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Florida based credit union selects CU Rise for predictive analytics

VIENNA, VA (September 1, 2020) — Another credit union has joined the growing list of CUs nationwide gaining forward-looking insights through CU Rise Analytics Predictive Modelling Suite (CPMS). CU Rise’s newest client is Florida based Velocity Community Credit Union, with more than $360 million in assets and 22,000 members.

CPMS fills a critical gap in the market by providing sophisticated predictive models in the form of a subscription-based, “plug-and-play” application. This allows credit unions in any stage of analytics adoption to use powerful data science with ease and confidence.

“More credit unions are looking for ready-to-use products that can still be customized to their individual needs while delivering advanced analytical results,” said CU Rise CEO Karan Bhalla. “No one has a crystal ball, but CPMS is the next best thing.”

CPMS currently offers three modules:

Engagement Scoring analyzes member behavior and characteristics, then creates segments for customized strategies that optimize engagement.
Attrition Prediction identifies the members most likely to leave the credit union in the near future, then helps to formulate re-engagement strategies that increase retention.
Product Propensity pinpoints the next best product offerings for existing members.

Michael Lemelin, Chief Lending Officer at Velocity Community CU is eager to put CPMS modules to use this year. “We plan to use our transaction data to identify the best opportunities around our rewards-based card and auto loan refinancing,” he said. “Predicting and arresting attrition is also an exciting prospect and a high priority.”

CPMS uses machine learning to synthesize vast caches of member data, including demographic, behavioral, transactional and relational information. It builds accurate predictive models that anticipate the right solutions for each member.

About CU Rise Analytics

CU Rise Analytics is a global CUSO helping credit unions leverage the power of data to better understand their members. CU Rise identifies the ideal intersections of member need and business opportunity, and provides cost-effective, actionable, manageable solutions that create high-impact results. It is a value-driven resource for data science, strategic best practices, and advisory services. Learn more at www.cu-rise.com.