It’s 9 am. Even if you don’t fancy yourself a techie, what have you done so far today? If your morning routine includes text/email/social media from your smartphone, watching the morning show live through your streaming app of choice, paying for coffee with something other than cash, and driving to the office without stopping at the toll thanks to your EZ Pass, consider the amount of trackable, archived data you generated before you even walked into your office building:
- Digital communications
- Digital television
- Digital retail payment
- Digital toll
If you are a techie, you also may have interacted with your digital assistant, had your thermostat automatically warm to your preset wake-up temperature via a digital thermostat, had your refrigerator let you know that you’re out of milk while adding it to your digital to-do list, or even tracked how thoroughly you brushed your teeth via a smartphone app tethered to your smart toothbrush!
We’re in the financial services industry. What does all of this have to do with business intelligence?
The common theme is digital, or at the most granular level, data. Each byte of digital data that is generated provides valuable insight into consumer habits, preferences, interests, trends, and so on. But frictionless, aggregated data from disparate sources that then can be analyzed, leveraged, and acted upon is not only insightful, but profitable. When these concepts are applied to credit union services, never-before-seen data mobility can enable your institution to get more personal than ever with your members through your communications, identify trends as they are emerging in your demographic, and be more agile in your critical decision-making.
Just when we think the world can’t change anymore, it does. But Aristotle was on to something in saying “The whole is greater than the sum of its parts.” We are in a time of digital transformation in the credit union industry, and the time to get on board for business intelligence is now. Everything is connected, or at least it will be.
What Is Business Intelligence?
At the most basic level, ‘business intelligence’ can be defined as the tools, processes, and technology used to analyze data in order to make educated, informed business decisions. But, as we all know living in The Digital Age, when it comes to the maintenance and analysis of data, the complexity of these tasks is anything but basic…
Download the full white paper, which covers:
- Data Challenges
- In-House vs. Platform-as-a-Service (PAAS) Business Intelligence Solutions
- Understanding Your Members, Industry & Collective Data
- Implementing Business Intelligence at Your Credit Union