OnApproach, a leading provider of big data and analytics solutions for credit unions, has entered into a strategic partnership with Minnesota Item Processing Corporation (MnIPC), a wholly-owned subsidiary of the Minnesota Credit Union Network, to bring Big Data and Analytics to all Minnesota credit unions. MnIPC will offer OnApproach solutions to clients in both hosted and service-bureau environments.
“Harnessing ‘Big Data’ for analytics is a mega trend in nearly every industry including financial services. The application of data analysis to garner insights of everyday operations, particularly for small to mid-size credit unions, can be challenging from both a budget and implementation standpoint,” said John Ferstl, Vice President of the Minnesota Credit Union Network Service Corporation. “And this partnership allows us to offer a cooperative, scalable, big data solution.”
MnIPC will be applying the cooperative model to big data through the OnApproach solutions, which will not only allow more credit unions to participate in Big Data and Analytics, but also offers MnIPC opportunities to aggregate data for analysis on a wider basis for large, state-wide initiatives.
"I think that the leagues can play a strategic role in helping the small to mid-size credit union not only survive but thrive a rapidly changing market by providing them access to a level of analytics that they would not be able to afford on their own. We are thrilled to be partnering with MnIPC,” said Paul Ablack, CEO, OnApproach.
OnApproach has developed an Analytic Data Model that will work with any credit union, regardless of their size or system configuration. The partnership with MnIPC will bring OnApproach’s analytic solutions to more credit unions and enable all credit unions to compete with data.