Credit unions, like all financial institutions, are deep in the era of digitization. There’s been a key trend of moving traditional banking activities online, which generates lots and lots of data. The sum of this online financial activity creates a detailed picture of the behavioral patterns of members.
Credit unions are growing in their acknowledgement of the importance of leveraging this data, but are falling behind other financial institutions in maximizing the opportunities. According to a 2018 study by Best Innovation Group and Trellance, 45 percent of credit unions don’t currently have a data and analytics strategy in place, and those that do say it will take three to five years to implement.