Minneapolis, MN (November 12, 2018) – OnApproach and Best Innovation Group, Inc, an innovation catalyst and strategic consulting partner focused on strengthening and growing credit unions recently released the results of their semi-annual Data Analytics Survey. The results provide a state of the industry update regarding data analytics and adoption at credit unions. The survey is intended to help credit unions gain a deeper understanding of industry trends regarding data and digital strategies.
The original results of the 1st National Survey on Data Analytics and Decisioning Trends in the Credit Union Industry were published in early 2018 and the updated survey was open July and August of this year. A few key takeaways from the survey reveal that:
- One-third of credit unions responding have holistically embraced data as strategically important.
- One-third are moving forward slowly on a more departmental or project-by-project basis.
- One-third do not view data as important to their business strategy.
While more than 60% of respondents indicate that they have, or are implementing, data analytics products, 65% admit they have neither a roadmap nor a strategy regarding the use of data analytics in their organizations. This is a troubling revelation for credit union advocates like Kordeleski, because it means organizations are investing in products with no clear path to value.
Jeremey Sterner, VP of Information Technology at Heritage Valley Federal Credit Union, was one of the survey respondents who disclosed his name and agreed to share his thoughts. “I would consider us a data aware organization,” he offers. “Data analytics is a major part of our strategic discussion. We recognize that we have reached a point where a data warehouse is a necessity. Continuing to build out our own solution does not make sense for us, anymore. We are in the beginning stages of developing a data analytics roadmap that will lay out our journey to become a data-driven organization.”
“The biggest challenge for credit unions is that data analytics ROI can take time to realize,” Sterner continued. “Rather than just looking at the ROI, I look at the end game. It’s clear we need to use our data to be competitive. The reality is it's an evolving process, so there really isn’t a finish line. We just need to start.”
View the analysis of the survey here: http://info.onapproach.com/view-results-of-the-fall-2018-semi-annual-credit-union-industry-survey-report
About Best Innovation Group
Founded in 2014, Best Innovation Group (BIG) is an innovation catalyst created to provide clients with the insights and resources to quickly implement digital solutions and adopt cutting-edge technologies. BIG’s Consulting practice provides credit unions with independent software assessment and system search; strategic plans for digital and data transformation, lending, and technology; and mentoring services including C-level staff augmentation. The experienced team at BIG knows how to help credit unions serve their members and win market share. For more information, visit: www.big-fintech.com
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. Learn more about OnApproach at www.onapproach.com
Austin Wentzlaff, Vice President of Business Development
(888) 523-6121 Ext. 110