Use big data to thwart the zombie apocalypse

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Credit unions face the equivalent of a zombie horde seeking to suck the lifeblood from their business and leave them wandering aimlessly across a barren landscape, John Best, president of Best Innovation Group, told CUNA Marketing & Business Development Conference attendees Monday.This “death by 6,000 cuts” comes in the form of:Continuing interchange income compression;Merchant steering to lower-cost payment alternatives;A persistent low net interest margin environment;Nonbank entrants aiming to disintermediate the credit union-member relationship; andRegulatory overreach, including Consumer Financial Protection Bureau damage awards.Credit unions’ saving grace: the ability to mine member data for valuable insights that will lead to new sources of revenue, deeper member engagement, and lower costs.Best offers five lessons that can help credit unions navigate this frightening new landscape: continue reading »last_img read more