During the 2015 NACUSO Conference, Credit Union Industry Disruption and Predictive Analytics drew particular attention from those attending. It was quite clear that significant changes are coming to the credit union industry and those changes will happen quickly. As John Best, Best Innovation Group (http://big-fintech.com ), stated during his presentation, there are several credit union industry disruptive trends on the horizon, which include Lending Clubs, mobile banking applications, and changes in payment technology.
Topics: Big Data
A frequently asked question in the credit union movement is, “what is the data most credit unions have that they should be gathering, monitoring and reporting?”
In short, all of your data can be a critical component in gaining valuable insight into your members and optimizing business practices. The big question is . . . How accessible, comprehensive and useful is the data?
According to the whitepaper “Amazon vs Borders: A Lesson for Credit Unions”, written by Founder and CEO of OnApproach, Paul Ablack, Amazon has thrived on fostering loyal and intimate relationships with its customers. These relationships are the cornerstone of Amazon’s success. With utilization of data analytics, Amazon has information readily available to pursue and enrich these relationships.