Why Do Analytics Initiatives Fail? 4 Barriers to Success

Many credit unions are starting to see returns on their data and analytics initiatives while improving the decision-making process across the organization. But despite some standout success stories, I still witness far too many failing data initiatives. Begging the question…why do so many data analytics initiatives fail? Consider these roadblocks to success, and how your […]

Delivering an Analytics Strategy that Works

Data Analytics is becoming the main driver of innovation in the financial services industry. A recent report shows that data analytics investments in the banking sector totaled $20.8 billion dollars in 2017 and will certainly continue to rise as credit union executives leverage the wealth of potential that utilizing consumer data and developing successful, sustainable […]

Data and Analytics Roles at your Credit Union

Digital innovation is sweeping across the financial services industry and creating opportunities for banks and credit unions to leverage data as a source of competitive advantage. Until recently, most credit unions were delegating data management and analytics to the IT department, which in turn created data silos that inhibited the enterprise use of data. Has […]

Can Data Analytics Improve Financial Wellness?  

It’s a harsh reality.  Many U.S. consumers are struggling financially.  According to the Federal Reserve Board, four in ten Americans can’t cover a $400 emergency expense.  As consumer debt rises and savings rates decline, credit unions are facing a growing issue and opportunity: how to quickly address financial wellness among members. Consider these staggering stats: […]

Data Analytics: The Winning Game Plan for Deposit Growth

For years, financial institutions have enjoyed the abundance of low-cost deposits. Today, we are in a new era of banking, with deposit acquisition becoming a significant point of focus for most credit unions. The change represents another consequence of the Federal Reserve’s decision to raise short-term rates which influences the mortgage market, stocks and other […]

Why the Lag?

How Credit Unions Can Quickly Improve their Analytics Maturity   (Part 1) Is credit union leadership still moving cautiously and slowly when it comes to adopting data analytics technology?  Yes, according to The National Survey on Credit Union Data Analytics and Decisioning Trends that examined the adoption rates of analytics, priorities, budgets, and implementation timelines. The recent […]

Techniques to Combat Attrition through Analytics

You have probably heard the following statistic – it costs up to twenty-five times more for an organization to acquire a new customer than to keep an existing one. 1 Churn. Turnover. Attrition. No matter how you phrase it, losing members is an issue most credit unions struggle with on a regular basis. Attrition can […]

The Transformational Value of Prescriptive Analytics

Why credit unions should embrace the next frontier in advanced analytics to predict and prescribe outcomes. Advances in data analytics are providing credit unions with powerful new tools to gain insights into their members’ needs and purchasing trends. From using data to assess the past (descriptive analytics) to analyzing data to understand the future (predictive […]