BY BREWSTER KNOWLTON
Is your credit union holding back on investing in data and analytics? The reasons behind your CU’s hesitation are likely unfounded. “Credit Union BUSINESS” sets the record straight on some of the misperceived challenges that are preventing credit unions from becoming data-driven successes.
Let’s face it: we live in a world where strong data and analytics competency is becoming a “must have” for successful companies. Despite the growing significance of analytics, the majority of credit unions are not “data-driven” organizations.
We’ve uncovered a number of common reasons why investment in data and analytics has been pushed off or outright rejected. Despite these challenges, most of the common reasons against data and analytics are driven by inaccuracies or misinformation.
In this post, we will address the common pushbacks against data and analytics projects and how to overcome those challenges.
Becoming Data-Driven Costs Too Much Money.
I’ve heard too many times that it costs “millions and millions of dollars to build a data warehouse.” This is true … if you are a larger company that is building a data warehouse from scratch. For most banks and credit unions, this statement is a gross exaggeration.
There are several organizations out there, like OnApproach, that have pre-built data warehouse platforms. These “pre-built data warehouses” save you a large amount of time, effort and money. While some customization might be required to meet the specific needs of your credit union, most of you should opt for a “pre-built” solution. These pre-built data warehouses typically cost much less money than building a warehouse yourself.