Big Data: Putting Your Data to Work for You and Your Members. Nancy Crouch Director, Customer Operations Saylent Technologies

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1 Big Data: Putting Your Data to Work for You and Your Members Nancy Crouch Director, Customer Operations Saylent Technologies

2 What is Big Data? The term for a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. Wikipedia Big data is high-volume, -velocity and -variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making. tweet from Gartner

3 Why so Large and Complex? With the technological advances of the last several decades, more information is available and being stored than ever before and will only continue to grow. 40 Zeta bytes (43 Trillion Gigabytes) of data will be created by 2020, an increase of 300 times from 2005 ibmbigdatahub.com

4 IMHO, Big Data's economic and social importance will rival that of the oil economy by and mobile devices are already the key driver of big data, globally. The reality is that our personal data footprint is now becoming unfathomably wide, deep and large because it has become (technically speaking) entirely possible for everyone and everything to be tracked, recorded and...mined. Soon, the question will no longer be whether we have the technological skills and horsepower to do something, but why, when and where we should do it (never mind the thorny issue of 'who'). Greg Leonhard, CNN Special Contributor

5 Five V s of Big Data 1. Volume the amount of data to be collected 2. Velocity the amount of data being created 3. Variety the different forms of data 4. Veracity the uncertainty of the data 5. Value the ability to use the information to drive revenue or decrease expense Contributing Source: IBM.com

6 Let s Name Some Sources of Data Websites Internet Service Providers Insurance Companies Health Care Providers Merchant Acquirers Real Estate Agents Mortgage Processors Online Banking Providers Credit Card Processors Big Box Retailers ACHs Card Transactions Social Media Government Records DMV Records Checks School Records Investment Services Title Companies Core Processing Data Credit Reports Collectors

7 Do you think that you would find more useful and actionable information by analyzing each of those sources individually or by combining them?

8 The Bad News Banks have already been leveraging big data to segment customers, develop pricing strategies that maximize revenue and more effectively use marketing dollars to drive response rates.

9 The Good News Credit Unions have one thing that Banks can t buy Consumer Trust It is never too late to start using data to your advantage to leverage that trust to grow membership and product participation.

10 Is your Credit Union leveraging all your available data sources? Are your communications as relevant as possible to the audience? Your marketing campaigns are targeted. But are they really targeted?

11 Car Buying Seminar Who would you invite what DATA would you use to build your target group? Geographic Location (Address) Birthdate Membership Open Date Existing Car Loan? Credit Bureau Info? Recurring Bill Pay/ACH to Toyota Financial? Attend Previous Seminars?

12 Credit Card Balance Transfer Campaign What DATA would you use to build your target group? Credit Card Status Last Activity Date? Open Date Available Balance Delinquency History? Credit Bureau showing open unsecured loans? Recurring Bill Pay/ACH to Citibank?

13 Member Behavior Modification What if you could use DATA to identify members who are heavy check writers? What if you could use DATA to identify members who are continuously contacting your call center? What if you could use DATA to prove the value you are bringing to your TIP or Segment partners?

14 Member Communication: How do you communicate with your members? Postcard Statement Insert/Message Facebook/Twitter Post Facebook Message? Twitter Message? Snapchat? Instagram?

15 Getting Started 1. Start with what you have What sources of data do you have? What relevant elements do they contain? What available analytical tools or integrations do you have?

16 Getting Started 2. Conduct a proof of concept Develop 2-3 programs you can complete with the data you currently have available Be creative Complete a small beta test of the programs to prove their effectiveness

17 Getting Started 3. Perform a Gap Analysis What data do you not have? What additional analytical functionality is necessary? What integrations would improve your effectiveness?

18 Getting Started 4. Collaborate Use the power of your collaborative industry to learn lessons from others Leverage the creative power within your organization to maximize your success Do not overcommit yourself look for vendor partners to assist with filling the gaps

19 Thank you!! Nancy Crouch Saylent Technologies