While credit unions understand the importance of big data, many don't know how to take advantage of the opportunities it offers, says Kirk Kordeleski, chief strategy officer at Best Innovation Group (BIG) and former CEO of Bethpage (N.Y.) Federal Credit Union.
Citing BIG survey data, most credit unions acknowledge they’re two or more years behind competitors’ use of data as a competitive tool—and that advantage is likely to grow, Kordeleski says.
“Data provides a new way of looking at the business,” he says. “Credit unions have the best opportunity to compete because digital and data level the playing field. Before, we had to compete on our number of people and branches.”
In this episode of the CUNA News Podcast, Kordeleski details BIG’s recent survey on data analytics and offers ideas credit unions can use to forge a strategic path with big data.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
