CU 2.0 Fintech Friday: Casatalune

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Castalune to discuss all things credit union, fintech, and digital innovation.

If you’re unfamiliar with this series, here’s how it goes: we introduce qualified fintechs to curious credit unions. We limit ourselves to relevant technologies only! No shiny digital distractions that’ll make you wander off course here.

Introducing Castalune for Big Data and Analytics

Let’s just get this out of the way: decisions based on information are better than decisions made without. Arbitrary choices yield questionable results.

For example, let’s say you’re going out of town for a trip in September. It’s a fickle month, and you could expect anything from sunny, 80-degree weather, or an early snow with freezing temperatures. The clothes you pack should fit the weather, right?

Right. So, do you check the forecast where you’re going? Or do you hope for the best?

You’ll almost always make better clothing and packing decisions based on the forecast. If you don’t check the weather beforehand, you might get into town with nothing but shorts and a t-shirt in the middle of a major cold snap.

So, decisions based on information are better than arbitrary decisions. And although your credit union isn’t about to take a big trip somewhere, there are countless other decisions to make each week. Leveraging big data and a powerful analytics platform can help you with those other decisions.

How to Use Castalune

We don’t want to do Castalune the disservice of presenting only a handful of ways credit unions can use analytics. But heck, let’s do it anyway. This is just a small sample:

• Identify attriting members
• Predict loan losses
• Segment members for marketing

Really, credit unions may be more limited by their imaginations than by the possibilities provided by data.

And speaking of data, there’s a lot of it out there. Sorta like Moore’s Law, the amount of data collected in the world is predicted to double every two years. So, if you think analytics are powerful now, just wait until this time next year!

Plus, although most credit union leaders know that data can be a game changer, few have actually moved forward with analytics. This presents quite an opportunity to get ahead of competitors and differentiate your credit union from its peers.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Castalune snapshot below!

 

 

Credit Union Fintech Snapshot: Castalune

Top 3 Problems Solved

1. Big data
2. Analytics
3. AI

Castalune Founder: Rob Miller

Castalune Market Strategy

Credit unions and community banks.

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.