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Many of you likely have heard the term “big data” thrown around, but may not be entirely clear on what exactly it means. In short, big data refers to the collection and use of a massive amount of information from a variety of sources that can be analyzed computationally to reveal certain patterns, trends and associations, especially those related to human behavior and interactions. This familiar term is far more than a buzzword, though — it is a valuable tool that should be integrated into your credit union’s overall growth strategy.

Here’s how your credit union can use big data to enhance member relationships and increase profitability:

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