Credit union data analytics firm CU Rise Analytics recently released new features within its proprietary comparative analysis tool, CUCompare that bring deeper and more robust insights to credit union professionals.
The Branch Clustering module allows credit unions to analyze the branch footprint of banking institutions within a current or desired service area, down to the zip code level. A branch density index calculates the population per branch by comparing the area population against the total number of financial institutions in the area. Using the data, credit unions making strategic branch opening decisions can assess which locations may be potentially underserved.
The Executive’s Report feature quickly generates a formatted, visual peer comparison report in one click. Users can select parameters that create various comparisons of their credit union against others by state, asset band, or specifically-selected competitors. The results can be viewed across an array of key performance metrics, which can also be tailored by the data most relevant to the user persona; either CEO, CFO, or CLO.
CUCompare is powered by CU Rise’s leading expertise in intelligent and predictive credit union analytics. The new features add to the growing list of easy-to-use modules for benchmarking and tracking performance. They make CUCompare a more efficient and desirable option for the credit unions among the available comparative analysis tools in the market. Users can assess a variety of defined and customizable metrics across national, state, and asset-band comparisons. Last summer, CU Rise even added the ‘on-the-fly’ forecasts, which helped project future credit union performance based on the actual trend data.
“Based on our work with credit unions across the country, combined with industry observations and trends, our data scientists are always evaluating how to make the tool more functional and valuable,” said CU Rise Chief Operating Officer Suchit Shah. “Since we first made CUCompare available in early 2020, our vision has always included regularly adding new features and enhancements.”
The two new CUCompare features are available through an affordable premium subscription, though CU Rise makes some analysis modules available to all credit unions for free. CUCompare runs on data obtained from NCUA on all federally insured credit unions and is updated every quarter.