Credit unions can put data analytics to work for them
by. Brandon Bogler
With 90 percent of worldwide data having been created in the past two years, there’s no question that Big Data is currently a very big deal.
For community financial institutions (FIs), Big Data can be used to differentiate from competitors. Effectively administered, data analytics efforts can improve the consumer experience, while generating new revenue streams and helping FIs better manage risk.
Data management within community FIs has often been considered a burden rather than an opportunity. This is due in part to the assumed expenses. Because the goal of an FI’s data analytics initiative is to create a healthy return on investment for the FI, it’s important for FIs to develop a realistic, employable and comprehensive Big Data plan.
A recent IBM Smarter Planet article highlights five specific tips FIs should consider when working to create and implement a successful data analytics strategy.
- Encourage a data-driven work environment — This can be achieved by instilling analytics into employees’ day-to-day actions and decisions, as well as incorporating analytics into management systems.