7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Will Thomas Will Thomas leads business development at Blue Orange Digital, a data science agency that empowers credit unions to make better decisions with their data. Will earned an MBA from the … Web: www.blueorange.digital Details Increased consolidation and competition require that credit unions today adopt a new strategy. The winners in this emerging landscape will be institutions that leverage data and prediction across their organization. Data-driven decision making, made possible by the decreased cost of prediction, allows adopting credit unions to highlight their advantages to customers and run more profitably and efficiently. But to get to this promised land, all CU leaders first need to answer 4 key questions:1) What is my data strategy?Does your institution have a 3-year roadmap for how to take advantage of modern analytics? This seems like a tall order. Most CUs don’t have internal knowledge, resources, analysts, and data structures in place. It is hard to find vendors with the data science expertise to solve these problems holistically and offer simple tools to meet specific, ongoing credit union needs. But without a coherent plan to gain insight into your business, the shift won’t happen. Food for thought: JP Morgan spends 11B on tech in a single year.2) Do my systems talk?Legacy systems weren’t designed for predictive analytics. Core, marketing, loan origination, credit card, and operational data usually live in parallel worlds. Just pulling out the data to build a report or send an email marketing blast can require waiting on the one IT guy who knows commands in an arcane programming language. Ouch.A centralized data warehouse can serve as a single source of truth across the organization, eliminate redundant information systems, and simplify access to analytics that increases revenue. The vision for effective data infrastructure is that all data systems from call center to core talk seamlessly and securely. Cloud storage and computing providers like Amazon Web Services have made this accessible even to the smallest institutions.3) Where can I apply Business Intelligence?Machine learning. Optimization. Decision support. There are a lot of names, so what does prediction actually solve? Here are some examples of BI in action:Sales and Marketing Optimization: Run a more effective email campaign by targeting specific members with the cross-selling offers that they are likely to purchase. Financial Products: Dynamically price loans and interest rates to maximize long term revenue by accounting for member acquisition and retention effects.Operational BI: Use teller and hold/wait time analytics to anticipate interactions that could undermine member loyalty.Balance Sheet Assessments: Go beyond core deposit studies with decision support and automation tools that allow for real-time what-if scenarios and guidance on institutional finance decisions.4) How does our leadership team use data?The reason you are in the C-suite is your ability to make tough decisions. But everything doesn’t need to be a gut call. Simple and effective executive reporting is a key step to transforming into a data-driven organization. Automated reporting and easy exploration of the data surrounding a decision help you identify key variables in less time to make better decisions.Visualization tools, custom dashboards, and self-service BI create an environment where complex questions can be answered in hours not weeks. Layering in prediction can automate routine decisions. Multiplying this speed and accuracy across the credit union is the backbone of offering services that make members feel valued in an increasingly complex world. Pulling it all togetherSo what would this approach look like in practice? Let’s take an auto loan.Your credit union applies predictive member segmentation and lead scoring to determine promotion and outreach timing for members likely to purchase a car in the next 3 months. A personalized email campaign is coordinated with onsite member service conversations. Loan pricing is optimized for profitability over the lifetime of the member relationship in order to drive loyalty and increase the deposit base, as well as maximize current revenue. At the end of the campaign, reporting metrics and visualization tools allow easy assessment of how the campaign contributed to the CUs annual goals and improvement for the next campaign.Need help navigating a modern data strategy? Blue Orange is a data science agency focused on helping credit unions make better business decisions with their data. Reach out for a complimentary call about custom solutions to the data challenges that your institution needs to solve.
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Gov. Andrew Cuomo on Tuesday announced that a controversial Long Island Rail Road expansion project is no longer predicated on the agency’s acquiring homes in the long-sought third track’s path.The LIRR’s reversal came on the same day Cuomo joined the Long Island Association for an event announcing the formation of a broad coalition called “Right Track for Long Island” that is committed to seeing the project move forward.“You have one of the worst commutes in the country on Long Island, literally one of the worst in terms of hours and time,” said Cuomo, adding that the project would alleviate some of the railroad’s woes.To limit congestion, the LIRR has envisioned a 9.8-mile-long third track between Floral Park and Hicksville that would run along the current right of way.The controversial $1.5 billion expansion once hinged on the railroad acquiring at least 20 residential properties along the route, but that is no longer on the table, Cuomo said.The Right Track for Long Island Coalition includes a number of leading business organizations, labor unions, research institutions, environmental groups such as Citizens Campaign for the Environment and the commuter advocacy group, Long Island Railroad Commuter Council.The extension is part of a much more ambitious attempt to improve the railroad’s infrastructure. It also includes a review of seven of the busiest grade crossings in the region in order to eliminate potential collisions between trains and vehicles stuck at the crossings.Bill Corbett Sr., a Floral Park resident and staunch opponent of the proposal, said construction of a third track would create considerable disruptions for people living in the affected communities.“We’re really upset with the governor,” Corbett said, adding that construction will be “very unpleasant for a lot of people.”“The thought that this can be done without intruding on private property is absurd,” he added.But proponents of the project believe the supposed benefits are hard to ignore.“One track is always out; it seems like,” Cuomo said, adding that the third track would serve as a redundancy in the event another track goes off line.Map of the Long Island Rail Road Expansion Project. (Courtesy: Right Track for Long Island)The governor argued that the LIRR’s current two-track system limits how it can perform, especially during peak times, when the railroad has no choice but to run trains in a single direction between Floral Park and Hicksville. Adding a third track would uncork the bottleneck and reduce delays, according to the governor’s proposal.Former Greenport Mayor Dave Kapell, co-chair of the Right Track for Long Island coalition, said the railroad is long overdue for a major expansion.Begun in 1844, the original premise of the railroad was to create a connection between New York City and Boston, Kapell said, adding that the system today is running on the same two tracks built when Long Island’s population was only 50,000.The dual-track system is a hindrance to Long Island’s economic expansion, Kapell said.The proposal to expand the LIRR “is both exciting and critically needed for our communities,” he added.A Rauch Foundation study published in 2014, titled “The Economic and Fiscal Impacts of the LIRR Third Track,” noted that the construction of a third track would create 14,000 jobs and generate $40 million in new sales tax revenue, $103 million in property tax gains and $5.6 billion in Gross Regional Product by 2035.But opposition remains on track.More than 100 local organizations and elected officials are opposed to the project, plus mayors of each village on the route that will potentially be impacted by the construction, Corbett said.“There’s been no demonstrated need for a third track,” he said. “We’ve proven that the reverse commute does not exist; the trains are now coming out half-full.“We don’t oppose the elimination of grade crossings,” he said. “We think that’s a good idea as long as it’s done with the cooperation of the individual communities and meets their needs.”Those looking toward the future say the expansion is critical to attracting young people to the Island.The railroad’s current two-rail system “prevents the transit-oriented economic and community development that the Coalition believes is essential if Long Island is to be competitive in a 21st-century economy and attractive to the young people we want to live and work here,” the Right Track for Long Island coalition wrote on its website, which was also launched on Tuesday.
By Daniel HaynesBLOWOUTS seemed to be the continued theme of the Youth Basketball Guyana (YBG) National Schools Basketball Festival (NSBF) as play continued on its second weekend.There were big wins for all of the teams. For Kwakwani and New Amsterdam Multilateral Secondary (NAMS) ,they registered their first wins in the tournament.The first game of the night featured an U-16 matchup between Kwakwani and Tutorial High School, with Kwakwani dominating 53-13. Once again,Kwakwani’s up-tempo style of play coupled with lock down defence contributed to their win.Also,balanced scoring saw Kwakwani with 10 of their 12 players scoring points, with leading scorers being David Conway, Isiah David and Kadeem Dover with 13, 9 and 7 respectively. On the Tuorial side, Zion Gray and Joel Spooner had 4 apiece.Kick-starting the U-19 matchups was Mackenzie High taking on Berbice High;with Mackenzie coming out the winners 43-26.National player Yannick Tappin led the Linden side with 12 points;with two 3-pointers and was assisted by Leon Benjamin. On the Berbice side, national U-16 guard Shamar France led the scoring in a losing effort with 13 points. France also added 5 rebounds and two steals to his stats.The third game of the night saw New Amsterdam Multilateral Secondary downing St. Stanislaus College 48-26 in the U-19 matchup. Neil Wills scored 13 in the winning effort with a combination of post moves that seemed unstoppable.Wills also had a power dunk in transition. He was supported by national guard Kelmar Carmichael, who had 9 points and 9 rebounds in the effort. Travis Belgrave was Saints’ primary offensive threat with 13 points.St. Rose’s capped off the night,filled with blowouts,with a win over Queen’s College with the game finishing 39-16. Lance Martin led all scoring with 11 points, with Patrice Agrippa contributing 9 points in the win. For QC, it was Johnaton Browne and Damani Thomas who had 9 and 8 points respectively.The games continue today with the Quarter finals for the U-16 category from 14:00hrs. The tournament is sponsored by Digicel, Banks DIH Limited and Beharry Group of Companies.
“Back to winning ways. Congrats to @Vardy7 on reaching the 100 club,” Iheanacho wrote on his Twitter handle yesterday.It marks Leicester’s first win since the resumption of the Premier League after drawing with Watford, Brighton and Hove Albion before losing to Everton.The Foxes remain in third place as a result of the victory, but will need to be watchful of Chelsea and Manchester United who are just one and three points behind, respectively, on the table, which is making for an intense race to finish in the lucrative Champions League places.Leicester are due to travel to London on Tuesday to confront Arsenal – who saw off Wolverhampton Wanderers 2-0 on Saturday.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Nigeria and Leicester City forward, Kelechi Iheanacho, has congratulated his teammate, Jamie Vardy, after the Englishman scored his 100th and 101st Premier League goals as Leicester got their hunt for UEFA Champions League ticket back on track with a 3-0 win against Crystal Palace on Saturday.Vardy, stuck on 99 goals since his double in a 4-0 victory over Aston Villa in the final match before the lockdown, netted Leicester’s second and third in a 3-0 win after Iheanacho had opened the scoring.The former Fleetwood striker, who became the first £1million signing from a non-league club when he joined the Foxes in the summer of 2012, finally reached the milestone in his 205th game. Kelechi Iheanacho