The Decision Maker

Coming up for Credit Unions... Blockchain, Chatbots, AXFI and more with Paul Ablack on CUbroadcast [Video]

Posted by Mark Portz on Nov 2, 2017 11:10:00 AM

At the 2017 NWCUA MAXX event, Paul Ablack joined Mike Lawson of CUbroadcast to discuss Digital Transformation, predictive analytics, chatbots, the upcoming Analytics and Financial Innovation (AXFI) Conference, the increasing popularity of blockchain, and more. 

As a part of the conversation, Paul and Mike discuss member expectations and the interactions between credit unions and members. Members who shop at stores such as Zappos experience seamless and easy-to-use online shopping. These types of experiences alter the expectation for members when interacting with other organizations, such as their credit unions. In addition, credit unions have to learn how to connect with members throughout the entire decision making process. As Paul points out, credit unions need to position themselves to not just be in the business of loans or mortgages, but as an organization that is helping to make dreams come true. Rather than just being the last step in a process of getting a loan, credit unions could help with the decision making process, and truly be there for members before they've even decided whether they need a loan. 

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Topics: Video, AXFI Conference, Blockchain, Digital

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

Lagging Contenders: How Credit Unions Can Catch Up in Data and Analytics - Part 2

Posted by Peter Keers, PMP on Aug 15, 2017 10:16:00 AM

This is Part 2 of 2 in a blog series on how credit unions can catch up in data and analytics. In Part 1, we discussed which questions credit unions need to be asking to get off the bench, the issue with data silos, and what it will take to move forward with data analytics. In Part 2, we will further discuss the concept of big data, staffing for data analytics, and creating value from the data.

"A recent McKinsey & Company report emphasizes the fact that many industries are achieving only a fraction of their “digital potential”. However, the report observes, “In the United States, the information and communications technology sector, media, financial services, and professional services are surging ahead…”. This means other players in the marketplace served by credit unions have a big head start.

Credit unions that have been sitting on the sidelines can wait no longer. To get off the bench, these organizations need to ask:

  • What are the basic questions about the organization’s strategic direction that cannot be answered today?
  • How can existing data be better “generated, collected, and organized”?
  • What data outside the organization would be useful?
  • What skillsets are missing internally and to what degree can they (or should they) be outsourced?
  • Once “insights” are uncovered from analytics, what are the practical steps to leveraging them to create value?"
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Topics: Big Data, Data, Digital

Robo-Analytics: Artificial Intelligence in the Credit Union of the Future

Posted by Peter Keers, PMP on Jun 12, 2017 12:01:00 PM

A recent Forbes magazine article by Randy Bean and Thomas H. Davenport notes how General Electric (GE) is making a bold transformation into a “digital industrial” company. In the past ten years, GE has taken important steps to capture massive amounts of data (massive = “Big Data”) from devices throughout the enterprise. At first, it seems GE applied conventional analytics to find ways to increase revenue, cut cost, and many other beneficial outcomes. While analytics continues to be a critical part of GE’s evolution into being a digital industrial company, GE is taking a further step forward into the emerging areas of artificial intelligence and machine learning.

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Topics: Machine Learning, Digital, Artificial Intelligence

Stop Worrying about Millennials, Say Hello to Generation Z: Part 2

Posted by Mark Portz on May 9, 2017 1:04:00 PM

In the first part of this blog, we learned about who Generation Z is. Now that we have a better understanding of who we are talking about and realize that we need to be prepared, let’s look at what it means for your financial institution.

Key Takeaways for Financial Institutions

As an industry, we have spent a lot of time discussing millennials and their preferences. Millennials are driving a lot of change, but the next generation is going to be the real test. Generation Z is peeking around the corner and, as seen in part 1, is already showing new concerns around not only technology and convenience, but also privacy, security, marketing, and more.

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Topics: Data Integration, Digital

Reports of Reporting’s Death are Greatly Exaggerated

Posted by Peter Keers, PMP on May 2, 2017 11:01:00 AM


In the world of credit union data and analytics, there are hot topics galore:

These subjects fall under the trendy term, Data Science. Yet, when it comes down to the practicalities of everyday business at a credit union, plain old reporting still provides the most information used for decision making. An O’Reilly/TIBCO Jaspersoft e-book released in March 2017 quotes a recent InformationWeek survey that found 88% of organizations are using reports while only 34% use data science.

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Topics: Reporting and Analytics, Data Visualization, Digital

Cyber Monday: Time to Consider your Cyber Identity

Posted by Mark Portz on Nov 28, 2016 11:25:10 AM

Thanksgiving and Black Friday have already passed, and now, for many of us, the real fun begins on Cyber Monday. While we are searching the whole web for the best deals on new clothing and that big TV, it is also a good time to put some thought into our digital identities.  

What is Digital Identity?

The internet has essentially become a necessity in our daily lives; both work and personal. Whether we like it or not, every interaction we make online helps to create a more comprehensive identity of our digital selves. Digital identities are not only your shopping history and google searches, but also include how you use your apps (fitness, sleep, etc.), where you have taken Uber rides, the social media updates you have posted, the friends you interact with, your credit, and so much more.

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Topics: Digital, Security

Mobile Payments and Big Data

Posted by Austin Wentzlaff on Jul 15, 2015 1:31:14 PM

“…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

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Topics: Big Data, Payments, Data Analytics, Digital

6 Steps To Deliver Omni-Channel Experiences

Posted by Nate Wentzlaff on May 18, 2015 11:00:00 AM

In an age of increasingly complex relationships, members expect an omni-channel relationship with their credit union.

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Topics: Marketing, Membership, Data Analytics, Digital

The Digital Revolution: Prepare for the Millennials!

Posted by Nate Wentzlaff on May 1, 2015 10:53:00 AM

As a generation who has been raised online begins its financial journey, digital demands on financial services will begin exploding

The credit union industry is the middle of a digital revolution.  As technological innovations continue, members will shift toward digital channels to interact with their credit union.  Basic transactions continue to take place though online and mobile banking channels where members can take control of their financial needs.  Depositing checks, transferring money, and paying bills can all be accomplished through this channel.  Members no longer need to rely on the branch for basic transactions.  The main drivers of digitization are the millennials who were born at the advent of the internet.  Their lives have been surrounded by the interconnected digital world.  Consequently, they will demand a digital credit union that meets all of their financial needs when (and where) they need them.

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Topics: Marketing, Millennials, Data Analytics, Digital