Data management

The Independent Community Bankers of America provided seed funding for Teslar Software, which supplies community banks with a platform to manage data from different internal systems.

The Madison, Wis.-based think tank will launch its Centers for Excellence starting next year.

Data collection and analysis is more accessible than ever before, and credit unions must use this tool if they want to successfully compete.

OFX is used by 7,000 banks while FDX is used by 2 million consumers. The two standards are converging.

The California Consumer Privacy Act goes into affect next year and other states are likely to follow suit. Credit unions need to evaluate their data management practices.

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.

Once a dataset’s data and lifecycle events are in a known state with lineage, new and exciting opportunities are possible, writes David Levine, head of data product strategy for PeerNova.

Some banks are setting up their own parallel digital banks, while others form innovation labs. Roman Regelman says BNY Mellon is transforming the entire institution.

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

Open-banking technology provider Token has secured $16.5 million in a strategic investment from investors that include Opera Tech Ventures, the venture arm of BNP Paribas.