When it comes to operational efficiency, credit unions have room for growth. According to a McKinsey & Company study, credit unions are repeatedly more inefficient when compared to similarly sized banks. The causes of this operational efficiency variance can range, but it almost always boils down to certain processes draining valuable resources. Ask yourself:

Amid the era of digital transformation, credit unions and financial institutions are finding profit-driving applications for the treasure troves of data that have been at their disposal for several decades. This data is providing a new perspective in consumer behavior, preventing disasters and thefts, and unlocking the secrets of money movement. And now, big data is poised to make big changes to consumer lending. Let's take a closer look at three ways it's already happening.