Minneapolis, MN (September 27, 2016) — OnApproach (www.onapproach.com), a leading provider of Big Data and Analytics solutions to credit unions, is pleased to announce the CU Analytics Platform, a revolutionary Data Analytics Platform for the Credit Union Industry.
The CU Analytics Platform is comprised of a network of credit unions interconnected through a common data platform (leveraging the CUFX standards) that is powered by OnApproach M360 data integration middleware. The CU Analytics Platform is a collaborative ecosystem that creates communities of users, data scientists and application developers to allow credit unions to capitalize on both little (structured) Data and Big (unstructured) Data. The CU Analytics Platform will enable several technologies that would not be possible without the collaboration of the industry, which will allow credit unions to reinvent themselves in order to remain competitive and relevant, such as:
- Insight Platform for Predictive Analytics – The M360 data integration middleware normalizes, encrypts, and transports data between credit unions and massive industry data pools to dramatically increase the accuracy of predictive models. The output of these models can be sent back to the respective credit unions where they are integrated into the M360 middleware to provide valuable insight for managers.
- Big Data Technologies – The CU Analytics Platform will create the infrastructure necessary to power Big Data Technologies (such as Hadoop) for analytics on very large sets of data, both structured and unstructured.
- Blockchain – The CU Analytics Platform will also provide the foundational elements necessary to power the distributed database that maintains a continuously-growing list of records secured from tampering and revision – see http://www.culedger.com/
- Open Development Platform/Application Sharing – The CU Analytics Platform allows credit unions of all sizes and system configurations, as well as developers, to create and share analytic applications developed off of the common data platform.
“The financial services industry is on the cusp of complete disruption. Credit unions must transform their businesses in order to compete with the plethora of Fintech startups entering the industry. No single credit union can take on all of the challenges facing this industry by itself. Collaboration is key and credit unions need to come together to form a common data platform with similar semantics – this has always been the biggest barrier to industry-wide innovation” said Paul Ablack, CEO, OnApproach.
The CU Analytics Platform is technology for today, built for tomorrow.
We are thrilled to already have many partners involved in the platform. To learn more about the CU Analytics Platform, the partners involved, and how you can join as a credit union or developer, check out: http://www.onapproach.com/cu-analytics-platform/.
OnApproach is a CUSO that focuses on providing credit unions with the power to use data as a competitive advantage both independently and cooperatively. With OnApproach, credit unions can now harness the value of Big Data/Analytics through integration, advanced reporting, and predictive analytics. This deeper understanding of data allows credit unions to discover vital trends in member behavior, resulting in improved financial performance, reduced risk, and enriched relationships with members.
Austin Wentzlaff, Director of Business Development
(888) 523-6121 Ext. 110