Data analytics gives credit unions the ability to innovate and make their services more compelling, says Paul Ablack, CEO of OnApproach, kicking off the 2017 Analytics and Financial Innovation (AXFI) Conference in Minneapolis.
It will help them answer the question, “What does credit union 2.0 look like?”
However, data integration remains a huge challenge for financial institutions, Ablack says. The best path forward for the industry is collaboration.
“We have to stop trying to do this on our own and start coming together,” he says.
A good example is the gaming industry. Coalescing around platforms that developers can innovate on has led to extraordinary growth.
Credit unions should do the same, he says.
That will allow credit union vendors to become much more than just vendors. They’ll be “partners that will help us on the journey,” Ablack says.
OnApproach is a credit union service organization that helps credit unions use data as a competitive advantage both independently and cooperatively.