Jul 20 2022

Building the Modern Credit Union Data Stack to Leverage Analytics Value: Key Investments and Partners

Report  
Number  
563

This report introduces the modern credit union data stack and describes key capabilities and partnerships that will support credit union efforts to thrive into the future.

Cheri Speier-Pero
Cheri Speier-Pero
E&Y Professor of Accounting and Information Systems, Broad College of Business
Michigan State University
G. Luke Hankins
G. Luke Hankins
MBA, Broad College of Business
Michigan State University
Report Number 563

Executive Summary

If there is one pandemic story in the financial services world that continues to challenge us, it has been the accelerated adoption and use of digital channels.
Not only have great swaths of consumers made the switch but they have also come to expect Amazon-level service, personalized insights, and “just in
time” products and services. As consumer expectations grow, many credit unions are placing a high priority on infusing data analytics into their strategic and operational capabilities. 

For credit unions looking to remain relevant to their members, investing in a modern data architecture will lay the foundation for enhanced analytics capabilities needed to create business intelligence and improve member service. This report introduces the modern credit union data stack and describes key capabilities and partnerships that will support credit union efforts to thrive into the future.

Credit Union Implications

Member expectation for personalized services that can only be delivered through data analytics will continue to grow in coming years. When it comes to providing value and the new insights your members crave, building and leveraging data analytics capabilities provides the best path forward. Many credit unions are already placing a high priority on infusing data analytics into their strategic and operational capabilities. Moving toward the implementation of a modern data stack will better support data-driven business insights. Credit unions will then begin to develop the capabilities needed to deliver increasingly tailored insights and value to their members. 

Download this report today and begin building your credit union's modern data stack.