Every day, humans produce 2.5 quintillion bytes of data (that's 2.5 with seventeen zeroes) and a large portion of that is data we generate as we go about our lives - location data, transaction data, cookies, search histories, and much more. This is the vast and almost incomprehensible world of big data, and in this season finale episode of "Financial Futures," we talk with Pete Hilger, CEO and President of Allied Solutions, to find out why big data is so important to credit unions. We discuss what kind of data credit unions are interested in, how they can use it to make better-informed decisions on lending, what credit unions need to do to take advantage of big data now, and how it can help them remain competitive in the already crowded lending landscape.
Show Notes
Every day, humans produce 2.5 quintillion bytes of data (that's 2,500,000,000,000,000,000 if you're curious how many zeroes that entails). And a large portion of that isn't the usual emails, tweets, and YouTube uploads - it's data we generate in the background as we go about our lives. It's location data, transaction data, credit card usage data, cookies, search histories and so much more. And as useless as this data might seem to us, to our financial institutions it offers a unique and valuable insight into the products and services we use, allowing them to better predict and meet our needs.
This is the vast and almost incomprehensible world of big data. And in the season finale of "Financial Futures" we'll be looking at how credit unions can use big data to better serve their members.
Pete Hilger, CEO and President of Allied Solutions explains what kind of data credit unions are interested in and shares with us how they can use it to offer members tailored services. We also explore how credit unions can use big data to better assess loan risks and personalize lending rates, and how they can use it to make better-informed decisions on lending, rather than relying on a small number of metrics such as credit scores.
Join us in this episode as we take a deep dive into big data and discuss:
- How credit unions are uniquely positioned to take advantage of big data.
- What benefits, other than more accurate risk measuring, will the incorporation of big data have on credit unions and members.
- How big data can positively impact marketing efforts as well as create more relevant financial products.
- What credit unions need to do to take advantage of big data now and how it can help them remain competitive in the crowded lending landscape.
What is Financial Futures?
The way we move money is changing. Fast. We want control at the touch of a finger-print. We want to send money in real-time – to the other side of the world. We want everything in one place, integrated, seamless and on our devices. Ubiquitous, embedded, fast, standardized, frictionless and secure. Global finance trends are hurling towards a unanimous conclusion.
These are our Financial Futures.
Each episode, we size up the bleeding edge of fintech innovation and explore the trends that are already transforming the way the world pays, banks and invests across the globe. And the mechanisms we’ll need to prosper in this brave new landscape.
Is the world’s technology up to the challenge? Are we?