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Data Mining Provides Clues into Consumer Behavior; is Focus of Educational Session at Cornerstone's Annual Meeting & Expo
Friday, March 21, 2014 6:35 AM

Data mining is the practice of examining large databases in order to generate new information. As Rick Grady, vice president of Research with the Cornerstone Credit Union League, explains it credit unions, with all their member-service goodness, are a giant cluster of human financial behavior trapped in data elements.

“Take, for example, the action of buying a car,” notes Grady. “Significant internal human actions take place prior to signing a lending contract, all of which can be valuable input to the credit union lending officer or business development manager. These internalized behaviors will be derived from environmental stimuli, feelings, cognitive thinking, need, income, life cycle, and overt actions or behaviors.”

While mining the credit union’s data may not provide clues to these behaviors, it could help credit unions better understand these behaviors, and thus, help credit unions look for and discover the clues.

At the Cornerstone Credit Union League’s Annual Meeting & Expo April 22-24 in San Antonio, Texas, Business Research Ron Galloway will present, “Using Data Mining & the Cloud to Market Credit Unions to Consumers.” According to Galloway, technology has transformed many industries. The good news, he says, is credit unions can utilize one significant advantage, which is the cast array of financial and non-financial data accumulated.

“This information reveals a lot about habits, tastes, needs and aspirations,” notes Galloway. “Through new technologies such as data mining, inference engines, and cloud computing, credit unions can precisely determine the needs of their members and cater to them with specialized marketing through a variety of media and devices.”

During this informative breakout session, Galloway will examine new technologies and demonstrates their potential to give credit unions a competitive advantage over banks and other new entrants to the field.

Online registration is now available for Cornerstone’s Annual Meeting & Expo. The theme for this premiere event of the year is one team…one dream, United for Good. This year’s conference features three general sessions and 23 educational sessions. Other program highlights include the Expo and an awards dinner with a big band, casino tables, and live and silent auction. Credit union professionals and volunteers should register by Register by March 23, 2014 to secure the best hotel rate and the best conference rate.

For more information on the Annual Meeting & Expo, including registration, please visit the Education section of Cornerstone’s website. If you have any questions, please contact Training & Events, at (469) 385-6630 or (800) 442-5762, ext. 6630

Educational grants are available through the Cornerstone Credit Union Foundation. To learn more, please visit www.cscuf.coop.