In the 4th and final Data Lake Series BIGcast, Your Data: The Ultimate Toy Box, John Best speaks with Karan Bhalla (CEO) and Suchit Shah (COO) of CU Rise Analytics. In this podcast they discuss how their strategic partnership with OnApproach came to be and how they have been continually shaping the collaborative nature in the credit union industry together.
Collaboration is Key for Credit Union
The banking industry is currently dominated by big commercial banks like JP Morgan Chase, Bank of America, and Wells Fargo (to name a few) with assets exceeding $1.5 trillion. Financial institutions this big, serving millions of customers per year, possess an unparalleled amount of data. Credit unions’ local and more communal feel have given them the reputation of being much smaller and “weaker” than commercial banks. However, there is one thing credit unions possess that differentiates them from their “stronger” counterparts, and that is collaboration. Karan Bhalla explains:
Every credit union that I’ve talked to, talks about collaboration. Every vendor I’ve talked to mentions it, but none of them really do anything about it. What I’ve found is that there is more of a competitive spirit within the vendors than there is collaborative. OnApproach is one of the only places that I’ve interacted with that is truly trying to create a collaborative workspace for credit unions... That is part of the reason why we’ve partnered with them. We want to be really collaborative and we want to bring the power of numbers/scale to credit unions. And that’s what really excites me about this [Caspian] Data Lake.
The relationship between OnApproach and CU Rise has proven to be a great start to the era of collaboration. They are currently laying the very complex road maps to allow for greater and greater collaboration and predictive analytics across the credit union movement.