Above: "Big data isn't new," The Members Group CEO Shazia Manus advises Wednesday's breakout session. "What has changed are consumers' expectations. This is what's driving big data." (CUNA Photo)
DENVER (7/16/15)--Information about credit union members and other consumers is being collected—but credit unions aren’t always sure what do with all of that information and how it will help them provide for their members.
A breakout session at America’s Credit Union Conference and World Credit Union Conference in Denver Wednesday explored big data and how it’s used to transform business, increase efficiency, and drive innovation.
"We see big data in our everyday lives," said moderator Pat Jury, president/CEO of the Iowa Credit Union League. "It's used with our cars, for diagnosing illnesses, and predicting elections."
Shazia Manus, CEO of The Members Group, cited the three drivers of big data: Convenience, customization, and connection.
"Big data isn't new," she said. "What has changed are consumers' expectations. This is what's driving big data."
Information about credit union members and other consumers is being created at an exponential rate, she added. This information can create opportunities for credit union growth, but can also pose regulatory challenges.
While the discussion focused on ways credit unions can unlock the potential benefits big data holds, it also looked at the challenges it poses, such as how to analyze, capture, search, store, share, transfer, visualization, and information privacy.
Attendees also learned that opportunities exist for credit unions that have a greater understanding of big data, particularly when it comes to consumer insight, regulatory compliance, market penetration, and cross selling.
The session also touched on what credit unions should think about as they prepare for a future where data is a contributing dynamic to member value.
Dave Buerger, president/CEO of CUneXus Solutions, also participated in the panel discussion.
For more coverage of the Denver conference, click here.