There's gold in them there hills.
That used to be the rallying cry for miners especially in the Southwest and California but listen closely in CU c-suites today and you may here a new cry: There's gold in our data.
Wait, you may be shouting. Didn't all those big data projects at credit unions a decade ago fizzle out? Well, maybe not all...but a lot did.
Today however is very different. There is a lot more data from a lot more sources. And there also is exponentially more computing power and tools for crunching that data.
Meet Jamie Jackson, CEO and founder of Arkatechture, a CUSO with a data analytics focus.
Here's what Arkatechture does: It "helps credit unions streamline the collection, cleansing, analysis, and sharing of data for the purposes of operational excellence, business intelligence and predictive analytics."
Should you close that branch? Should you shut down car refinancing? What will be the impacts of rising interest rates on your HELOC business? And how many members will you lose over the next few years?
You could guess at the answers. Or you could run the numbers and come up with data supported positions.
Arkatechture is in the business of helping credit unions use numbers and data in their decision-making. Along the way in this podcast Jackson talks about making better use of data to personalize member offers and even dazzling ideas such as perhaps monetizing the data you have.
Do we mean there might be a revenue stream lurking in your data? Exactly.
Jackson also talks about why the company went the CUSO route.
It's a provocative podcast
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto