What is the biggest challenge credit unions face with data analytics?
March 10, 2017 9:46 AM
The big question on data analytics -- with a catch
Data analytics is still a new field for many credit unions, but more institutions are putting resources toward better understanding member behaviors and spending patterns. At the Credit Union Analytics Summit held outside Seattle recently, Credit Union Journal asked attendees "What is the biggest challenge facing credit unions today when it comes to data analytics?" And, as an added challenge, "the price" was not an acceptable answer.
John Whitehead, senior marketing data reporting analyst at PSECU
It’s buy-in and seeing results – what do you get for the investment? What do you get out of this? Demonstrating that can be a challenge sometimes.
Gary Schminkey, CFO at America's CU
The biggest challenge right now is to know what our endpoint might be, what can be derived from the information and how will we use it for the members.
Sandi Papenfuhs, SVP of consumer lending at First Tech FCU
The biggest challenge is leaders’ mindset and framing what we’re asking. We’ve got the talent, we’ve got the tools, but we have to be retrained or newly trained on how to frame our business problems and then take action on what the insights tell us.
Chelsea Benning, research analyst at Harborstone CU
The biggest challenge of data analytics for us is the lack of direction and understanding that in order to get anywhere meaningful you have to start with knowing what we’re trying to solve. People know they have a problem that can probably be solved with data, but they don’t know how to find the right tools in order to help us define our business problem. Being able to do that in an efficient way is a major challenge.
