Big data is indeed a big deal for credit unions, according to Mark DeBree, managing principal, Catalyst Strategic Solutions, who led a breakout session at the 2021 CUNA Finance Council Virtual Conference.
He says the competitive landscape has shifted for credit unions over the past 20 years as new competitors, empowered by technology, have emerged. “These competitors are operating in the lending space and they’re offering solutions.”
Meanwhile, traditional competitors are more efficient than ever, extending their reach to capture greater market share.
With data analytics, credit unions can leverage information to better serve their memberships and take advantage of existing opportunities for growth. Embracing big data in the age of technology allows credit unions to meet the competitive demands of the modern-day marketplace.
“Using big data and combining it with data analytics is going to help us be more successful and become more competitive in our space, not just in the here and now, but for years ahead,” DeBree says.
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