OnApproach partners with Argus to provide credit unions a comprehensive CECL solution
MINNEAPOLIS, MN (November 30, 2017) — OnApproach (www.onapproach.com), the leading provider of data/analytics solutions for credit unions, is excited to announce that it has entered into a strategic partnership with Argus, a leading provider of intelligence, decision support solutions, and advisory services to financial institutions across the globe, to improve access to a comprehensive CECL solution for credit unions.
“We’re very excited to align with OnApproach to provide our comprehensive CECL/ALLL solution to credit unions via the CU Analytics Platform,” said Sunny Malhi, Head of Cloud Business, Argus. “We’ll work collaboratively with the financial institutions on their journey to navigate this new mandate, especially as guidelines and best practices continue to evolve. We’re confident that our knowledge-led approach, coupled with the robust solution, will enable financial institutions to focus more on their business while managing the CECL challenge effectively.”
Due to the changing regulatory requirements, credit unions are forced to adapt their business models and look to their member data to properly answer questions and perform predictive analytics. Argus provides a pre-packaged cloud-based analytical solution which covers all aspects of loss provisioning, stress testing, and portfolio analytics. By integrating with OnApproach’s CU Analytics Platform, credit unions can seamlessly implement the CECL solution, and ensure their standardized and pre-cleansed data provides valuable outputs that the credit union can utilize to improve credit loss forecasting significantly.
“The new CECL regulations provide a unique challenge for credit unions. We are happy to be working with Argus to provide credit unions of all sizes with the tools and skills needed to face these challenges and create a data-driven culture. Our CUSO’s mission to transform the credit union movement is accelerated through partners such as Argus, who help to turn credit union member data into valuable and actionable information to drive decisions,” stated Paul Ablack, CEO, OnApproach.
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.
Argus is a one-of-a-kind leading provider of intelligence, decision support solutions, and advisory services to financial institutions across the global commerce ecosystem. Clients include more than 50 top U.S., Canadian, and other international financial organizations, regulators, payment providers, merchants, and media. Argus maximizes the value of data by transforming it into insightful information and analysis that assist clients in understanding their market contribution, managing and mitigating risk (default, fraud, funding, and compliance), and capitalizing on their financial objectives. Argus, a Verisk Analytics (Nasdaq:VRSK) business, is headquartered in White Plains, New York, with additional offices in San Francisco, São Paulo, Sydney, Melbourne, Bangalore, Dubai, Auckland, Singapore, and London. For more information, please visit www.arguscloud.com.
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