Do you remember the age of the mainframe computer? Most of you do, I'm sure. 
We have watched technology standards change rapidly over the years moving from mainframe to mini-computers and now the age of cloud computing is dawning. Interestingly, those cloud servers we hear so much about look an awful lot like mainframes and architecturally speaking they are. Cloud servers in general terms are just a collection of simplified PC's (or blades as they are called), acting as a centralized server that resides somewhere far away, which means it might as well be in the sky, hence the clouds.
Something else interesting that has happened over the same time is that software engineering as a profession has greatly advanced as a discipline. Now we have these vast software applications that run on tens of thousands of computers and across multiple data centers located all over the planet. Cloud architecture has met cloud software = cloud computing, a truly amazing point in the evolution of technology.
A real benefit that has occurred during this technological revolution has been the increased data that is made available to end users. With ‘big data’ making significant advances in fields such as medical diagnosis, genomics and even financial services how can credit unions use data to increase product adoption and growth?
- Don’t think of data as a way to predict what may happen. Instead, use data to keep track of what is happening at your credit union and adjust accordingly.
- Data should be used solely to improve member experience. A member focus will ensure success.
- Are your members aware of the products and services you offer? You should know this by reviewing product adoption rates, which is a data driven approach.
- Data needs to be real-time with reporting that will provide actionable results.
Credit unions may not be experiencing a big data problem, but they are certain to be suffering from a big number of small data problems. Credit union core processing systems are the repository of your member data. If your credit union data processing system does not connect you to member information you may actually have a big problem. Having access credit union member information in real-time and the tools to make sense of the data is more critical than ever. As technology continues to quickly advance, you should be using a credit union technology system that will help you increase your knowledge on a daily basis about your membership and your product offerings.
