Plymouth, MN (December 3, 2014) – OnApproach (www.onapproach.com), a leading provider of advanced reporting and big data/analytics solutions for credit unions, is pleased to announce that it has been approved by the Credit Union Financial Exchange (CUFX) Steering Committee to serve as a member on the CUFX Vendor Advisory Board.
The CUFX Vendor Advisory Board is comprised of organizations that currently provide services to credit unions, such as application/solution providers, core system providers, and credit union service organizations. Members of the CUFX Vendor Advisory Board help ensure the standard meets the needs of the credit union industry (technical and business) and help promote the adoption of the CUFX standard.
CUFX (www.cufxstandards.com) is an open, vendor agnostic, broad integration standard designed by leading credit unions and vendors to reduce the time and cost of system integrations. Its goal is to enable innovation and speed-to-market within the credit union industry by removing technology barriers. It has recognized that credit unions spend too much time and capital integrating redundant systems to core data processing systems.
OnApproach’s credit union industry standard data model, OnApproach M360TM was built with a similar vision in mind. To provide credit unions with a cost effective Big Data and Analytics solution that can be installed on premise or hosted. With OnApproach M360TM, credit unions now have a common Big Data/Analytics platform that allows them to access reports/analytics via the Applications Market and to access predictive analytics from shared credit union Big Data pools. The net result is a significant reduction in the time and capital typically required with custom data warehouse implementations and report writing. Credit unions now have a way to access the full potential of Big Data and Analytics capabilities regardless of core and ancillary system type.
CUFX (www.cufxstandards.com) is an open, vendor agnostic, broad integration standard designed by leading credit unions and vendors to reduce the time and cost of system integrations. These integration efforts take valuable time and resources away from efforts to quickly launch innovative solutions and deliver a seamless member experience across delivery channels. For credit unions to respond to competitive pressures from the large financial institutions, the industry needs to establish a set of standards. CUFX will focus on creating and promoting a single integration standard utilized by the credit union industry.
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 M360TM, credit unions can now harness the value of Big Data through integration 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.
David LaCroix, Standards Manager (and Enthusiast)
Credit Union Financial Exchange
Austin Wentzlaff, Business Development Analyst