MADISON, Wis. (8/1/14)--A new white paper from the CUNA Marketing & Business Development Council explores how credit unions can harness big data to tell stories, create new business, and pursue revenue and growth opportunities.
Big data is defined as "a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis," according to Lisa Arthur, a Forbes contributor. "Big Data: Telling Powerful Stories and Expanding Growth and Relationship Opportunities," describes how credit unions can look at their data, ask questions and make informed business decisions.
The challenge is that for most credit unions, the data already exists and is simply waiting for its story to be told. Cathy Graham, vice president of marketing, $3.9 billion asset Desert Schools FCU, Phoenix, recommends credit unions start with these steps;
As a cooperative industry, Graham adds, credit unions can partner with one another in this effort. "Many of the marketers who've worked with big data would be happy to share best practices with those who aren't as far down the path."
"Start small, and in area where you can achieve a big impact," said Anne Legg, senior vice president, business strategy and innovation at Third Degree Advertising. She recommends starting with loans, because of the opportunity for data insights to benefit the bottom line.