first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr New tools allow CUs to analyze data as they Patrick TottyBig data. The term may sound like the name of a spy agency file, but Bill Maynard has a more prosaic take on it.“The term ‘big data’ has become a buzzword over the past 12 or 24 months,” says Maynard, managing director for Experian’s Global Consulting practice. “It has always been there, but it has become more accessible to the masses thanks to the increases in technology and raw computing power.”The ability to quickly analyze massive amounts of data allows credit unions to “play in the ‘sandbox,’ ” he says. “That’s recently coined jargon for the ability of any financial institution to jump into a sandbox of data and analyze it as they like. In doing this, credit unions can compete with solutions that put them on an equal basis with much larger financial institutions.”Brandon Bogler, product manager at The Members Group, says credit unions often fail to understand how much data they have. “Our specialty is aggregating data from multiple disparate systems to create a single member view. We draw from different data streams, such as credit, debit, marketing customer information file systems, and core data, and then present the entirety of its relationship with a member to a credit union.” continue reading »last_img read more