It is said that “data is the new gold.” Credit unions are sitting on a trove of valuable data about their members, the result of having longstanding relationships and touchpoints across multiple channels. But how can credit union leaders activate that data in meaningful ways for their business?
In this Q&A from The Studio at THINK 18, Jean Chatzky interviews CO-OP Vice President of Digital and Business Intelligence Nish Modi about untangling the complexities of data.
“Credit unions deal with multiple vendors, disparate systems and unstructured information,” Modi says. “[They’re dealing with] data flowing from different places, stored in different ways. It’s just complicated, and that’s what makes it hard.”
While challenging, data transformation is possible – and in this interview Modi explains how it’s being done in the credit union space. He talks about the process of building a data strategy within CO-OP, working to unify the billions of transactions the company generates each year into workable data. At the same time, he is considering how CO-OP can facilitate data transformation for its client credit unions – with the end goal of preparing the credit union industry for emerging opportunities with business intelligence, predictive analytics, artificial intelligence and more.
Learn more about data transformation and digital innovation in “7 Strategies to Accelerate Your Digital Transformation,” a free white paper from CO-OP.