CU BEST PRACTICES:BY MIRIAM DE DIOS
Understanding credit union customers has never been easier thanks to the
vast amount of information being exchanged in today’s data-driven age.
These best-practice Hispanic growth strategies, which are formed with rich
data and experienced analysis, will help your CU tap into a fast-growing
market and gain a competitive edge.
Every day, at least 2.5 quintillion bytes of data are created. Each time we swipe a credit card, activate a GPS or “Like” a post on Facebook, our movements are cataloged. There’s so much of such activity, in fact, that the amount of data gathered in one day is more than what we’ve seen since the beginning of time.
This almost unfathomable amount of information creates a very real opportunity for all businesses, including credit unions, to understand their customers like never before. In 2013, more than three-quarters of businesses in the financial services industry were using big data and predictive analytics methods to build a competitive advantage for their organizations. Credit unions are among them.
CUNA, in a recent white paper authored by its technology council, applauded these cooperatives. It said: Whether a credit union relies on “big,” “medium” or “small” data, applying that knowledge is very likely to make a positive impact on the bottom line.