adminThe COVID-19 crisis has only intensified data privacy and security issues. While advanced analytics and AI is proven to drive revenue, consumers today are more concerned about how their data is used and less trusting of the security of their private information. Filene Research Institute’s Center of Excellence for Data Analytics and the Future of Financial Services will conduct applied research to advance the practice of data analytics and prepare credit unions for the future financial services landscape.
The COVID-19 crisis has only intensified data privacy and security issues. While advanced analytics and AI is proven to drive revenue, consumers today are more concerned about how their data is used and less trusting of the security of their private information.
Filene seeks to showcase credit unions’ commitment to data analytics and the responsible use and protection of consumer data in financial services through the work of this research center. This will provide a model for effective approaches to data management and analytics for the larger financial services industry concomitant with ethical practices in the use of consumer data. The Center of Excellence for Data Analytics and the Future of Financial Services will officially begin under the direction of a dedicated Research Fellow on Sept. 1.
Specific outcomes of this three-year project will encompass:
- Identifying best practices in data warehousing, management, integration, and analysis for financial institutions.
- Understanding how credit unions can assume industry leadership on the responsible use and protection of member data and stake a claim for credit unions as consumers’ trusted data partners.
- Documenting future trends in data acquisition, organization, and use, especially with regards to automation.
- Proposing data governance models to link analytics to strategy.
