Empower Federal Credit Union selects OnApproach M360™ big data/analytics solution
PLYMOUTH, MN (November 4, 2014) – OnApproach (www.onapproach.com), a leading provider of reporting and analytics solutions for credit unions, announced today that Empower Federal Credit Union of Syracuse, New York has signed an agreement to implement OnApproach M360™ Enterprise Big Data/Analytics Solution.
OnApproach is building a Big Data/Analytics Ecosystem for credit unions that will allow them to gain efficiencies and take advantage of the full potential of their data. A key foundational element of this ecosystem is the OnApproach M360™ Enterprise Solution, a credit union industry standard big data/analytics platform, from which credit unions can gain new insights and make fact-based decisions to drive overall business performance.
Empower was looking for a solution to integrate information from multiple sources in support of its efforts to build meaningful member relationships. Driven by an increasing number of product offerings and a widening variety of delivery channels (e.g. mobile), credit unions are facing the challenge of exponential member driven data growth. The ability to integrate disparate data sources into logical sets of connected data elements will enable credit unions to leverage critical information in delivering the right products and services to members at the right time and place.
John Wakefield, President/CEO of Empower stated that “I was recently introduced to the term “Moneyballing your credit union” through a conversation with an industry thought leader. It reinforced my vision that credit unions sit on a mountain of data that could be used to create powerful connections with members across all of the channels that they interact with us. Following on the heels of companies like Amazon….I see tremendous opportunities for credit unions to use data and analytics to make the member experience more personal and beneficial while being fun and interactive.”
Paul Ablack, CEO of OnApproach said “We are pleased to welcome the Empower team as a client. They have a very compelling vision for the future of the credit union industry and the significance of Big Data/Analytics. We share that vision and look forward to working together to make it a reality.”
About Empower FCU
Empower Federal Credit Union was formed on January 1, 2007, through a merger of Empire Federal Credit Union and Power Federal Credit Union, at that time, the two largest credit unions in the Central New York Chapter of the Credit Union Association of New York. Today Empower serves 128,000 members and has doubled in size within the last five years.
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, credit unions can now harness the value of Big Data/Analytics through integration, advanced reporting, 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.