{"id":16837,"date":"2021-09-23T18:19:00","date_gmt":"2021-09-23T12:49:00","guid":{"rendered":"http:\/\/ismiletechnologies.com\/?p=16837"},"modified":"2022-12-09T00:32:07","modified_gmt":"2022-12-08T19:02:07","slug":"data-analytics-for-transforming-credit-unions","status":"publish","type":"post","link":"https:\/\/ismiletechnologies.com\/en_us\/dataops\/data-analytics-for-transforming-credit-unions\/","title":{"rendered":"Data Analytics for transforming Credit Unions"},"content":{"rendered":"\r\n

“Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway.”\u00a0<\/em>\u00a0<\/p>\r\n\r\n\r\n\r\n

_\u00a0Geoffrey Moore<\/a>, Author of Crossing the Chasm & Inside the Tornado\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n

With the increasing digital transformation, industries have to keep up with the latest technology, the business and institutions have to adopt the new versions of technology if they have to survive and thrive. The credit union is better-positioned if they take on data analytics programs that provide individualized member experiences, stay in compliance, or identify attributing members. Those who leverage data analytics programs are most often have a competitive advantage and therefore become one of the strongest in the industry.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n

Here are a few fundamental factors behind the success of credit unions\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n

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  1. HIRING THE RIGHT ANALYTICS PEOPLE<\/strong>; the most crucial decision-makers are the management team members responsible as a driving force to keep the organization moving. The people who work with the data are the IT staff, data developers, architects, subject matter experts, and report developers, and a credit union data analytics team does need proper input from these data handlers. These are the teams that recognize\u00a0the importance of credit unions, and thus, credit union’ data analytics solutions are made for business users.\u00a0\u00a0<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
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    1. HAVING THE RIGHT ANALYTICS PROCESS<\/strong>; there are four essential steps in the journey of a successful credit union data analytics, which are as\u00a0follows:-\u00a0\u00a0<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n