Data mining

Most banks already have the means to communicate directly with customers, in the form of a mobile banking app or email. It’s just a matter of putting those channels to good use. Targeted discounts and perks reduce shopping costs, and therefore customers’ stress, says Flybits' Justine Melman.

The payments company has loaned $5.5 billion to 275,000 small businesses, thanks to a data-driven process free from human interaction.

Credit unions are slowly embracing the impact data analytics can have on the bottom line, but experts say goal-setting and measurable achievements must also be a part of the process.

Credit unions have not invested enough in analytics. But changing that would help the industry compete with big banks and improve efficiencies.

The payments space is expected to see continued consolidation, new fraud patterns and more contactless cards for the second half of 2019.

OnApproach was launched in 2005, while Trellance was launched just two years ago as a division of CSCU

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.

Trellance has acquired IronSafe, which provides data analytics to more than 2,300 credit unions.

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

Rather than ban screen scraping, financial institutions should improve secure account connectivity so that consumers can share data with the apps they want to use.