Finopotamus Unscripted 2025-04: Data and Analytics

By Finn O'Potamus

clockwise, John San Filippo, Naveen Jain, Gordon Flammer and Anne legg

In this Finopotamus Unscripted episode, host John San Filippo was joined by Anne Legg of THRIVE Strategic Services, Gordon Flammer of Kinective, and Naveen Jain of CULytics to discuss how credit unions can maximize the value of their data. The panel agreed that while credit unions are "data rich," they are often "insight poor," struggling to effectively utilize the vast amounts of data they collect. Flammer mentioned that a recent Cornerstone Advisors white paper, which surveyed over 140 financial institutions, revealed that only 7% use data to enhance member experience, 11% have an effective data strategy, 13% use data for operational efficiencies, 18% have effective data quality, and 20% have effective data governance. The panelists emphasized that this indicates a significant opportunity for improvement within the industry.

The discussion also highlighted the importance of a "data growth engine" for credit unions, which involves effective data management, analytics, and data literacy across the entire credit union. Jain suggested that credit union CEOs should tie strategic objectives to measurable outcomes to drive data utilization, rather than focusing solely on technical objectives like building a data warehouse. Flammer stressed that financial institutions cannot manage what they don't measure, noting that many credit unions even lack an accurate count of their members or a clear definition of products versus services. The conversation also touched upon open banking, with Legg seeing it as a significant opportunity for credit unions to gain more insights into members' needs and personalize their services.

The panel also addressed the role of AI, with a consensus that clean data is paramount for effective AI implementation. Flammer noted that financial institutions are uniquely positioned due to their high-quality data, which allows for effective AI training. However, he cautioned against viewing AI as an end goal, but rather as a tool to achieve strategic objectives like reducing call times or improving member satisfaction.

The experts advised credit unions to prioritize initiatives that offer the biggest impact, fastest implementation, automation potential, and minimal disruption to existing operations. They concluded that a successful data strategy requires a long-term vision, continuous small steps, and a commitment to making data an integral part of the credit union's culture.