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Practical Banking Applications for Big Data in 2017

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BY CHAD DAVIS

What can your credit union learn from the personal fitness trackers that are becoming ubiquitous in today’s tech-driven world? The takeaway is all about the benefits of leveraging big data collection. Read on to discover how the Fitbit revolution can be applied to your CU’s big data initiatives.

Like something out of a futuristic novel, over the last couple of years more and more people gradually began to wear little devices on their wrists. Despite the Orwellian consequences tethered to these fitness trackers and other GPS-enabled technology devices, people have adopted them en masse. This propensity leads us to the fascinating conclusion that when the mainstream public is given the option of measuring and managing large amounts of information to positively influence behavior, they flock to the opportunity.

While the simplicity of fitness dashboards helps make this revolution possible – and may seem like it is no big deal to create – let’s not miss the impact this same simplicity has had on technological adoption rates. By design, the devices’ creators knew it was critical to make this valuable information not only readily available but also easy to read and digest.

The business world has countless opportunities to apply these same principles around their big data initiatives, with the banking industry having more occasion than most. For decades, financial institutions have collected consumer information, like transaction activities from credit cards and branch visits, filling up data warehouses the size of football fields. So, why do so many banks and credit unions balk at the idea of practical applications for utilizing big data at their institutions?

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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