For Credit Unions, Advanced Data Analytics Is Key to Growth

https://biztechmagazine.com | September 16, 2019

For Credit Unions, Advanced Data Analytics Is Key to Growth
Consider the simple goal of a credit union executive She wants to reward her institution’s most valuable members by paying a special dividend to them each year. But who are they?
They’re the members who help the credit union stay capitalized by maintaining an average daily balance of at least $1,000, or by having an outstanding loan balance of more than $5,000. They also save the institution money by using digital services; they haven’t visited a branch or called the call center in at least a quarter.So the task seems simple: Just identify those members, and pay out the dividend.Now consider the plight of the credit union data analyst charged with producing the list. It’s not so easy, because the relevant data is maintained in different systems. Combining those data sources to generate an answer to a seemingly simple business question is a challenge.For the business, this seems like a simple problem,said Raj Rathi, director of data management with AdvantEdge Analytics. Why cant I get this list of people who fit this criteria? But it’s a technical, difficult problem for the data team.

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The digital business future confronts you with almost unlimited possibilities to create business value through data and analytics. This transition to digital business requires CIOs, chief data officers (CDOs) and data and analytics leaders to make a leap toward a new view of data and analytics. They


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