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 […]

Hiring a Chief Data Officer? 5 Qualities Not to Overlook

With the rapid rise of data analytics, there is a high demand for a key player in the workplace — the Chief Data Officer. The CDO is quickly becoming a new hero for financial institutions ushering in digital transformation. From uncovering profitable insights to developing data-backed business strategies and keeping data systems clean and relevant—the […]

The Role of the Chief Data Officer

For years, financial Institutions have been using data analytics to seek out opportunities, reduce costs, create efficiencies, make better and faster decisions, and ultimately improve the customer experience. Though many have begun the data analytics journey, most are not getting the most value of their data analytics initiatives. To be fair, it’s not the easiest […]