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Credit Unions Are Getting The Upper Hand On Business Growth And Making Analytics Actionable

Experts with the new skill sets are the necessary partners to succeed in today’s competitive environment, delivering knowledge and service.

How you manage growth is changing, every day. That’s because your cardholders are changing and the payments industry needs to change with them. Smart business decisions are made with great business intelligence, and that only comes from expert analysis, insights, and actionable opportunities.

Credit unions need to get closer to their members in order to keep them. With vast volumes of data quickly evolving, you need a payments partner that has the data, industry expertise and infrastructure already in place.

The Challenge

Big data is being generated by everything around us at all times with data sets so large and complex traditional data processing applications are insufficient. Most feel the challenge of collecting, organizing, maintaining, and storing big data, let alone turning it into actionable analysis. The sheer scale requires a certain skill set and dedication to unscramble. By getting a handle on data, your credit union will have actionable results that will increase efficiency, identify savings, generate smarter decisions, and find untapped revenue streams.

The Solution

Since each credit union is uniquely different, getting to the data is only one small piece to the process, even though it is a critical foundation. From an in-depth market analysis that is grounded in firsthand knowledge and understanding of strategic goals, to a holistic deep dive analysis into not just the payments transaction stream, but all connected data elements, you need a tool that delivers clear, concise insights that positively impact your business decisions.

Going Forward

Members expect real-time recommendations as their finances change and credit unions will need to incorporate big data in order to meet those needs. It doesn’t matter how aligned, connected, or contextualized your business apps are if they don’t make it easy for the C-suite to act on what the data says. If credit unions don’t have the level of expertise in-house, they should partner with someone who can deliver and execute not just operational reporting, but provide data that’s actionable.

For more information contact Lauren Gonnella at lauren.gonnella@vantiv.com.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
September 11, 2017

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