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:
OnApproach is a SQL Server database that actually houses the data... They do all the work of preparing the data before it actually gets loaded. There are terms like extract, transform, and load – those are all just disciplines that you have to have professionals do those, and that is one of the biggest benefits that I have in our relationship – that all that is extremely well done, and when that data is presented to me in the SQL Server tables, then I can count on the data being quality data and I don’t have to worry about it. It’s like having my own IT group sitting in the back doing that for me, where I don’t have to have those folks working for me. I have OnApproach doing that for me.
Analytics Wins at Ohio Healthcare
With the proper data in place, Ohio Healthcare was able to automate the onboarding process for both direct and indirect loans. Prior to emphasizing data analytics, the process of onboarding was entirely manual. After organizing the data and automating this process, emails, letters, and the rest of the process are evaluated on a daily basis and executed automatically to the appropriate audiences. They were also able to set up a process to automatically identify and target members with upcoming home equity line of credits expiring, and send them a timely informational letter about renewal.
To listen to the entire podcast and learn more, visit http://bigfintechmedia.com/BIGcast-Network/big-data-and-a-small-credit-union