The CUInsight Network podcast: Power of data – 2020 Analytics (#21)

Thank you for tuning in to episode 21 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight.com. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together.

My guest today is Dan Price, President of 2020 Analytics. From a young age, Dan’s collection of interests always seemed to move him towards the credit union space. In fact, he comes from a family of accountants, which made the transition to financial services easy. During this conversation, he provides powerful insight on topics he already enjoys discussing: tech, data, and growing the credit union. Listen as Dan describes the ways his team at 2020 Analytics works on end-to-end loan portfolio analysis.

To improve operations, Dan emphasizes that credit unions need a better grip on the power of data. Our conversation is an exchange of insight on credit unions reviewing their ability to grow a loan portfolio, where to grow the portfolio, and ways to target and identify members. Dan shares his thoughts on how credit unions can make loan products available across different sets of members. Of course, this naturally leads the conversation into the topic of what credit unions should know about mitigating concentration risk. 

Credit unions can use the power of data to stay ahead of the rapidly changing financial services landscape. With great data management, credit unions can properly respond to the shifting expectations of members. Tune in to hear more about who Dan thinks of when he hears the word “success,” his hobbies, and more. Enjoy my conversation with Dan Price!

Connect with Dan:
Dan Price, President of 2020 Analytics
dprice@ttadata.com
https://ttadata.com
LinkedIn

Show notes from this episode:
What an amazing interview with Dan! Check out all the exceptional work his team is doing over at 2020 Analytics here.
Want to hear more from Dan Price? Click here.
Shout-out: Dan’s dad and mom
Place mentioned: Tampa, Florida
Shout-out: National Credit Union Administration (NCUA)
Shout-out: Home Mortgage Disclosure Act (HMDA)
Shout-out: Current Expected Credit Losses (CECL) 
Shout-out: Dan’s son
Shout-out: Dan’s wife

In this episode:
[00:37] – Dan Price comes from a family of accountants. He tells how his interests of accounting, computers, and data came together in the credit union space.
[03:24] – Dan shares that 2020 Analytics focuses on end-to-end loan portfolio analysis. 
[04:55] – What should credit unions know about mitigating concentration risk?
[07:52] – Dan talks about building flexibility into concentration risk policy.
[10:11] – Credit unions should be mindful of demographics and policies impacting their members.
[13:17] – How can credit unions build capital to grow assets? In what ways does this create leverage?
[15:46] – What can teams do with their less profitable portfolios? Learn to identify opportunities, and examine shifts.
[18:26] – How can credit unions prepare their operations as teams look toward the future?
[20:24] – Dan emphasizes the need for credit unions to get a better grip of data.
[21:52] – Let’s get to know more about Dan!
[23:18] – Dan encourages everyone to be self-educated, to do research on personal interests, and to get involved with passions.