How to Use Data Analytics to Beat the Mega Banks

Providing superior service and growing membership will continue to be a top priority for credit unions. But, to compete in today’s overcrowded, competitive market, many credit unions are investing in and utilizing advanced analytics. Why? Because many of their competitors are already using big data analytics in big ways. And if they’re not yet, they’re exploring it. Consider these big data analytics investments, which can lead to big returns.

Take Big First Steps

Credit unions need a strategic plan for collecting and organizing data, and a way to measure how data analytics can create long-term value. Not all individual credit unions have the resources of corporate giants or mega banks, but advances in data storage and software tools mean that credit unions can start leveraging the value of their data right away. To get started, the first step is to ensure they have the expertise, staff, budget, tools and skills (whether in-house or from an outside partner) to effectively collect, sort and act on their data.