By David LaCroix  Standards Manager, Credit Union Financial Exchange 

We have seen over the last few years a surge in demand for and consumption of data analytics and services in the credit union industry.  The major of objective of big data analytics is taking what you know about your business and your members and driving ever improving opportunities to create more value and benefits at less cost.

The quality and consistency of the data, its definition and meaning is key to producing a qualitative result that is actionable.  Here in lies a major problem within the credit union industry, the incredible amount of variance of data elements and definitions found throughout the environment is staggering. The effort to normalize data to reach a qualitative outcome is by any measure substantial. In many cases this may seem like that it will cost more than the benefit provided. Cutting your organization off from benefits offered by your competitors.

This does not have to be the case, there is a potential solution available today at no cost to your organization.  You may have heard of the Credit Union Financial Exchange (CUFX).  CUFX is a vendor agnostic integration standard lead by the Credit Union National Association – Technology Council.  One of the major benefits of CUFX is that the data model has already taken into account the data variance throughout the industry to arrive at an object model and data definitions that can be used and consumed agnostically.  Mapping your data into CUFX definitions bridges perhaps the largest part of the problem and inherently supports your successful big data analytic solution.  The secret of course being that no cost help has been available to your organization all along.  To learn more on how CUFX can support your success at no direct cost please contact me at dlacroix@cufxstandards.com or visit our website at www.cufxstandards.com

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