Getting real about big data for the “main street” credit union

first_imgWhat’s The Hype About?The Big Data and Analytics movement says that a 5% uptick in customer loyalty – like compound interest – can add from 25% to 85% in profits. With numbers like that, it’s no wonder that Big Data and the services that go along with it are growing at a 26% CAGR through 2018 – a $41 billion market.Unlike some management fads that have come and gone, if you pull back the curtain on Big Data, you’ll find math, science and technology.How does Big Data work?When you sift through the hype, Big Data promises the opposite of chaos – high tech ways of finding patterns in data that reveal insights not otherwise detectable. Basically, just about every economic outcome you struggle with can be analyzed by algorithms probing reservoirs of data fed from internal and external sources.In order to find patterns in chaos, you need three things: algorithms, databases and people that know how to use them wisely. Big Data is no magician’s trick. Top talent is scarce, expensive and treated like rock stars. An entry-level data science analyst can earn a starting salary of $110-$120K.Big Data applications are everywhere and growing. Do a Google search on Big Data with these words – customer, pricing, loyalty, risk, ALM, lifetime value – or review topics at recent conferences of CUNA or BAI Retail Delivery on marketing, credit risk or payment fraud.The question isn’t whether Big Data is powerful or valuable, Wall Street and Silicon Valley have been pumping billions of dollars into Big Data startups. The question is how a community-oriented credit union can harness and use Big Data to improve performance or prevent unintentional mistakes from turning into regulatory nightmares.Big Data for Main Street Credit Union?Just as the CRM movement shifted away from its core concept – customer value – to massive investments in data warehousing, systems integration and sales force automation software, the big money behind Big Data is following a similar playbook.Thanks to technology advances, companies can store 25x more data per dollar than 10 years ago.It may be exciting to think what you could do if all the data you ever dreamed was put into one big pot. Ironically, the technology side of Big Data is probably the easiest part. The hard work is 1) figuring out the question Big Data will answer and 2) whether the insight is actionable, affordable and practical for your organization.Before you begin your Big Data journey, ask yourself these Big Data questions:What question can Big Data answer that would be a financial and strategic success? What’s the BIG IDEA you can’t figure out without Big Data?Have you tried segmenting your member base by life stage, profitability or key economic behaviors to identify opportunities for improvement? Have you compared your products and prices against your competitive peer group to identify opportunities and gaps?If you had perfect information about every possible action and reaction of your members’ behavior tomorrow morning – like the perfect weather forecast – how would you configure your resources, systems and staff differently in order to capitalize on it? Would the cost be justified?Can Big Data “scale” to the needs and culture of a small credit union? Absolutely YES, but we need to take a radically different approach since Big Data was designed and justified for large applications and large companies by large vendors.Let’s borrow a page from the entrepreneur’s playbook to innovation.Collaborate, Innovate, ExperimentFor the past year, CUNA and Informa Research Services have been collaborating with individual credit unions, CFO groups and state trade organizations on a practical R&D effort around pricing, margins and competitive positioning.“This collaborative, deep-dive approach Informa takes with credit union CFOs like me, our state association and other partners makes a lot of sense. I like the spirit of teamwork they bring and their focus on how real work gets done. The way they’ve layered easy-to-use business intelligence tools with financial products and pricing in our markets will be help us show our value to our Members. We take a pragmatic approach to innovation focused on results for our members, not a silver bullet. Informa knows the difference.”-Alan Althouse, EVP/CFO, TruWest Credit UnionThe goal is to provide an 80/20 solution – the tools, methods and processes – used by competitors with scale and resource advantages. There was a bias towards “usability” and practical results with simple, proven approaches. The scope of the effort was based on 200+ hours of interviews with 35 financial institutions in 5 states in 2014. Research findings were openly shared at the national and state league levelDesign goals were discussed early and often as the rapid-cycle prototyping process kicked off. CFOs around the country were consulted and provided feedback.As a result, scale-appropriate applications of Big Data – called “Business Intelligence” – were woven through databases from Informa and other external sources to streamline and simplify decision-making for pricing, marketing and business development applications. Smart calculators and “financial rules” were integrated with dashboards and drop-down menus to empower users with just-in-time insight customized to their competitive situation.For example, a credit union can compare its market position for any product – deposits products, account and service fees and consumer loans and LOC – against a competitive peer group or state-level indices of banks, mega banks or just credit unions.A unique relationship view quantifies a credit union’s financial advantage for members segmented into 8-10 “life stages,” such as new professional, young family and empty nesters. These “life stages” can be customized to reflect a credit union’s target market and regional influences.“We focus on members, margins and prudent AL management — a consistent pattern of funding, risk and pricing decisions based on hard data. The intensive Q&A sessions with Informa dug to the roots of those decisions. We identified how a “lean” Big Data approach could improve those decisions with transparency and speed. Now I can quantify our value to members at the product and relationship level, but also compare strategies for margin improvement from better funding and pricing in one place. I’d love to see our industry adopt a smart framework like this.”                         -Sean Bowers, EVP/Chief Information Officer, MECUYield curves for FHLB funding and investment were integrated with calculators of duration with varying prepay assumptions. Users can test loan pricing strategies against internal ROA targets and competitive positioning against a peer group or state-level indices. Analytic reporting that compares products, prices, competitors and market rates is performed by drop-down menus like tax software. No programming is required.This model of collaboration – CUNA, state leagues, credit unions and tech partners – is a smarter approach to innovation that leads to faster results without the risk and cost of traditional DIY methods. It requires trust, experience and egos are parked at the door.Working together as a team – as partners – is a smarter approach to problem-solving than swinging for the fences by yourself. 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Robert van der Hooning Robert van der Hooning consults with Informa Research Services on innovation for small financial institutions. He founded Knowledge Stream Partners, a software firm in predictive analytics and led over 100 … Web: Detailslast_img read more

4 persons fall in buy-bust

first_imgOfficers of Police Station 2 stagedthe entrapment which led to the arrest of the suspects around 1:30 a.m. on Jan.3.   Bacolod City – Four persons were arrested in a buy-bust operation inBarangay 3. Suspected shabu weighing about twograms valued around P30,000 was seized from Michelle Tayo, 29, Regis Bobole,38, Bryan Matos, 34, and a 17-year-old male minor, a police report showed. The minor suspect, meanwhile, wasturned over to the custody of the Department of Social Welfare andDevelopment./PN Tayo, Bobole and Matos were detainedin the lockup cell of Police Station 2, facing charges for violation ofRepublic Act 9165, or the Comprehensive Dangerous Drugs Act of 2002.   Aside from suspected shabu, a P300marked money was also recovered from them, police said. Recovered items during an entrapment operation in Barangay 3, Bacolod City on Jan. 3. POLICE STATION 2/BCPOlast_img read more

Dream11 GSW vs LAC: Team news, match predictions and analysis

first_imgDream 11 GSW vs LAC predictionGolden State Warriors: Stephen Curry, Alec Burks, Alfonzo McKinnie, Draymond Green, Omari SpellmanLos Angeles Clippers: Kawhi Leonard, Jerome Robinson, Montrezl Harrell, Lou Williams, Rodney McGruder WE RECOMMEND Last Updated: 23rd October, 2019 23:04 IST Dream11 GSW Vs LAC: Team News, Match Predictions And Analysis Dream11: Golden State Warriors take on Los Angeles Clippers on October 25 for their first game of the NBA season. Here are some of our predictions & top picks. After losing to defending champions Toronto Raptors in the NBA Finals last season, the Golden State Warriors will open their NBA 2019-20 season against the Los Angeles Clippers on Friday. The match is scheduled to start at 8:00 am IST and will be played at the Chase Center, San Francisco and telecast on the Sony Sports Network.Also Read: Dream11 BOS Vs PHI: Team News, Predictions And Other NBA UpdatesDream11: GSW vs LAC previewLos Angeles Clippers have started their NBA 2019-20 season on a winning note by beating the Los Angeles Lakers 112-102 on Wednesday. Kawhi Leonard was the star of the show, scoring 30 points for the Clippers. Montrezl Harrell and Lou Williams also chipped in with 17 and 21 points respectively. SUBSCRIBE TO US work work work work work— Golden State Warriors (@warriors) October 22, 2019 Also Read: NBA 2019-20: Golden State Warriors’ Profile And Season PreviewGolden State Warriors will start their season with some new additions to their roster. Steph Curry, Draymond Green and Klay Thompson will remain a part of the original core team with new players like D’Angelo Russell, Willie Cauley-Stein, Glenn Robinson III included in the roster.Also Read: Klay Thompson May Miss NBA 2019-20 Regular Season Due To ACL InjuryDream 11 GSW vs LAC injury updateKlay Thompson is likely going to miss the entire 2019-20 NBA season for GSW as he recovers from a torn ACL.Also Read: NBA: Toronto Raptors Defeat New Orleans Pelicans In Season OpenerDream 11 GSW vs LAC top picksGolden State Warriors will rely on Steph Curry and Draymond Green to shoulder the scoring responsibilities for the team. For Los Angeles Clippers, Kawhi Leonard along with Montrezl Harrell and Lou Williams, will once again lead the line. The last time Kawhi Leonard faced the Warriors, it was Game 6 of the NBA Finals where he led the Toronto Raptors to their first-ever NBA title, defeating GSW on their home venue. First Published: 23rd October, 2019 23:04 IST COMMENT 10 months ago Dream11: BAR vs BEL match preview, team news and predictions 10 months ago Dream11 Bermuda vs Namibia: Team prediction, match news and updatescenter_img LIVE TV 10 months ago Dream11 SL vs PM-XI: Team news, prediction, analysis and squad updates FOLLOW US WATCH US LIVE Suraj Alva 10 months ago Dream11: MTA Vs VAL Team news, game predictions and analysis Written By “They bring energy every single night. We feel it on the court. We feel it in the city. We feel it in the whole Bay Area.”Loud & Proud || #DubNation— Golden State Warriors (@warriors) October 22, 2019 10 months ago Dream11 BAL vs SOP: Match predictions, team news and analysislast_img read more

Happening NOW: Judge Decides if Jeffrey Epstein Gets Bond

first_imgThere’s a bail hearing scheduled for 11:30 a.m. Thursday in Manhattan for financier Jeffrey Epstein who faces sex crime charges.Prosecutors argue Epstein’s wealth, access to a private jet and motive to flea are reasons he should remain locked up.Epstein’s attorneys are pushing to have him out on bail living in his Manhattan mansion under heavy supervision.Epstein, an already registered sex offender, is accused of sex trafficking dozens of girls in his Manhattan and Florida homes from 2002 to 2005.last_img

Grambling opens museum to honor ‘Coach Rob’

first_imgGRAMBLING, La. (AP)—Grambling State’s permanent tribute to longtime football coach Eddie Robinson is ready to be unveiled. An 18,000-square-foot museum honoring the coach, who died in 2007, will open on the Grambling campus Saturday.The building will house many of the awards, plaques and honors Robinson received during his 57-year tenure. The museum also will showcase more than 200 players Robinson coached who went on to pro careers, including Redskins quarterback Doug Williams, who was Super Bowl MVP in 1988. “This all came out of a promise I made Rob before he died,” said Wilbert Ellis, who coached the Grambling baseball team for 43 years and was Robinson’s longtime friend. “I told him we’d get this done, but sometime even I wondered how.”A number of dignitaries, including U.S. Sen. Mary Landrieu, as well as Pittsburgh Steelers coach Mike Tomlin and new Notre Dame coach Brian Kelly, will be on hand for the official opening.Robinson’s 408 career victories are second among coaches at any level.“You know,” Ellis said, “he walked with presidents and kings, but he was always a humble man. He always saw himself as a football coach and a proud American. I think this museum shows that.” GUEST SPEAKER —Pittsburgh Steelers head coach Mike Tomlin was the guest speaker at the dedication banquet Feb. 12. He also gave a few words at the ribbon-cutting Feb. 13. last_img read more

Election 2017: Community-Focused Residents Vie For Fair Haven Council Seats

first_imgBy John Burton |FAIR HAVEN — For the four candidates campaigning for the two Borough Council seats available in Fair Haven on Nov. 7, it’s about proven experience say the Republicans, as opposed to the Democrats who see the choice as a way to ensure a diversity of voices in the decision-making process.Incumbent Republican Councilwoman Susan Sorensen and running mate Elizabeth “Betsy” Koch are competing against Borough Councilman Christopher Rodriguez who is running with Jessica Patel for the two, three-year terms. Sorensen has served two terms and Rodriguez has been on the council for one year, having been elected last November to fill an unexpired term. Koch and Patel have not held elected office.The six-member council currently has five Republicans and one Democrat, with a Republican mayor.While she’s never held an elected position, Koch points to her years of involvement in community and government work. Koch has been a member of the borough Zoning Board of Adjustment, a quasi-judicial body responsible for rendering decisions on land use applications; she has been a member of the parks and recreation committee for 27 years; and has been a career educator who had taught in the borough public school system for 20 years. During her more than four decades living in the community, Koch said, she has volunteered for the PTA and Boy Scouts and Girl Scouts.“I’ve always been active and want to continue to serve,” Koch said. Koch’s husband, the late Jerome Koch, had been a borough councilman for a number of years at the time of his death in 2014. Betsy Koch said she served as his sounding board, absorbing much of the information he acquired in his council duties and would like to put all her experience to work.“I’d like to continue his legacy,” she offered. “I’m at the point in my life when I have the time and desire to do this.”Patel is a stay-at-home mom with four school-age children attending local schools. Patel also stressed her participation in community organizations in her 10 years living in the borough, working with the PTA and as a Cub Scout den mother. “I think this a good time to put myself out there,” she said of her run for office. “I want to take it a little further.”She holds a master’s degree in early childhood education, is a certified yoga instructor, and has begun working with her husband on designing a fundraising social network smartphone app. She hopes to bring a “new energy” to the council, offering a new voice going forward. “I’m really looking forward to the new experience.”Sorensen, a telecommunications wholesale sales executive, has a longstanding tradition of volunteerism on her résumé, extending more than 20 years. She points to her work with the PTA, parks, recreation committee and a number of others.During her time on the council she has worked to establish the Foundation of Fair Haven, a not-for-profit group that fundraises for borough activities, which also has Koch as a member; and has chaired the Fair Haven Day organizing committee (which started as the Centennial Committee, which she also chaired) and Oktoberfest organizing since 2012. “I think I’ve worked very hard improving the community,” she said.Rodriguez works in the financial services industry, as owner of an interest rate swap exchange, as well as the global head of a financial technology company. He’s married with three children, who attend local schools.He’s seeking a full term on the council because he said he “just scratched the surface” with his own work on the governing body and also with the council’s efforts on a number of fronts, he said.Rodriguez noted the projects looming for the immediate future, as officials consider options for a renovated police headquarters and a new or renovated Public Works facility and community center. These are potentially big expenditures, he said, requiring planning and thought. “With my financial background, I think I can bring good decision-making,” he said.“The borough is looking at spending significant money,” Sorensen said. “Not only is it crucial that we look at building the right facility, whatever we build, we have to make sure it’s without it being a huge burden for future generations.”Over her time as an elected official she said the council has shown itself to be financially sound, taking a long view that has benefitted the taxpayers. She noted that for over the last nearly eight years the municipal budget has remained either flat or seen a slight reduction in the tax rate, with the borough retaining its AA-bond rating. She attributes that to the experience she and others have shown. “I’m really proud of being part of such a successful team,” she said.Koch sees the council member role as continuing that legacy, as she has done in other capacities, ensuring that “Fair Haven remains Fair Haven,” progressing into the future but retaining the cornerstones of the community – the charm and livability – that continue to attract families.“We helped create an atmosphere that is very inviting,” Koch said of her and Sorensen’s efforts.“We truly believe we’ve earned the right to ask people to vote for us,” Sorensen added.“We can be a voice and an ear,” especially for those who may not regularly attend council meetings or other forums, Patel said. And she and Rodriguez feel they are “approachable,” and hope to advocate for improving the lines of communication in the community to make sure everyone is informed, and preserving the quality of life.“The mutual focus of our campaign is to prepare for the next generation while preserving the traditions of Fair Haven,” Rodriguez said. “That’s why people move here.”This article was first published in the Oct. 26-Nov. 2, 2017 print edition of the Two River Times.last_img read more

Vikings have the moves – and the spirit

first_imgWinning was sweet, but witnessing a team having a blast as it readied for the season and getting the job done was much more satisfying. Good luck Valencia – and Saugus, too! To post your own stories and photos, log on to 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Coach Donna Lee and assistant Carrie Mitchell set the example for a group of girls that put team first. There are no catfights, no hurt feelings because she said this or she did that. I’m sure there are rivalries in the dugout, but that only makes each player try harder. And they disappear at game time. Winning the big one was a great way to start the season, and there’s a lot to look forward to until the postseason. I’m sure they’ll have their struggles. They’ll have days when it’s tough to find the strike zone, the bats aren’t working, the balls fall out of gloves. They know that, but they also have the drive of young women much older than these 14- to 18-year-olds. Their intensity on the field is single-minded. Their goals are evident in their faces. What’s really fun about the Vikings is before the game. They giggle, make up crazy nicknames for one another, braid one another’s hair and add purple, black and gold patterned bows. (A new ritual involves putting a bow around Coach Lee’s ponytail, probably a first.) Putting on a game face for these girls means makeup – Viking purple eye shadow, in particular. The glamour is topped by sequined purple or gold headbands that coordinate with some pretty fashionable uniforms. And then they stay loose. Worm races with a few of the girls competing on their bellies topped the final practice before Saturday’s big game. They gathered their gear and headed to the dugout for the final game, knowing a win would be awesome, a loss to No. 1 not a big deal. Every single girl had contributed to getting the Vikings to this game. A few gathered on their own for a quick prayer and the contest started. It was 0-0 for six long innings as a crowd of parents, locals, other teams and great friends from rival Saugus High’s team cheered. Canyon del Oro High of the Tucson area had just one hit and one on base on a walk. Valencia had a total of three hits, including Jesi’s bomb. The few plays that challenged the fielders, heads-up even as the strikeouts mounted, were handled expertly. Jordan Taylor throws like a girl. Jesi Spigner hits like one. Good thing. It’s part of what makes Valencia High’s softball team one of the top in the nation … and given the dominance of the sport in the USA, no question these Vikings are one of the top high school teams in the world. The Vikings just returned from a road trip, their first games of the season and first-ever journey to the prestigious Bullhead City, Ariz., Championship Softball Tournament. They came home with the first-place trophy nearly as tall as their diminutive shortstop and right fielder, the latter of whom is my daughter and the reason I’ve seen softball fields in some of the hidden corners of the country. This team is a special one, not because of some arbitrary rankings that are nice, but mean nothing on the field. And it’s not because six of the girls already have scholarships to Div. I colleges, where they’ll keep playing. Each one of these Vikings brings something amazing to the team. Each one contributes, whether it’s Jordan’s stunning 16-strikeout game against the Arizona team that had been ranked No. 1 (Valencia was No. 5) or Jesi’s eye-popping 7th inning home run that seemed to cross acres before it landed well over the right-field fence to win the championship game. last_img read more

South Africans, celebrate your heritage!

first_img21 September 2012The Cabinet has called on South Africans to participate in activities that give expression to the theme of this year’s national Heritage Day celebrations: “celebrating the heroes and heroines of the liberation struggle in South Africa”.Heritage Day will be celebrated nationally on Monday, 24 September.The main celebratory event will be held in Upington in the Northern Cape province, while various provincial events will also take place around the country, aimed at reminding and reconnecting the nation with its rich and diverse collective liberation heritage.In Gauteng, Premier Nomvula Mokonyane will lead the provincial celebrations at Maropeng near the Cradle for Humankind.The proceedings will include the provincial indigenous games, where the public will have an opportunity to play games including diketo, kgati (skipping) and intonga (stick fighting). Also on the menu is the tour of the area, and entertainment by different artists.The Department of Arts and Culture has embarked on a programme to transform the country’s heritage to ensure that it truly belongs to all who live in it.The purpose is to use the country’s liberation heritage as a vehicle to foster social cohesion, nation building, economic development and inclusive citizenship, while helping to bring an end to xenophobia and homophobia.At its ordinary meeting this week Cabinet approved the hosting of the 40th anniversary celebration of the World Heritage Convention in South Africa from 26 to 28 September.Acting Cabinet spokesperson Phumla Williams, briefing journalists in Pretoria on Friday, said the conference would afford a unique opportunity to develop an African strategy and position regarding world heritage and development.Source: read more

Ohio Ag Weather and Forecast — January 5, 2018

first_imgShare Facebook Twitter Google + LinkedIn Pinterest 180105_RyanMartinToday looks very similar to the past two days over Ohio .Wind chills are a factor this morning as yet another wave of bitter cold air has settled in. Temperatures will struggle to work through the teens today. Tomorrow we should see temps start to work a little higher, and full south flow will bring temps up to near normal levels for Sunday ahead of our next system.We have no changes to the outlook of that system, short of knocking its arrival time back just a bit this morning. WE think the precipitation from our next storm complex waits to develop in earnest until after midnight Sunday night. Then precipitation continues through the overnight, and through most of Monday. The track still suggests mostly snow over Ohio, with a little bit of light rain trying to mix in well south. Our official snow totals are as follows: 2-5” over 90% of the state. 2-3 inch totals will be seen in most locations, and the 4-5” snows will likely be limited to an area bounded by a triangle between Chillicothe to Cambridge to Marietta. We will see better snows here than our neighbors to the west will…as Indiana totals look to be mostly in the 1-3 inch range (just for comparison)…that is what the farther south and east track (vs. what we saw early in the week) has done.Drier, colder Arctic high pressure comes in behind the front for Monday night through Thursday. We continue to look for temps to drop to below normal levels for that period. However, we do have some changes for later next week. Our next front has changed its orientation somewhat, and we think we can see strong south winds develop late Thursday afternoon into Friday that will take temperatures up in a hurry. We could see some significant snow melt going in to Friday. The front will also bring another round of precipitation, with liquid equivalent totals of .25”-.5” from Friday night through Saturday. While we expect some rain to try and mix in, particularly south, we will be keen on seeing where the good snows set up.  Right now we look for several inches next Saturday, with the best snows near the lake. Precipitation coverage next weekend will be 100% of the state, and snow coverage could be upwards of 80% once again.The extended 11-16 day forecast window has knocked out next front back to the 15th, but it still does not have much moisture with it…only a few hundredths to a tenth or two, so we do not expect anything more than minor snow accumulations. Farther in the period, though, around the 18th, we have another strong front sweeping in from the NW. That front has liquid equivalent precipitation up to.75” with excellent coverage over the state. Temperatures will be the key to the forecast though. Each of these systems over the next 2 weeks have strong south flow with them, and temps that may be able to slowly work higher. So, these extended systems, especially ones with good moisture content, have a chance of bringing better rain potential to the area instead of snow. Temperatures will be what we look closely at as this forecast pattern evolves.last_img read more