bryant
Getting ahead of the new CECL requirements is a strategic initiative for all credit union executives in 2016. Being compliant will be no easy task, however. The new CECL requirements require life-of-loan loss forecasting capabilities. In most cases, this means the credit union will need to collect data, A LOT OF DATA. Unfortunately for most credit unions, collecting, storing, and analyzing data has not been a priority and most do not have the proper infrastructure in place to do so.
Big Data & Analytics has been transforming industries for some time now. A prime example is how Amazon used Big Data & Analytics to dominate the retail industry. For the Credit Union Industry, 2015 was the year for Big Data/Analytics. Credit unions are beginning to realize the value of data-driven decision-making and starting to turn the buzz of Big Data & Analytics into reality. As 2015 comes to an end, I have taken the liberty of compiling some of the industry’s favorite Big Data & Analytics related articles from OnApproach’s blog, The Decision Maker. Here is part two of two. Enjoy!
Big Data & Analytics has been transforming industries for some time now. A prime example is how Amazon used Big Data & Analytics to dominate the retail industry. For the Credit Union Industry, 2015 was the year for Big Data/Analytics. Credit unions are beginning to realize the value of data-driven decision-making and starting to turn the buzz of Big Data & Analytics into reality. As 2015 comes to an end, I have taken the liberty of compiling some of the industry’s favorite Big Data & Analytics related articles from OnApproach’s blog, The Decision Marker. Here is part one of two. Enjoy!
In recent years we’ve experienced a phenomena in business – the transformation from physical, brick-and-mortar retailers to online/mobile retailers. This transformation has shaken up the way people interact with businesses and consequently how business operations have changed to accommodate. Online/mobile has created a whole new definition of the word convenient by making payments more simplistic and by giving users unique experiences by recommending products and services they unknowingly love. Online/mobile retailers are becoming integral parts of many consumers’ day-to-day lives by creating a new type of relationship, unrivaled by their brick-and-mortar counterparts. But how have companies such as Amazon and Uber taken so much market share with so little in physical assets? The short answer, data.
If you are the one responsible for report writing at your credit union or have ever requested a report, your pain is not unheard. The old way of reporting is broken, and it has been for years. Business intelligence failed to deliver on its promise. IT departments are overloaded and users are frustrated. Becoming an analytic driven organization is often unobtainable because the majority of the time is spent gathering and organizing the data.
“[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 most innovative minds to the board table, bringing best practices of credit unions across the country, which is a priceless experience.” – Doug Petersen President/CEO of Workers’ Credit Union.
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 only by the human imagination. From simply controlling your home (e.g. - lights, thermostat, etc.) with a smartphone, to life saving medical and healthcare systems, IoT is pervasive and growing rapidly.
“…wallets may generate substantial data that will lead to better member insights and possibly also profits.” – Kirk Drake, founder and CEO of Ongoing Operations, LLC