This week, CreditUnions.com collects tried and true tips for fighting fraud, shows how one credit union is using data to visualize a brighter tomorrow, and finds another that has 27 trillion ways to make better decisions.
Here are five can’t-miss data points:
Fraud threats are growing in sophistication and scope as 2019 unfolds, leaving credit unions to deal with daily operations and when they can determine where to allocate resources to protect against possible breaches. Payments and account opening remain favorite targets of fraudsters; people and technology must work together to effectively fight fraud; and regular training, documentation, and awareness present the best way to defend against attacks.
Read: Tried And True Tips To Fight Fraud In 2019
Strategists across Workers Credit Union are tapping into a trove of data to expand member service at the Northeastern cooperative. Cassandra Stoddard, assistant vice president for enterprise analytics at Workers, says the credit union is relying heavily on easy-to-use data visualization tools such as Tableau to shape strategy and create a data-driven culture. Here Stoddard describes how Worker’s embracement of visualization tools has helped it take member service to the next level, and offers four tips to for others looking to takeoff with Tableau.
Read: How Workers Uses Data To Visualize A Better Tomorrow
Jim Minge opened his first credit union account when he was six years old, but it still took him some time to find his professional calling as a credit union leader. A naturally friendly, native Texan, Minge audited many types of companies for Ernst & Young before joining Randolph-Brooks Federal Credit Union in 1993 as an auditor. He held several roles in his 18 years at RBFCU before taking the helm at Texas Trust Credit Union in 2011. Jim Minge, CEO, Texas Trust Credit Union Here, Minge talks about what he’s learned through the years, how he found his way from auditor to credit union CEO, and why there’s no room for a big ego when it comes to helping members.
Read: Jim Minge On Leadership
Infinity Federal Credit Union started building a data warehouse three years ago to give employees better access to performance data and provide real-time information for better decision-making. In the past three years, the credit union has added layer upon layer of information to the warehouse. So much, in fact, that Fred Lizotte, Infinity’s business intelligence officer, says all the information contained in the warehouse printed double-sided on 8.5 x 11 paper would stretch 10 times taller than the Empire State Building, which stands a cool 1,454 feet.
Read: 27 Trillion Ways To Make Better Decisions
Thirty-three years ago, President Ronald Reagan signed into law the Martin Luther King Jr. Day legislation. Today, the federal holiday serves as a day of reflection on the soul of America. For their part, credit unions across the nation are working to advance tolerance, diversity, and inclusion in their hiring practices, workplace environments, and services, but more can be done.
Read: How To Increase Diversity And Inclusion In Credit Union Land