Analytics

Credit unions know they need big data, but many aren't sure what to do with it.

In an advancing digital age, banks and merchants rarely question the data that advanced analytics and artificial intelligence can provide about their customers' financial and payments habits. But are they using data analytics to its fullest potential?

On the first day of the 2018 CUNA CFO Council conference, futurist Mike Walsh gave credit unions a hint of the world to come from both a consumer and business point of view.

A need for risk-focused data aggregation and analytics tools is at the heart of IBM's latest acquisition for its bank consulting portfolio.

The credit union's inaugural Lending Analytics Competition challenged University of Central Florida grad students to develop predictive models that could better interpret data.

Artificial intelligence will reshape the job landscape at banks; people still want to open accounts at a branch; Mick Mulvaney stacks CFPB bench with political appointees; and more from this week's most-read stories.

Across the globe, many different populations have distinct reasons for being unbanked. To reach these audiences, mainstream financial companies are discovering approaches that wouldn't be possible in the U.S.

A new survey reveals many credit unions aren't dedicating the resources they should to data analytics, which could put them at a disadvantage when the next recession hits.

With the purchase of Finivation, the CUSO hopes to deliver better data integration to the credit union industry.

The CUSO hopes to create an industry-leading data platform that helps credit unions compete with fintechs and banks.

Their partnership aims to make it easier for community banks and other institutional investors to vet loans that they could buy from online lenders.

Advances in mobile technology have also permeated into other products, including point of sale hardware. With mobile point of sale devices being updated to include sophisticated software, there is more real-time capture of customer data in the store.

It's not enough to hire someone with strong IT skills—they also need "soft skills" such as a passion to keep learning and understanding members needs.

Wirecard has introduced a feature that uses payments data to shape marketing offers and loyalty programs in the travel industry.

AdvantEdge Analytics was launched last year to better help credit unions improve services and gain member insights.

In a move rare for the industry, the bank bought a team of data scientists to bolster its artificial intelligence efforts in areas including product recommendations and fraud prevention.

The data concierge service will find, obtain, clean, integrate data for financial firms, for a monthly fee.

Home equity lines could double over the next six years. Some banks are actively pursuing the consumer credit opportunity, whereas many still feel stung by the housing crisis, unimpressed by home equity’s comeback so far or fearful of nonbank competition and fraud.

Banks are revamping and investing in new wholesale systems to solve the frustrations felt by corporate customers.

Taking a data-driven approach to marketing not only helped pump up originations -- it also helped save members money.