The CUNA Technology Council has issued a new white paper on big data and announced the winners of its annual Excellence in Technology Awards.
The new white paper – "The Data Craze: Perspectives on Big Data, Predictive Analytics, and Business Intelligence" – covers strategically applying data and business intelligence, benefits of data-driven decisions, the types of data at credit unions, cautions and pitfalls.
"Whether a credit union relies on 'big,' 'medium' or 'small' data, applying that knowledge is very likely to make a positive impact on the bottom line, the council said in its announcement that the white paper is available.
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"One thing about the data craze is certain: Incorporated into strategic planning, IT leaders have the opportunity to exploit data's potential to solve business problems and help drive future growth," the 689-member Technology Council said.
The document is available online for free to CUNA Council members. Non-Council members may purchase white papers for $50 per copy.
Meanwhile, credit unions from five states and ranging from $27 million to $2.5 billion earned Excellence in Technology Awards at the council's 18th annual conference Sept. 22-25 in Hollywood, Calif.
Chosen by a panel of CUNA Technology Council for their strategy, process, application and results, regardless of credit union asset, were:
- The $1.9 billion CommunityAmerica CU in Lenexa, Kan., for its "Socky Saves" mobile app intended to help teach children financial skills.
- The $27 million Element FCU in Charleston, W.Va., for its "GO Kiosk" that provides a remote branch experience with a focus more on the member relationship and less on the transaction.
- The $1.3 billion Gesa CU in Richland, Wash., for its digital branch that uses personal teller machines, touchscreen kiosks and enhanced ATMs to reduce branch size while maintaining service levels.
- The $907 million Motorola ECU in Schaumburg, Ill., for its business continuity solution that incorporates communication connectivity and network infrastructure.
- The $2.5 billion Virginia CU in Richmond, Va., for its custom account opening system which integrates offers and has resulted in both growth membership and loan growth.
More on the awards is available online.
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