Greetings from Orlando! There is a lot of buzz and excitement going on at the CUNA Technology Council Conference! Today, 35 participants and I attended a great session here at the Walt Disney World Dolphin Resort, “Meta to Micro – Power of Big Data”. For those of you who weren’t able to make it, I’ve got some highlights to share!
During the session, President, Temenos USA (and Akcelerant Founder and CEO), Jay Mossman, and Temenos Product Director, Todd Winship, discussed the major challenges credit unions face and how to take advantage of all the data that is at their fingertips. Even financial institutions that have begun to aggregate all of this information still struggle with how to act on it. Jay and Todd shared what strategies credit unions should be following in order to effectively utilize big data to increase success and sustainability. Some questions financial institutions are asking, which Jay and Todd discussed, included:
- What is Big Data? Definitions and highlights of some specific examples currently being leveraged in the credit unions.
- What is the typical data in credit unions?
- How do you prioritize your data and its integration?
- Do you need a data warehouse? How can it benefit you?
- What are the Big Data technologies to be aware of? Examples: Hadoop, R, and Microsoft.
- What are other credit unions doing?
- What are the 5 steps credit unions can take to utilize data more effectively and with greater value?
What a great session! The highlight for me was the insight into how to make big data “small” using natural language query processing. Looking forward to more great conversations!