The Decision Maker

The CCPA and GDPR: How These Emerging Privacy Laws will Impact the Credit Union Industry: Part II

Posted by Alex Beversdorf on Apr 9, 2019 11:02:00 AM

In the first part of this blog, we discussed technology regulation and updates regarding the legislation. With that covered, Part II will focus on what it means for your credit union and how you can prepare for the changes. 

How the CCPA Will Change the Competitive Landscape in the US

The CCPA won’t apply to all companies but will apply to a great majority, especially if one of these three thresholds are met:

  • Gross annual revenues in excess of $25 million
  • Buys, receives, sells or shares the PII of 50,000 or more consumers, households or devices for the business’s commercial purpose
  • 50% or more of the businesses annual revenue comes from selling consumer’s PII

If any of the above conditions are met, the marketers of the effected company have a great deal of work to do. Especially if they have no business tactic or strategy in place to organize all of their customer specific data. To comply with the CCPA, marketers must be able to organize and develop an efficient data scheme that compiles all of their consumer data. Consumers have the right to:

  • Know what PII is being collected regarding them
  • Know whether that is being sold and to whom
  • Say no to the sale of their PII
  • Access their own PII
  • Equal service and pay from the company, even if they exercise their own privacy rights and it requires more work to be done on the side of the business
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Topics: Data Integration, Membership, Digital, Data Ownership

The CCPA and GDPR: How These Emerging Privacy Laws will Impact the Credit Union Industry: Part I

Posted by Alex Beversdorf on Mar 28, 2019 11:54:00 AM

We are in the era of digital transformation. A time where data is being collected at exponentially growing rates all around us. A wide variety of businesses and institutions, including credit unions, have been collecting personal data on their customers/members for quite some time now. How can you receive any benefit from all of this available data? The answer lies in the use of Big Data Analytics. Big Data is used to help analyze extremely large data sets to identify patterns, trends and associations in human behavior. This method of analyzing data is very versatile and proving to become one of the most sought-after tools of today.

This has made the overall collection of consumers data much easier and more widespread. This is also commonly referred to as Personally Identifiable Information (PII) and the influx of access to it has raised some concerns. Common questions include: What data is being collected? How has it been collected? What is it being used for? Which third parties have access to it? And, how much control do we have over our own data?

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Topics: Membership, Digital, Data Ownership

How Credit Unions Can Win the Big Data Play

Posted by CU 2.0 on Jul 2, 2018 12:47:00 PM

Ask executives at the money center banks how they plan to win, against both fintechs and smaller institutions like credit unions, and they smirk as they say two words, big data.

Big data is today’s magic.  How does Amazon knows what book you want to read next, or what music you want to buy, or when you are about to run out of cat treats? Those are simple examples but the answer is big data. Amazon crunches a lot of data, in a blink of an eye, and it knows what you want, maybe before you know.

The race now is on inside financial institutions to crunch lots of data and to achieve similar predictive intimacy about their customers and members. 

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Topics: Big Data, Data Pool, Analytic Data Model, Collaboration, Data Lake, Data Ownership

4 Challenges and the Opportunity for Credit Unions [Video]

Posted by Mark Portz on Feb 6, 2018 11:07:00 AM

In the webinar, "Fueling a Bright Future for Credit Union Analytics", Austin Wentzlaff, VP Business Development, OnApproach, presents the challenges and opportunities for credit unions regarding topics including data analytics, digital transformation, and collaboration. 

Credit unions are facing several unique challenges. As an industry, credit unions have fallen behind competing fintech startups and major retail banks. It is vital for financial institutions to understand the problems they are facing and how they are possible to overcome. In 2018, the credit union industry must work together to push past these challenges and remain relevant in the age of digital transformation.

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Topics: Data Integration, Data Pool, Video, Collaboration, Data Lake, Data Ownership

Why Analytics is a Credit Union Industry Opportunity

Posted by Austin Wentzlaff on Oct 10, 2017 11:08:00 AM

Analytics has been a prevalent topic for many years but never more prevalent in the credit union industry than it is today.  Just a few years ago, the topic hardly came up, but in 2017, it’s hard to find a credit union not talking about, or planning and budgeting for a proper analytics solution.  This excitement about analytics has gathered widespread attention, involving industries, companies, and individuals new to the field of analytics.

Now that there is a lot of buzz around the topic, it is important to understand whose challenge, but more importantly, whose opportunity analytics is.  Analytics is the credit unions’ opportunity.  Not just one individual credit union, but all credit unions – the industry or movement.

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Topics: Data Ownership

Taking Data Analysis at Credit Unions to Another Level with Collaborative Analytics [Video]

Posted by Mark Portz on Sep 28, 2017 1:47:41 PM

  

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Topics: Video, Collaboration, Insight Platform, Digital, Data Ownership

Whose Data is it Anyway?

Posted by Austin Wentzlaff on Aug 30, 2017 11:06:00 AM

By now it’s clear, data and data analytics is an extremely important growth area for credit unions. Behind it all, there is one main motive – monetizing data to its fullest extent.  There is tremendous value to be unlocked from data, and with it, tremendous money to be made by monetizing it.  However, the burning question in the credit union world is: Whose Data is it Anyway?

There are a lot of “solutions” out there to help credit unions leverage data to their fullest extent. Whether it be an analysis on the loan portfolio to increase net interest margin or a next best product analysis to increase the number of products per member.  All are extremely beneficial to the credit union’s top line, bottom line, and members.  Yet, how we get to these analytic outputs is extremely crucial.

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Topics: CUSO, Data Ownership