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OnApproach Announces the Finalists of the Credit Union Analytics Best Practices Competition

Posted by Mark Portz on May 15, 2017 3:09:00 PM

Minneapolis, MN (May 15, 2017) – OnApproach (www.onapproach.com), the leading provider of Big Data and Analytics for credit unions, is pleased to announce the three finalists of the Credit Union Analytics Best Practices Competition.

The 2017 Analytics and Financial Innovation (AXFI) Conference is set to take place June 11-14, and due to popular demand, we are excited to host another CU Analytics Best Practices Competition. Credit unions are working hard every day to turn raw data into valuable insights that can be utilized by other credit unions to better serve their members. This competition provides a forum that allows credit unions to share these ideas so others can also benefit from these practices. The three finalists will showcase their hottest reporting, dashboarding, and/or analytics work products. The goal of the competition is to help the credit union industry become more analytically driven by collaborating and sharing analytics best practices.

The three finalists presenting their work at the 2017 Analytics and Financial Innovation Conference are:

Our Community Credit Union (OCCU) - Our Community Credit Union wanted to get an idea of how many branch transactions were shared branching transactions. Therefore, they developed a dashboard to display the percentage of shared branching transactions per branch compared to the number of regular branch transactions, trends of percentage of transactions per month, non-member shared branching usage, member shared branching usage, and locations. A follow-up dashboard shows demographic information for our members that use shared branching and which branch they use and type of transaction. Both of these reports refresh daily so that the information is timely and relevant. By getting ahead of the problem and acting on the data, OCCU is able to save a forecasted $6,000 - $8,000 a month in those affected branches.

Partners Federal Credit Union - Partners Federal Credit Union developed “The Decision Summary Dashboard” that highlights the decisioning phase of the application lifecycle and the conversion rate into funded loans. This effort consisted of several large efforts that occurred behind the scenes before the visualizations. One of those efforts consisted of the homogenization and alignment of three very different lending application systems. Once this effort was completed, additional effort was conducted to integrate this data with Partners' existing data environment. The dashboard represents foundational data efforts, cultural adoption of analytics, and an understanding of data’s importance in leadership. This effort shows other credit unions that insight rich data projects are achievable in your organization without having to reinvent the wheel to get there.

OneAZ Credit Union – After an unsuccessful and expensive first attempt at building an Enterprise Data Warehouse, OneAZ Credit Union decided to utilize a cloud-based solution and developed a self-service data capability, called the Analytic Data Utility, that all business analysts can use day-to-day for their data requirements and integrations. It is a very repeatable formula for credit unions. Analytical Data Utility is an innovative approach to enable all business analyst to Self-Service their on data requirements and request from a central EDW. The ADU uses a Hadoop Data Lake to store data from any source and data type. This analytics journey has made it possible for OneAZ Credit Union “to serve our membership with a true community experience.”

About the AXFI Conference

The Analytics and Financial Innovation (AXFI) Conference provides a forum for credit unions,  industry experts, and service providers to discuss industry trends and provide tangible insights to prepare your credit union for the future. The 2016 AXFI Conference was a huge success, and 2017 is shaping up to be even bigger and better as analytics and innovation continue to prove themselves as priorities for credit unions. The 2017 conference features two tracks to pick from, Analytics and Innovation, and will feature distinguished speakers from across the industries of financial services and data analytics. This conference is designed to be of interest to all levels of credit union management, C-Level, VPs, Managers and Technical Staff. There is something for everyone.

Contact Information

Austin Wentzlaff

Director of Business Development

OnApproach, LLC

austin.wentzlaff@onapproach.net

(763) 557-7118

www.onapproach.com

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Topics: AXFI Conference

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