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.
Topics: Case Study
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.
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.
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."
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.
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:
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?
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.
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!
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:
In the recent BIGcast, Big Data and a Small Credit Union, John Best speaks with Bill Butler, CEO, Ohio Healthcare Federal Credit Union about analytics initiatives at a small credit union, analytics tools, and the value of data quality.
Ohio Healthcare is an $83 Million Asset federal credit union serving the Health Care Industry in Ohio. Despite the size, the credit union has impressive achievements in data analytics and proves all credit unions benefit from an effective data strategy.
Quality Data Simplified
As a part of the conversation, Bill Butler discusses the tools he uses for analytics, and how his credit union is able to achieve greater analytics than many credit unions with resources larger than theirs. As Bill Butler explains: