SALT LAKE CITY (4/5/16)--John Best, president/CEO of Best Innovation Group, likened the data analytics space to the “Wild West” during the 2016 Credit Union National Association Data Analytics Roundtable, held through today in Salt Lake City.
And credit unions must adopt some of the same traits that helped the pioneers settle and tame the Wild West, Best said.
Among the rules to live by he offered:
• Be ready to stake out new territory. “The most important thing about the pioneers was that they took the risk,” Best said. “We as in industry tend to engineer the risk out of everything. When you engineer the risk out of something it’s no longer innovative; it’s no longer an opportunity.”
• Live off the land and be independent. “We need to find other ways to live than by interchange,” Best said. “Those ways I believe are going to be around financial literacy and privacy. We are going to turn the things that are so endearing about our industry, into our biggest successes through using data.”
• Fight for your stake. Best cited credit unions’ recent battles on Capitol Hill over interchange as a great example of this. “We can’t just accept every law that comes down the hill,” he said. “We have to fight for what is ours.”
• Always be on the lookout. “That means identifying risk, not necessarily avoiding it,” Best said. “Because it stops us in our tracks too often.”
• Be decisive and act fast. Best said credit unions must use their intuition. “When you hear hoof beats, chances are it’s a horse, not a zebra,” he said.
• Bring only what you can fit on your horse. As an example for credit unions, Best cited data centers, which may soon be replaced by cloud services. “The pioneers left a lot of their possessions behind, because it would just slow them down,” Best said. “Think like the military, ‘High speed, low drag.’”