Best Innovation Group And Onapproach Publish Results Of 1st National Survey On Data Analytics And Decisioning Trends In The Credit Union Industry

Minneapolis, MN (February 15, 2018) –Best Innovation Group (BIG), an innovation catalyst and strategic consulting partner focused on strengthening and growing credit unions, recently published its first semi-annual survey on data analytics with long-time partner OnApproach, the leading provider of big data and analytics solutions for credit unions.

The companies conducted an extensive survey on data analytics and digital strategy for the credit union industry.

The recurring surveys will help credit unions gain a deeper understanding of trends in digital strategies and data analytics. 85 credit unions responded to questions on topics ranging from strategies and timelines to budgets and staffing. The results provide a comprehensive look at the state of analytics and digital transformation across credit unions nationwide. While this is the first such survey for the companies, going forward they plan to repeat the process semi-annually. This will help credit unions benchmark and trend industry progress in these critical business areas.

“Credit unions have some advantages in the battle with banks over market share. Growing pools of relevant, timely data are ground zero in that war. The ability to cooperate for scale and having the best interest of the member at heart give credit unions a leg up in the contest and represent the heart of the credit union movement. But they are behind the curve in data analytics and need to embrace these concepts and strategies to more effectively compete in the future,” said Kirk Kordeleski, Chief Strategy Officer & Senior Managing Partner, Best Innovation Group. “Our goal is to educate the industry, and ultimately encourage credit unions to continue thinking about, and preparing for, the future.”

“A proper data strategy is imperative for credit unions today. The traditional business model of the community financial institution is quickly evolving, and those organizations that do not adapt quickly will be left behind. Credit unions need to be thinking about, and actively executing, effective data strategies. We are proud to help to produce this survey, and we look forward to the progress it will catalyze across the industry,” said Paul Ablack, CEO, OnApproach.

Credit unions that recognize the need to develop or evolve their data strategy have the opportunity to speak with one of BIG’s strategists free of charge. BIG offers credit unions a complimentary one-hour consultation to discuss data resources and digital transformation plans. “This is a critical time for the entire credit union industry” offers BIG founder and CEO John Best. “The industry as a whole is consolidating and, while technologies exist that can help credit unions not only survive but thrive, the time is here to take action.”

View the complete survey results here.