In our last blog, we explored results from The National Survey on Credit Union Data Analytics and Decisioning Trends and touched on their implications.
Large banks, Regionals, and fintechs continue to invest heavily in data management, analytics and decisioning.
Its time for Credit Unions to join the data revolution.
Many credit unions are successfully building the fundamental skills and infrastructure they need to utilize data more effectively. They’re aggressively investing in analytic tools, staff skills, and warehouses, but less so in the newer tools of decisioning, fraud, predictive machine learning and AI technologies.
For most credit unions, the concept of using data analytics to better meet members’ needs is not an unwelcome innovation. With a reputation for hands-on service, it should be no surprise that the majority of credit unions have strategically committed to using digital services and data analytics to:
“We are not moving fast enough. We need to move 2x or 4x faster,” says John Janclaes, CEO of the $1 billion Partners Federal Credit Union headquartered in Burbank, CA. “Some might say faster is in order".
At a conference a couple weeks ago someone asked me what the number one most important upcoming technology there was for banking. Without hesitation I answered, “artificial intelligence”.
Credit Union Community
When I first started credit unions, branches were the thing. Home banking hardly even existed at that time and involved things like sending disks to members so that they could dial in to your organization like it was AOL.
Many credit unions are successfully building the fundamental skills and infrastructure they need to utilize data more effectively. They’re aggressively investing in analytic tools, staff skills, and warehouses, but less so in the newer tools of decisioning, fraud, and predictive machine learning and AI technologies.
The fifth AXFI Conference is going to be bigger and better than it’s ever been, now offering attendees three programming tracks focused on real-world, actionable takeaways: analytics, innovations, and cyber security.
Take your pick: