MALVERN, PA (July 22, 2014) -- Akcelerant, a provider of software and services to the financial industry, has expanded their relationship with Family Savings Credit Union to include the use of its costing and profitability solution, Akcelerant Profitwise. Family Savings, a Symitar user with over $330 million in assets and more than 69,000 members, signed on to use the Akcelerant Framework’s collection and recovery solutions in September 2013, and following a thorough evaluation of profitability solutions, Family Savings determined that Akcelerant would become their vendor of choice for the second time.
The Profitwise product line assists financial institutions in reporting on and analyzing all aspects of financial performance, highlighting opportunities to take action and improve. Since its inception, the behavior-based costing and profitability solution has gathered data on account-holders and product usage to offer a dynamic way to understand consumer behavior, analyze product and channel performance and measure account-level profitability. Within the past six months, Akcelerant has substantially invested in enhancing Profitwise, including releasing its first version of cloud-based analytics via Akcelerant Spotlight in February of this year. This new analytics tool makes the profitability and costing data easier to access and interpret through a series of charts, graphs, tables and drilldowns.
“The major deciding factor for us was the quality of the analytics. The data visualization makes it much more actionable, as employees across our departments can easily understand information such as key individual statistics and industry benchmark comparisons,” notes EVP at Family Savings, Danny Varnon. “Additionally, the ability to gauge profitability at the account level, giving us insight into our member relationships will provide major value.”
“Financial institutions need to be more competitive than ever, and most institutions we speak to have a very low level of confidence in the data they use for key decisions. Profitwise totally changes that inside the organization. Now our customers, like Family Savings, can see, with exact precision, accurate data that can be used to take action! This, among other things, can quickly raise the bottom line. It’s really amazing how powerful this data is,” adds Chief Business Development Officer at Akcelerant, Eric Snyder.
About Akcelerant Software LLC
Akcelerant, located in Malvern, Pennsylvania, is a leading provider of software and services to the financial industry through multiple product lines and relationships with best-of-breed service providers. Today, more than 500 financial institutions in North America are using Akcelerant technology. For more information about Akcelerant, visit www.akcelerant.com.