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At the recent Analytics and Financial Innovation Summit in Minneapolis, attendees weighed in on whether credit unions have have what it takes to effectively dig into big data -- and, if they don't have it, what will it take to get it?
June 15 -
Not all data providers are created equal, and credit unions must carefully evaluate any new partner’s technology, processes and more.
June 14LexisNexis Risk Solutions -
MIT professor Maria Loumioti has studied loans made strictly using hard data and loans where a loan officer clearly was influenced by personal connections or feelings about a borrower. The results shed light on the value and limitations of "soft" information.
May 9 -
Big data is a key for banks to better understand what financial products underbanked consumers and small businesses need.
May 1Accion -
The credit bureaus will change the way they include information about tax liens and civil judgments in credit reports. This could spur lenders' use of alternative credit data.
March 30 -
The president's executive order reflects a lack of trust in the identity information shared between countries. In theory, blockchains are tailor-made to solve this problem, but current systems may not be up to the task.
January 31 -
Financial innovation will stall unless we, as an industry, collaborate on a universal data gathering standard.
January 12Finicity