By now, you’ve undoubtedly heard the terms “artificial intelligence” and “machine learning”. If you haven’t already, take a quick read of our previous article where we explain the basics of machine learning. Today, banks and credit unions are learning how to use the power of artificial intelligence (AI) to boost customer engagement, decrease costs, improve […]
Explaining the Basics of Machine Learning Financial institutions are no strangers to Machine Learning. Many institutions are investing heavily in this technology to improve cyber security, customer segmentation, and marketing campaign management. To simplify the discussion, think of machine learning as self-driving cars, practical speech recognition, and effective web searches. Machine learning is the science […]
Data is rising at an incredible pace, covering all aspects of a consumer’s life. In the past two years, more data has been created than in the entire previous history of the human race. (1) 2017 has certainly been the year that data and analytics has redefined the financial services industry. For those financial institutions […]
The market for data and predictive analytics is growing fast— and for a good reason. According to the Aberdeen Group, companies using predictive analytics enjoyed a 73% higher lift in revenue than companies that do not use this technology (1). Many credit union executives we work with use data analytics to increase their market share […]
If data isn’t governed properly, your credit union could be at risk. Consider these best practices for a well-managed data governance strategy. The foundation for a successful analytics program is data. Without accurate, quality data, it’s nearly impossible to make informed business decisions. As data becomes an even greater asset for the credit union, the […]
For any credit union that aspires to derive insight and business value from their data, the discipline of data governance is essential. What Is Data Governance? Think of data governance as a quality control discipline that governs the overall management, usage, storage, monitoring, and protection of the credit union’s data. Without a dedicated governance process, […]
Achieving success with data analytics isn’t just a matter of acquiring robust BI software or hiring a data scientist and teams of analysts. It requires a shift in how the credit union embraces data which requires the participation of all employees at every level. It also requires transparency, solid processes, and buy-in from executive decision-makers. […]
Warren Buffet famously once said: “Price is what you pay, value is what you get.” Consider the last technology and software investments your credit union made to keep the organization running. Are you getting true value from the dollars spent? Are you maximizing all capabilities these IT investments offer? Have you calculated a measurable ROI? […]
Understanding The Benefits & Problems with Data Lakes As more credit unions want to up their competitive game through data and analytics, the debate between data warehouses and data lakes continues. While solution providers and analysts line up on both sides of the discussion, understanding the advantages and drawbacks of a data lake can help […]
It has been a long journey from the early days of credit union business intelligence solutions. As your credit union leverages the benefits of a data analytics program, you will need all the capabilities required to make it easy for management teams, data scientists, and analysts to store data and extract information of any size, […]