February 24th, 2022
This month, Maddaux and Penny talk with Tim Tibbals, VP of Data Analytics at Aux and head of their revolutionary Cuery data solution. Like most credit union executives, they are curious to learn more about machine learning and how it can help credit unions.
November 2021: Ask Maddaux
Q: I’ve heard about machine learning and artificial intelligence. Is it useful for my credit union?
A: As the amount of data explodes around our members’ products and services and purchasing behaviors, it’s important to be able to daily use of that information on your front lines or in your digital channels. However, due to the volume it’s difficult to have time to go through it on a moment’s notice.
Think of machine learning like the experience you may have had as a teller on the front line. As you meet more and more members, you start to realize patterns in behavior and desires that members may have and when to discuss new products and services. Machine learning can look at thousands of previous purchases of products and services, build hundreds of very detailed profiles and match the current member you are working with to one of those profiles to help predict what products and services they may be interested in taking out now or in the near future. Once deployed it’s like having a little shopping buddy on your shoulder giving you ideas on how to best serve the current member.
Additionally, machine learning can help spot other risks like a member leaving, a high-risk loan or new member behaviors & activities that otherwise would have been missed by human eyes.
Have additional data analytics questions? Confused about something you’ve read in the news? We are here for you! Drop us a line at email@example.com