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Big Questions, Big Data and Big Answers

Big Questions, Big Data and Big Answers. Who Is Coastal FCU?. Formerly IBM Raleigh Employees FCU Chartered in 1967 Serve 1,400 SEG’s and Associations Including IBM, Lenovo, Red Hat, Cisco, SAS 3-County Primary Market Focus Regional Indirect Lender $2.2 billion in assets 190,000 members

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Big Questions, Big Data and Big Answers

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  1. Big Questions, Big Data and Big Answers

  2. Who Is Coastal FCU? • Formerly IBM Raleigh Employees FCU • Chartered in 1967 • Serve 1,400 SEG’s and Associations • Including IBM, Lenovo, Red Hat, Cisco, SAS • 3-County Primary Market Focus • Regional Indirect Lender • $2.2 billion in assets • 190,000 members • 16 “Video Teller” Branches • 450 Employees • 3 CUSO’s

  3. Who Is Chuck? • Finance and Accounting educational background • 1978-1981 – Co-owner of Furniture Manufacturer • 1981-1990 – NC Credit Union League • Incredible learning experience – foundation of my career • 1990-1992 – First Carolina Corporate Credit Union • 1992-2001 – US Central Credit Union • 2001-2013 – Coastal Federal CU • July 1, 2012 – Became CEO at Coastal • 1995-2007 - National Credit Union Foundation Board • 2013 – Joined CO-OP and CUDL Boards • Co-inventor of uGenius Video Personal Teller System • Curious, impatient, innovator, intrapraneur, problem solver, collaborator, CUDE

  4. What Is “Big Data”?

  5. “It’s not about Big Data ----- it’s about Big Answers ----- which require Big Questions.”

  6. So Many Questions to Consider • Current Members • Future Members • Channel Usage • Product Usage • Profitability • Operations/Staffing • Employees/Talent

  7. The Big Questions at Coastal?????? • Credit Risk and Lending • Who will repay? • Who will pay late, but pay? • Who deserves a better rate? • Who deserves an approval exception? • Who should have a higher credit limit? • The answers will affect delinquency, losses, expenses, loan volume and profitability.

  8. The Big Questions at Coastal?????? • Transaction Risk • Who should we waive check holds for? • Who should have higher transaction limits (i.e. mobile deposits)? • Who should have higher overdraft limits? Free overdrafts? • How do we make it easier to do business with us? • Who should pay fees for high risk transactions? • How do we derive a “Transaction Risk Score” for each member? • The answers will affect member loyalty, losses, expenses, fee income and profitability.

  9. The Big Questions at Coastal?????? • Convenience • When are we open? Branches, call center, chat • How do we affordably staff each channel? • What is the right balance of investments in branches vs. digital channels? • Where should we put branches, ATM’s and mini-branches for improved service and sales? • What are the channel preferences of each member?

  10. The Big Questions at Coastal?????? • What Motivates Each Member • To keep business with us? • To bring us more business? • To pick us over a competitor? • What timely offer will compel them to act? Through which channel? • Is it price/rate, convenience, reputation, prior experience with us, rewards programs, product uniqueness?

  11. A Big Data Model

  12. Member Data We Have In Our WarehouseThe Obvious……….. • Basic Demographic Data • Name, Address(s), Phone(s), Email, Age, SEG, Employer, Join date • Member Account History (Loans and Shares) • Balances, Transactions, Payments, Transaction Type • Open and Closed Dates, Channel used, Fees paid/fees waived • Card Transactions • Merchant, Time, Date, Location, Amount • Bill Pay Transactions • Merchant, Amount • Loan Applications • Credit Reports, Tradelines, Payment history, Income • Quarterly Credit Scores, Auto Data, Home Data

  13. Data We Have, but Not In Our Warehouse • Member’s online and mobile activity • At our websites (public, online banking) • Devices used (MAC Address) • Browsing history • Call center data • Name, number, time, subject of call • Net Promoter Score and Feedback • Unstructured Data • Forms, notes, emails, letters, video

  14. Data We Need On Members • Member/Household Income • Buying Propensities • Lifestyle Information • Social Media participation

  15. Acxiom Marketing Database

  16. Want To See Your Data?

  17. Want To See Your Data?

  18. They Sell Your Data!!!!!!!

  19. A Few Examples of Big Data Use at Coastal • Evaluating Branch Locations • Crabtree Analysis • Member Use of Alternative Financial Service Providers

  20. Mapping a Branch Opportunity

  21. Where Members Live

  22. Our Underbanked Members

  23. Our Underbanked Members

  24. Members & P2P Payments

  25. “Big Data” Technology at Coastal • Core Systems • SymitarEpisys (converted in June) • Corillian Online Banking • mFoundry Mobile Banking • CO-OP Debit/ATM Processing • FIS Credit Processing • Data/Analytic Systems • Symitar ARCU Data Warehouse • SAS Business Intelligence • SAS Enterprise Guide • Microsoft SQL • CO-OP Revelation

  26. So how can we use big data to answer big questions that enable us to serve them better, both collectively and individually?

  27. Audience Dialogue? • Is “Big Data” important to the future of your credit union? • How well do you really know your members? Would “Big Data” help? • Would you buy public data on your members? Does it jeopardize their “trust” in us? • Do you ever read the Terms of Use and/or Privacy Policies of mobile or web services you use? • What is our responsibility to members where “Big Data” is concerned?

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