#4082: Lodestar's Andrea Brown Unlocks the Data Potential for Small- to Mid-Sized Credit Unions...

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Lodestar’s Andrea Brown stopped by the show to share her insights and expertise on how small- to mid-size credit unions can leverage data, unlocking the potential for these smaller shops

Andrea explained why data-control is such an important issue right now and why she believes that smaller credit unions — compared to larger ones — have been less able to “get control” of their data. She shared what those main barriers are.

In addition, for a smaller credit unions with limited IT/developer resources, she discussed what support Lodestar provides (training, onboarding, ongoing maintenance) to ensure success in this area -- providing key questions a credit union will finally be able to answer once they “take ownership of their data.”

Andrea also explained how she sees the competitive landscape changing for smaller credit unions as data-analytics become more accessible, leveling the playing field against larger institutions.

Lastly, she provided the next steps for interested credit unions, adding what a pilot or discovery phase looks like?

Q&A summary
What is Lodestar and how does it support small to mid-size credit unions in managing their data?
Lodestar is a data warehouse and business intelligence partner specifically designed for financial institutions, helping them streamline and normalize their data for better control and access.
What challenges do smaller credit unions face in data management compared to larger institutions?
Smaller credit unions often struggle with time, talent, and cost constraints, making it difficult to implement a robust data strategy.
How does Lodestar assist smaller credit unions with limited IT resources?
Lodestar provides ongoing support, including training, maintenance, and troubleshooting, to ensure that smaller credit unions can effectively manage their data without overwhelming their limited IT resources.
How can smaller credit unions leverage data analytics to compete with larger institutions?
By collaborating on data strategies and working with partners like Loadstar, smaller credit unions can enhance their data capabilities and focus on building stronger relationships with their members.
What steps should a credit union take if they are interested in working with Lodestar?
Interested credit unions should reach out to Loadstar for a free consultation to discuss their data journey and explore how Loadstar can assist them.
What is the '30 Days of Data' series mentioned in the podcast?
The '30 Days of Data' series is a LinkedIn initiative where metrics and reports that financial institutions should track are shared daily, helping them understand their data needs.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.