The Decision Maker

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

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, Shared Applications, collaboration, AXFI Conference, Case Study, CUBroadcast, CU App Store

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: Data warehouse, Video, Membership, Case Study, CUBroadcast, Member Engagement

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: Analytics, AXFI Conference, FinTech, Innovation, Digital Transformation, Security

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: Data Pool, Shared Applications, predictive analytics, collaboration, CU Analytics Platform

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: Big Data, collaboration, Identity, Digital Identity, Encryption, Security

4 Challenges and the Opportunity for Credit Unions [Video]

Posted by Mark Portz on Feb 6, 2018 11:07:00 AM

In the webinar, "Fueling a Bright Future for Credit Union Analytics", Austin Wentzlaff, VP Business Development, OnApproach, presents the challenges and opportunities for credit unions regarding topics including data analytics, digital transformation, and collaboration. 

Credit unions are facing several unique challenges. As an industry, credit unions have fallen behind competing fintech startups and major retail banks. It is vital for financial institutions to understand the problems they are facing and how they are possible to overcome. In 2018, the credit union industry must work together to push past these challenges and remain relevant in the age of digital transformation.

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Topics: Data Integration, Data Pool, Video, collaboration, Data Lake, Data Ownership, Webinar

Bitcoin crosses $10k; Bezos’ Net Worth $100B – Why should we care?

Posted by Mark Portz and Austin Wentzlaff on Jan 9, 2018 11:07:00 AM

Please note: this article was started when Bitcoin crossed $10,000.Bitcoin is now at $18,000 (maybe even higher as you read this).

When thinking about Bitcoin and Amazon it might be easy for one to ignore the relevance to their own situation. What does a cryptocurrency and an online retailer have to do with me (or my institution)? The answer – everything. It isn’t about Bitcoin or Amazon per se, but rather what they stand for – The new digital world.

Digital Transformation is a term that is relatively new, but a term that is becoming increasingly more popular.  What it means, in short, and to be rather blunt, is that your old ways are broken and we need to reinvent using the new technologies available, namely the internet and mobile devices.

For many credit unions that have been very successful for many years, we are stuck in the old adage of “if it ain’t broke, don’t fix it.”  However, unfortunately, this old adage is just that – Old.  In the new digital age that we live in today, we have to constantly think about reinvention and transformation – not just every 5 years but every month.

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Topics: Data Analytics, Innovation, Digital Transformation

Winning with Data: Top Analytics Use Cases for 2017

Posted by Brewster Knowlton (The Knowlton Group) on Jan 5, 2018 11:01:00 AM

Data is rising at an incredible pace, covering all aspects of a consumer’s life. In the past two years, more data has been created than in the entire previous history of the human race. (1)

2017 has certainly been the year that data and analytics has redefined the financial services industry. For those financial institutions leading the way in data analytics initiatives, a survey reported that 48% of organizations are achieving measurable results from their data analytics investments – the first time the survey has found a near majority since it began in 2012. (2)

As we look back on data analytics maturity in 2017, here are a few highlights of use cases shared by financial institutions that are experiencing real value—and a substantial return on investment from their analytics initiatives.

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Topics: Marketing, Best of, Case Study

Top 5 (and 5 most missed) of 2017: Credit Union Big Data and Analytics – Part 2

Posted by Mark Portz on Dec 21, 2017 12:07:00 PM

As another exciting year in the credit union industry comes to a close, it is a good time to reflect on everything we have learned throughout the year, and determine how to best prepare for success in 2018. It is an amazing time to be a part of the credit union movement as the entire financial services arena is changing before our eyes, and there is incredible potential for the movement with increasing collaborating and data analytics. As we look back on 2017, here are several of the industry’s favorite articles relating to credit union big data/analytics (and some other articles you may have missed) from OnApproach blog, The Decision Maker. This is Part 2 of 2 and features the top 5 articles you may have missed in 2017. Click here to see Part 1. Enjoy!

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Topics: Best of

Top 5 (and 5 most missed) of 2017: Credit Union Big Data and Analytics – Part 1

Posted by Mark Portz on Dec 18, 2017 11:05:00 AM

As another exciting year in the credit union industry comes to a close, it is a good time to reflect on everything we have learned throughout the year, and determine how to best prepare for success in 2018. It is an amazing time to be a part of the credit union movement as the entire financial services arena is changing before our eyes, and there is incredible potential for the movement with increasing collaborating and data analytics. As we look back on 2017, here are several of the industry’s favorite articles relating to credit union big data/analytics (and some other articles you may have missed) from OnApproach blog, The Decision Maker. This is part 1 or 2. To see Part 2, click here. Enjoy!

The Top 5 Favorites:

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Topics: Best of

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