Among the first for the industry, the new solution incorporates a hybrid data warehouse with a new data lake. Credit unions can use it to combine and mine data insights from both traditional, structured and non-structured data sources like social media, personas, segmentations and voice-to-text. This combination allows credit unions to build a more comprehensive, integrated 360-degree view of their members, channels, and products.
“An enormous amount of data is available from non-traditional sources that should be part of a credit union’s data strategy," said Tim Peterson, president, AdvantEdge Analytics. "It is critical for credit unions to integrate this data to improve member insights. Not only will they know more about their members, but they can deliver better value and create new opportunities for their business."
According to an AdvantEdge Analytics survey of more than 400 credit union executives, almost 73 percent of credit unions indicate most of their member data is not easily accessible, and ruoghly 28 percent believe fragmented data is the biggest barrier to successful analytics execution.
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