How To Utilize Big Data
Every day, humans produce 2.5 quintillion bytes of data (that's 2,500,000,000,000,000,000 if you're curious how many zeroes that entails). And a large portion of that isn't the usual emails, tweets, and YouTube uploads - it's data we generate in the background as we go about our lives. It's location data, transaction data, credit card usage data, cookies, search histories and so much more. And as useless as this data might seem to us, to our financial institutions it offers a unique and valuable insight into the products and services we use, allowing them to better predict and meet our needs.
This is the vast and almost incomprehensible world of big data. And in the season finale of "Financial Futures" we'll be looking at how credit unions can use big data to better serve their members.
Pete Hilger, CEO and President of Allied Solutions explains what kind of data credit unions are interested in and shares with us how they can use it to offer members tailored services. We also explore how credit unions can use big data to better assess loan risks and personalize lending rates, and how they can use it to make better-informed decisions on lending, rather than relying on a small number of metrics such as credit scores.
Join us in this episode as we take a deep dive into big data and discuss:
- How credit unions are uniquely positioned to take advantage of big data.
- What benefits, other than more accurate risk measuring, will the incorporation of big data have on credit unions and members.
- How big data can positively impact marketing efforts as well as create more relevant financial products.
- What credit unions need to do to take advantage of big data now and how it can help them remain competitive in the crowded lending landscape.