5 traits of a data-driven credit union
by: Peter Keers
Big Data/Analytics is increasingly on the strategic radar for credit unions. Much of the focus, however, is on software tools alone. This is only a part of the picture. The underpinning of a successful Big Data/Analytics effort is creating a culture that supports a data-driven credit union.
What is a data-driven credit union? In his forthcoming book, Creating a Data-Driven Organization, author Carl Anderson lists three characteristics of an organization that is NOT data driven:
- Reports past or present facts without much context
- Fails to explain why something has or has not occurred
- Does not recommend what action to take in light of the information
Anderson defines a data-driven organization as having, “… the right processes and the right culture in place to augment or drive critical business decisions with [the right] analyses and so have a direct impact on the business.”
He lists some traits credit unions must develop to become data-driven:
- Collect the Right Data
This means not only collecting relevant data. It also means the quality of the data (“cleanliness”) is supremely important.
- Data is Accessible and Queryable