Orion Federal Credit Union is a $534 million financial institution, based in Memphis, Tenn., with about 50,000 members. In its footprint of Western Tennessee, Orion needed both analytical and marketing programs to help grow its lending base, which was at a level below credit union industry averages.download pdf
Deriving value from big data is often the most difficult of the five V’s. After all, having thousands of lines of data is pointless unless you use them for something purposeful, such as measuring marketing efficacy or improving compliance programs.
The fact of the matter is consumers have more choices than ever for meeting their banking needs. From traditional banks and credit unions, to payday and peer-to-peer lenders, check cashing services, P2P payments services, retailers and most recently, fintech companies themselves, traditional financial services providers must go to market more strategically than ever to hit their targets for the lowest possible acquisition cost.
With the cost to acquire deposits increasing and fewer traditional bank deposit dollars circulating among an increasingly large playing field of competitors vying for them, like retail establishments, investment firms,...