CUDX Data Analytics Use Cases: From Concept to Value
The Credit Union Data Exchange (CUDX) is already bringing credit unions together to collaborate and set the direction for the Exchange. One aspect of that direction is selecting the analytics use cases CUDX should enable. CUDX leans on Advisory Councils made up of subject matter experts nominated by participating credit unions to identify and prioritize the analytics that will create value early and throughout the development roadmap. With quarterly in-person workshops and frequent follow-up touchpoints, the Research & Innovation Council has already identified six use cases to tackle first, and has collaborated closely with the Data Governance and Privacy Risk & Compliance Councils to shape a source-agnostic common data model with all the critical data elements necessary to power them.
Proving the Concept – Producing a Member KPI Dashboard to Show the Power and Potential of CUDX
With the help of the technical experts at Trellance, CUDX has laid out the design for a Member KPI Dashboard to demonstrate the power of sharing data among credit unions. So far, the design has been built and reviewed by the Councils at the most recent workshop held in Tampa during the week of February 19th. By presenting multiple dashboard views to visualize KPIs related to membership trends, demographics, balances, product and channel usage, CUDX will enable participating credit unions to see their own metrics and trends compared to combined metrics from all the other CUDX participants.
The dashboards are filterable across multiple dimensions, including member age bands, geography, credit score bands, etc. Additionally, CUDX is deploying an AI application to cleanse merchant information from transaction data in order to make it easy for participating credit unions to analyze their members’ spending and transfer activities and compare them to the rest of the industry at large.
CUDX is working with a few early-adopting credit unions to onboard and populate the dashboards with real data. The credit unions participating in the proof-of-concept include some CUDX members who are Trellance Data Warehouse customers, and others who will be uploading their data in the source-agnostic common data model. Participating credit unions have the option to omit personally identifiable information (PII) from the data that gets uploaded to their private data locker. Those who choose to upload it will be able to drill into their members’ details utilizing CUDX tools. No PII will ever be pulled into the aggregated analytics layers of the architecture – so no other credit union or approved user will ever be able to see another credit union’s PII.
From Demo to Production – Accelerating Toward Value for the Credit Union Movement
From the unveiling of the first proof of concept use case in May 2024, CUDX will be pushing to get the word out to prospective participants: “CUDX is real, and it is the credit unions participating in it that are making it real.” The more credit unions participate in CUDX, the more valuable it will be to individual credit unions and to the Credit Union Movement at large. We are confident CUDX presents a compelling value proposition, and we look forward to speaking with credit unions at NACUSO, EDGE and other upcoming industry events.
For more information on CUDX and how your credit union’s data will be protected, contact me, Adam Wright at [email protected].