The following is an article written by Trellance’s Director of Data Science, Collin McCarter. The article originally appeared on CUInsight.com.
Within credit union’s own data is the answer to many “whats.” Take, for example:
- What are the typical spending patterns?
- What are the incoming and outgoing account flows?
- What are average balances and product mixes?
- What are the preferred engagement channels?
But credit union leaders that are looking for deeper, strategic understandings often find themselves asking “why?”
To answer this, credit unions need more context. Augmenting their own data with additional information sources will provide more meaningful takeaways – a practice credit unions can start today. There is a wealth of free, publicly available information at your disposal; putting it to good use just requires some awareness, curiosity and strategy.
Here are two free public data sources that credit unions should start using now – and why.
