The Decision Maker

Unlock the Data in your Reports

Posted by Lou Grilli on May 16, 2019 11:07:36 AM

Simple Steps To Make More Informed Decisions And Enhance Member Experience

There is a lot of buzz about big data and data analytics, but all the data in the world does no good unless it is utilized. Credit unions are behind retail and online companies in using data to make informed decisions. For example, if your forms, such as a HELOC application, do not have the fields for name, address, etc. already filled in for your members, that indicates that you are probably not using your data. You should already know this information about your members. Save them the hassle and give them the option of updating if necessary.

There’s so much more data than was available in the past that can be collected and used for purposes that can benefit the member. There are also better tools than previously available to aggregate the data to help decision makers. These two factors are bringing a wave of data analytics to credit unions. More importantly, it’s a matter of survival. Credit unions must take advantage of these opportunities to guide their sales initiatives. For example, the data can help you to decide who to target, like a new member who joined the credit union to access an auto loan, should be offered your credit union-branded credit card to maintain a sticky relationship. Or, who not to target for a specific product, like a member who already has your credit card but accessed a new loan, should not be sent another offer for the same credit card. Rich data helps you to determine who your target is for specific products and services, which helps to enhance your member experience.

Read More

Topics: Reporting and Analytics, Business Intelligence, Data Visualization

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.

Read More

Topics: Reporting and Analytics, Data Visualization, Digital

The old way is Dead: Reporting & Analytics for Credit Unions

Posted by Austin Wentzlaff on Nov 2, 2015 12:00:00 PM

If you are the one responsible for report writing at your credit union or have ever requested a report, your pain is not unheard.  The old way of reporting is broken, and it has been for years. Business intelligence failed to deliver on its promise.  IT departments are overloaded and users are frustrated.  Becoming an analytic driven organization is often unobtainable because the majority of the time is spent gathering and organizing the data.

Read More

Topics: Reporting and Analytics, Big Data, Semantic Layer, Data Analytics

Eye on the Prize: Getting to Self-Service Analytics

Posted by Peter Keers, PMP on Oct 14, 2015 10:55:18 AM

Here is an all too common scenario in today’s credit union: It’s month end and the IT department is scrambling to meet the demand from business units for scheduled reports and ad hoc information requests. All long-term project work is put on hold as the staff works overtime providing information to support the organization’s critical strategic and tactical decision making.

What is the solution to ending this madness? Why not give these very same business users the capability to create their own reports and mine the corporate databases for innovative insights. In other words, provide “self-service” information capabilities to the people who are in the best position to leverage information to achieve strategic goals. 

Read More

Topics: Reporting and Analytics, Big Data, Credit Unions

How Credit Unions Can Leverage Big Data [Video]

Posted by Austin Wentzlaff on Feb 5, 2015 11:30:00 AM

 


 OnApproach's Founder and CEO Paul Ablack discusses today's evolution of Big Data and how credit unions can benefit from this increasingly refined information to provide more specific products and services for enhanced value.

Read More

Topics: Reporting and Analytics, Business Intelligence, Big Data, Credit Unions, Data Integration, Marketing, Data Pool, Video, Analytic Data Model, Data Analytics, Collaboration, Podcast, Digital, Lending

The “Yin and Yang” of Credit Union Reporting/Analytics Software: 3 Factors to Consider

Posted by Paul Ablack on Jan 8, 2015 12:34:07 PM

As a veteran of the Business Intelligence (BI) industry, which is now being eclipsed by Big Data and Analytics, I have witnessed many organizations looking for the “perfect BI software”.

For at least a decade now, BI software companies have been striving for leadership in the coveted Gartner Magic Quadrant for Business Intelligence. The Magic Quadrant evaluates BI software vendors on two dimensions: (1) Completeness of Vision and (2) Ability To Execute. While these two dimensions do provide very good insight into the capabilities of each vendor’s product offering, they don’t tell the whole story.

Read More

Topics: Reporting and Analytics, Big Data, Data Integration, Analytic Data Model

Big Data/Analytics Solutions: The Missing Link

Posted by Austin Wentzlaff on Dec 17, 2014 12:00:00 PM

When starting your Big Data/Analytics journey, there are many project characteristics to consider.  The first, before considering analytics, is how to integrate all of the data into a “single source of truth.”  That is, how to design a data warehouse that will fulfill your needs and integrate all the necessary disparate data sources at your credit union.  

A true enterprise data warehouse requires a significant amount of planning and a robust architecture to meet the needs of the end users. The architecture seen most fit for the complex nature of credit union data sources is the star schema developed by Ralph Kimball.  While this might be one of the best solutions for credit unions, architecturally speaking, it presents a few challenges that hinder the desired end result, reporting and analytics.

Read More

Topics: Reporting and Analytics, Data Integration, Analytic Data Model, Data Analytics

“I Know It When I See It” - 3 Essentials for Effective Business Intelligence Requirements

Posted by Peter Keers, PMP on Oct 15, 2014 11:30:00 AM

Supreme Court Justice Potter Stewart famously said about obscenity, "I know it when I see it". This often seems to be the case with many credit union decision makers when asked to define Business Intelligence (BI) requirements.

Consider this common scenario: an innovative credit union executive champions the BI concept. The executive points out all the flaws in organization’s current reporting and analytics. Then, showing examples of how BI is revolutionizing performance in other industries, secures budget dollars for a BI initiative.

Read More

Topics: Reporting and Analytics, Business Intelligence, Credit Unions, Data Integration, Budgeting, Analytic Data Model

The REAL Opportunity of Credit Union Big Data and Analytics

Posted by Austin Wentzlaff on Oct 8, 2014 12:58:00 PM

“Unity is strength... when there is teamwork and collaboration, wonderful things can be achieved.” –Mattie Stepanek

The credit union industry (or credit union movement as it’s often referred to) is probably one of the most collaborative industries in the United States, if not the entire world. Unlike other organizations, credit unions share ideas and even their “secrets.” They truly care about the welfare of the industry and its millions of members. It’s great! Collaboration benefits credit unions in several ways but one way, in my opinion, presents the biggest opportunity. Big Data and Analytics.

Read More

Topics: Reporting and Analytics, Business Intelligence, Big Data, Credit Unions, Data Integration, Data Pool, Analytic Data Model, Data Analytics, Collaboration

Is Your Data Being All That It Can Be?

Posted by Kim Carlstrom on Sep 21, 2014 5:44:32 PM

A frequently asked question in the credit union movement is, “what is the data most credit unions have that they should be gathering, monitoring and reporting?”

In short, all of your data can be a critical component in gaining valuable insight into your members and optimizing business practices. The big question is . . . How accessible, comprehensive and useful is the data?

Read More

Topics: Reporting and Analytics, Business Intelligence, Big Data, Credit Unions, Data Integration, Analytic Data Model, Data Analytics