The Decision Maker

6 Steps to Develop a Data-Driven Vision

Posted by Nate Wentzlaff on Mar 19, 2015 12:30:00 PM

As an industry in the middle of a massive shift, credit unions must steer in the best direction to enter a prosperous future.

The Financial services industry has traditionally been an industry where change happens gradually at the direction of a few large institutions.  Since the introduction of the internet in the 1990’s, finance has been in a state of exponential change.  The digitalization of money is causing an even more powerful catalyst of change: the proliferation of data at a pace most credit unions cannot fathom.  Consequently, credit unions must form a data-driven vision to act as a strong rudder to navigate through the data storm.

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Topics: Big Data, Data Integration, Membership, Data Integrity, Data Analytics, Collaboration

4 Ways “High Tech” meets “High Touch” in Credit Union Big Data/Analytics

Posted by Nate Wentzlaff on Nov 18, 2014 11:26:00 AM

Member-focused initiatives must be blended with high tech solutions in the credit union industry

In his #1 New York Times Bestseller book, Megatrends, John Naisbitt predicted that with the rise of “high tech” solutions, people would increasingly feel a need for “high touch” connections to balance technology overload.  The need for personal touch in financial services has been continuously met by the credit union industry.  Many banking customers have become disillusioned after being treated as just another number in a bank’s system.  The mission of credit unions is to deepen relationships with their members to provide them with exceptional products and services.  However, they realize that technology on its own will not bring about superior service for their members.  By keeping the High Tech/High Touch balance in utilizing Big Data/Analytics (BD/A) solutions, credit unions will bring efficiency to their processes and excellent service for their members.

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Topics: Big Data, Membership, Branch, Lending

3 Ways Business Analytics Cultivate Cooperative Culture: An Example From Retail Mortgage Lending

Posted by Nate Wentzlaff on Aug 20, 2014 4:36:43 PM

In my previous blog, 3 Steps to Build Business Analytics in Mortgage Lending, I explained the steps a credit union should take to implement Business Analytics (BA). A great entry point for credit unions to begin establishing BA is mortgage lending. Once BA has been implemented, opportunities for deepening the cooperative culture of a credit union arise. Cooperation is the DNA of the Credit Union Movement. BA gives credit unions the ability to establish clear communication to strengthen their cooperative-oriented culture. Data-driven decisions and effective communication delivered by BA (embedded in business processes) will reinforce the cooperative strategy of credit unions.

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Topics: Reporting and Analytics, Business Intelligence, Big Data, Credit Unions, Membership, Data Analytics

Big Data and Mobile Payments

Posted by Austin Wentzlaff on Aug 18, 2014 7:04:16 AM

“…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

In a highly competitive financial services industry, credit unions are turning to mobile to survive and meet the ever changing demand of members. Credit union members are flocking to their mobile devices to do everything from check balances to deposit checks because they find it more convenient than the “old way” of banking. As credit unions realize their members demand to go mobile, they begin to shift their focus from expanding physically to expanding virtually. Investments in mobile applications will likely dominate credit unions’ budgets in the coming years as they attempt to stay competitive. One of these investments will likely be enhancing mobile payments. Mobile payments will not only make life more convenient for credit union members but it will change the way credit unions interact with their members as they use Big Data and Analytics to gain better member insights.

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Topics: Business Intelligence, Big Data, Credit Unions, Membership, Data Analytics, Digital

Defining a Member: Helping Credit Unions Identify Their Members

Posted by Owen Mibus on Aug 13, 2014 6:29:38 AM

Credit unions, as member-owned financial cooperatives, track and report regularly the number of members they have. Membership is reported to the National Credit Union Administration (NCUA), the credit union board, credit union management and in the annual report to members, among others.

Often the number of members reported varies depending on who at the credit union does the reporting. This can lead to confusion and concern. There may be someone in finance, someone in marketing and someone in administration all reporting on how many members the credit union has, and all reporting a different number of members!

Obviously the total member count needs to be consistent and accurate. However, there are several challenges that must be overcome:

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Topics: Reporting and Analytics, Credit Unions, Membership