TUCSON, AZ (May 4, 2020) — Tucson-based Clear Core, a new credit union FinTech released a new, easy-to-use Call Report Peer Comparison Tool on May 4, 2020. This free tool allows credit unions to compare peers using common industry benchmarks.
“We wanted to use this COVID-19 downtime wisely and create something valuable for our credit union partners,” said Buck Strasser, Clear Core founder.
This new peer comparison tool allows users compare other credit Unions using the data reported to the NCUA, the official U.S. Government entity that oversees credit unions. Clear Core takes this public data and renders it in an easy-to-use web dashboard using three key performance indicators (KPIs): efficiency ratio, loan to share, and return on assets.
“These are the three benchmarks that seemingly every credit union professional uses and we wanted to make it easy, so they don’t have to manually download this data and create a spreadsheet,” said Ray K. Ragan, co-founder.
The first of these KPIs, the efficiency ratio benchmark, is used to tell how efficiently a credit union is being ran, the smaller the value the more efficient the credit union. Loan to share tells how leveraged a credit union is, once again lower is better. The third benchmark, return on assets, tells how healthy a credit union’s cash flow is, in this case higher is better. All three of these benchmarks are routinely created by credit unions as they compare how they are performing against their peers. This new tool automates that process.
Link to the Clear Core CU Peer Comparison tool: https://www.clearcore.info/
Clear Core is actively soliciting feedback for additional metrics and insights that credit unions would find valuable for the next release of Call Report Peer Comparison Tool. You can submit your ideas to: ideateam@clearcore.us.
Clear Core is a FinTech that specializes in data cleaning, augmentation, and visualization for financial institutions. Clear Core’s new technologies allow Credit Unions to have actionable data in under 90 days from contract signature. Clear Core was selected as the University of Arizona’s Center for Innovation FinTech of choice for 2020 and a National Science Foundation’s innovation corps grant for novel, high-impact technology.
Ray K. Ragan
480-273-9261 | ray@clearcore.us
