Big data

A recent report from Best Innovation Group reveals a significant number of credit unions don't have a data analytics plan, and many that do are putting off spending money on it.

To personalize products and services, banks are now tracking all sorts of alternative data sources, even the manner in which customers type in mobile banking apps.

Envestnet|Yodlee wants accessing data to be as simple as selecting a song to play, while bringing institutional analytic power to the bank branch level.

Fintech developers are trying to monetize data without scaring away privacy-conscious consumers — and, increasingly, to make sure bigger financial companies don't overstep the same boundaries.

Two of the credit union movement's biggest names are teaming up to help CUs better tackle big data.

Technology developers have little choice but to see big data deals like Mastercard’s reported collaboration with Google as an opportunity for deep, actionable analysis, setting aside the chilling effect of privacy concerns and a consumer buy in.

While the card networks have greatly benefited by the global boom in e-commerce, they are confronted with the corresponding growth in digital advertising. This will increasingly lead them to seek out data-sharing deals like Mastercard's reported arrangement with Google, which could prove vital to the networks' future survival.

The acquirer OLB Group is positioning itself as a data steward for a future in which merchants will have predictive data to inform decisions on financing.

With Walmart reportedly weighing bids from Capital One alongside incumbent Synchrony Financial to handle its private-label credit card account, Synchrony's use of data and artificial intelligence are more important than ever.

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