By John San Filippo
“Half the money I spend on advertising is wasted; the trouble is I don't know which half.” – John Wanamaker, legendary merchant and marketer
“Not anymore.” – Naveen Jain, founder, CUlytics
CUluytics is the industry group dedicated to the use of advanced data analytics in credit unions of all sizes. The 2020 CUlytics Summit was originally scheduled as an in-person event for the end of March. However, when the COVID-19 pandemic hit, the event was moved to Aug. 24-to 27 and was transformed into a virtual event.
“In many ways, I believe that attendees will find the virtual conference to be a better experience than the in-person event,” said CUlytics founder Naveen Jain. “For example, networking is a challenge at any conference. How do attendees find others who share their interests and concerns? We’ve addressed that.”
According to Jain, conference attendees can participate in what he calls a “data-driven match-making service.” This will allow attendees to communicate directly with like-minded peers. Jain said that attendees can even schedule personal, one-on-one meetings with each other within the conference framework. The platform also allows for chat during the conference sessions – chat that won’t interfere with anyone else’s conference experience.
“This year we have more than 40 speakers covering topics that include consumer lending, mortgages, back office, finance, call centers and branches, just to name a few,” said Jain. “Data analytics can literally transform every area of credit union operations.”
Jain said that the upcoming CUlytics Summit will be especially beneficial for credit unions that are just getting started in data analytics.
“For many credit unions starting their data analytics journey, there’s a fear of failure,” said Jain. “Part of that comes from having to make an investment in something new, but the bigger fear is simply not knowing what’s possible and not having a clear vision of the credit union’s data strategy.” Jain added that the Summit is a perfect opportunity to become familiar with all the possibilities in a no-pressure, educational setting.
“Our speakers will let attendees know what worked,” noted Jain, “but perhaps more important, they’ll let attendees know what didn’t work.”
Driven by tech giants like Google and Amazon, Jain explained that banking is already transitioning from a discreet activity to just another part of everyday life. .
“It took me two minutes to apply and be approved for an Apple Card,” said Jain, “and I was able to use it right away. With a solid data strategy, credit unions can provide that level of convenience.” He said that credit unions can integrate themselves into the daily lives of members by, for example, providing on-demand financing at point of purchase. He offered short-term financing of an upcoming bill payment as another possibility.
Finopotamus readers are encouraged to register for the 2020 CUlytics Summit at https://events.culytics.com/2020Summit. Use the discount code FINO to have the entire $295 registration fee waived. And don’t worry if you miss any sessions. Jain said that all sessions will be recorded for later consumption.