The Decision Maker

Recent Successes With Analytics Across the Credit Union  Industry

Posted by Mark Portz on Oct 17, 2018 10:57:00 AM

As analytics continues to sweep the credit union industry, several OnApproach M360 clients are being recognized for their industry-leading data initiatives. Check out the sources below to see what credit unions around the country are doing to improve their organizations, members' lives, and communities with analytics. 

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Topics: Case Study

Summer Intern Perspective: Sports and Data Analytics

Posted by Nick Kerbeshian on Sep 25, 2018 11:10:00 AM

Being a summer intern here at OnApproach, I’ve had a different view on data analytics. It’s more than just looking at numbers and seeing trends. To be successful in data analytics, it is very important to have a clear vision and understanding of the industry that you are working in. From working in the industries of sports and credit unions I’ve found a commonality between them. The main goal between the two industries is to make the best decisions for their fans (sports), and members (credit unions). For both industries to achieve that, they need data analytics.

Money is not everything to most people, but it is possible that money is the most important asset that we need for our lives. The way you manage money will be a vital part of anyone’s life or business. I’ll take one of the biggest industries out there, sports, as an example.

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Topics: Data Analytics

Millennials in the House: Leveraging Data about Your Young Members to Attract More

Posted by Peter Keers, PMP on Jul 17, 2018 10:03:00 AM

“Where are the millennials?”. This question has been echoing throughout the credit union industry since this age group (18-36 year olds) was first seen on the horizon in the post-9/11 landscape.

After the Great Recession of 2008, millennials were expected to flock to credit unions due to their well-documented distrust of banks. Yet, it hasn’t happened.  There are estimated to be 71 million millennials but too few are becoming credit unions members. About a third of older age groups (Baby Boomers, Gen-X, etc.) are credit union members but only about 25% of millennials are.

This is a problem since the conventional wisdom is that once a young person becomes a member, he or she is liable to stay as a credit union member for a long time.

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Topics: Millennials, Marketing

How Credit Unions Can Win the Big Data Play

Posted by Robert McGarvey on Jul 2, 2018 12:47:00 PM

Ask executives at the money center banks how they plan to win, against both fintechs and smaller institutions like credit unions, and they smirk as they say two words, big data.

Big data is today’s magic.  How does Amazon knows what book you want to read next, or what music you want to buy, or when you are about to run out of cat treats? Those are simple examples but the answer is big data. Amazon crunches a lot of data, in a blink of an eye, and it knows what you want, maybe before you know.

The race now is on inside financial institutions to crunch lots of data and to achieve similar predictive intimacy about their customers and members. 

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Topics: Data Lake, Data Ownership, Big Data, Data Pool, Collaboration, Analytic Data Model

Collaborating for Analytics and Shared Data Applications with Paul Ablack via CUbroadcast [VIDEO]

Posted by Mark Portz on Jun 29, 2018 2:16:00 PM

 

 https://vimeo.com/276979398 

Paul Ablack, CEO, OnApproach, had the chance to catch up with Mike Lawson of CUbroadcast last week at the NAFCU 51st Annual Conference & Solutions Expo. The conversation covers topics from evolution of A.I., digital transformation, a collaborative data lake for the credit union industry, platform analytics, data encryption, cyber security, peer benchmarking, and shared applications on the CU App Store community.  

As a part of the discussion, Paul Ablack explained the progress of the collaborative online analytics marketplace, the CU App Store. In the conversation, Paul explains that, "[OnApproach is] going to build a community around the CU App Store, where credit unions can come in, they can contribute content, and they can comment on the content. Let's say someone puts a really good marketing segmentation report [on the CU App Store], others can build on it, can make it better, they can comment, and place reviews.

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Topics: Security, Encryption, CU App Store, Artificial Intelligence, Video, Collaboration, Digital

Success with Analytics at Our Community Credit Union: The $2.6 Million Man [VIDEO]

Posted by Mark Portz on May 1, 2018 11:10:00 AM

At the 2018 NACUSO Network Conference, Paul Ablack, CEO, OnApproach and Andrew Bertrand, Data and Technology Manager, Our Community Credit Union (OCCU), caught up with Mike Lawson of CUbroadcast to talk about the New CUSO of the Year Award, application/report sharing, credit union collaboration, the 2018 AXFI Conference,  and how Andrew Bertrand has been able to utilize analytics to add $2.6 Million to the bottom line at OCCU in just 3 years. 

Register Now for the 2018 AXFI Conference June 10-13 Minneapolis, Minnesota, Big Ideas, Big Data, Big Fun

As Andrew states during the discussion, "We've invested into analytics for the last three years, and $2.6 Million is what we've gained bottom line as far as decreased costs and increased yield. We were able to react to the market fast... instead of looking at board reports at the end of the month, we were able to just have daily [analytics]... get management together, make a decision, and get going... We're a $370 Million credit union so that net effect to our bottom line was just great."   

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Topics: Video, Case Study, CU App Store, AXFI Conference, Collaboration

Leveraging Data to Create Exceptional Member Experiences at Ideal Credit Union [VIDEO]

Posted by Mark Portz on Apr 17, 2018 1:02:00 PM

 

MnCUN Interviews: Ideal CU and OnApproach Work Together to Leverage Data Analytics' Potential... from CUbroadcast on Vimeo.

At the Minnesota Credit Union Network (MnCUN) Annual Conference, Paul Ablack, CEO, OnApproach and Alisha Johnson, Executive Vice President of Operations for Ideal Credit Union, joined Mike Lawson, Host of CUbroadcast, to discuss data access, member profitability, member engagement, data lakes, timely and targeted marketing, chatbots, real-time analytics, and credit union collaboration.  

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Topics: Video, Case Study, Membership, Analytic Data Model

5 Reasons You Need to Attend the 2018 Analytics and Financial Innovation (AXFI) Conference

Posted by Mark Portz on Apr 3, 2018 11:01:00 AM

Growing rapidly from only 28 attendees in 2014 to an expected attendance of well over 300 this year, the Analytics and Financial Innovation (AXFI) Conference consistently provides a unique forum for credit union collaboration and innovation. The 5th Annual AXFI Conference addresses not only the growing need to make analytics, innovation, and security top priorities for credit unions, but also provides tangible examples and hands-on workshops so credit union employees can walk away from the conference with a deeper understanding of how to move forward and achieve organizational goals. This conference is designed to be of interest to all levels of credit union management, C-Level, VPs, Managers and Technical Staff.

Here are 5 reasons you won’t want to miss the 2018 Analytics and Financial Innovation (AXFI) Conference:

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Topics: AXFI Conference, FinTech, Innovation, Security, Digital, Data Analytics

Comparing Credit Unions to Craft Beer: What Can Your Organization Learn from a Brewery?

Posted by Mark Portz on Mar 20, 2018 12:14:00 PM

As collaborative community-based institutions, credit unions are very unique organizations. For many that have not been exposed to credit unions, it is difficult to see what makes this community so special, or even how a credit union differs from a bank, for that matter.

Since my time as an undergraduate at the University of Minnesota, I have been highly involved in another industry, or “community” – that of local craft beer. In fact, discovering the parallels between these two unique industries sparked my initial interest in the credit union movement, and is ultimately what has led me to my current role at a collaborative credit union service organization (CUSO).

In very recent years, the nation has witnessed the craft brewing community explode. In fact, according to the Brewers Association, the craft beer industry has been experiencing years of steady 10-15 percent growth, and now boasts over 6,000 U.S. craft breweries, for the first time in history. Despite the parallels between these communities outlined below, we are all aware of the declining number of U.S. credit unions, shrinking from over 7,200 in 2011, to less than 6,000 today. For community-based institutions focused on quality service, why do these trends differ?

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Topics: Collaboration, Data Pool, CU Analytics Ecosystem

Data “De-Identification”: The Stairway to Big Data Heaven

Posted by Peter Keers, PMP on Feb 13, 2018 12:03:00 PM

Credit union interest in Big Data is at an all-time high. The promise of predictive analytics and other Big Data opportunities will be a key part of helping the industry compete more effectively with traditional banks and fintech upstarts.

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Topics: Encryption, Security, Collaboration, Big Data, Digital