Data mining

Incumbents have access to tons of information on consumers, but developing the means to analyze and act on it requires a strategic change, says Icon Solutions' Simon Wilson.

After digging deep into member data, Randolph-Brooks FCU in Texas developed a marketing campaign aimed at persuading JPMorgan Chase clients to switch to the credit union's own card. It's an effort its peers could imitate.

Technology is helping some institutions find new growth opportunities as lending contracts, but many CUs also were able to use data to assist members during the early days of the pandemic.

By gathering pools of customer data ahead of the shopping surge, retailers can capitalize on the increase in shoppers by identifying the right customers and making every engagement count, says Tealium's Sav Khetan.

Consumers are right to worry about data mismanagement. But there are ways to benefit from analytics while respecting privacy, says Cape Privacy's Ché Wijesinghe.

Big data graph analytics allow you to “drill down” into complex interrelationships among organizations, people and transactions, says TigerGraph's Todd Blaschka.

The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money.

The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money.

As lending slows, new tools could help credit unions expand opportunities to make loans to would-be borrowers they might not otherwise consider.