OnApproach partners with Deep Future Analytics for predictive analytics
MINNEAPOLIS, MN (January 13, 2016) — OnApproach, a leading provider of data integration and analytics solutions for credit unions, has formed a strategic partnership with Deep Future Analytics (DFA). This partnership adds loan risk modeling and predictive analytics applications to its ever-expanding Application Market.
“OnApproach’s mission as a CUSO has been to develop an industry standard data integration platform that will provide credit unions the ability to access predictive analytics and shared analytics applications” said Paul Ablack, Founder and CEO at OnApproach. “OnApproach is partnering with application developers, like Deep Future Analytics, to provide seamless integration to the OnApproach M360 platform to make their applications even more powerful. OnApproach and its application partners are creating an unparalleled collaborative ecosystem that will give every credit union the power to compete in this new era of big data and analytics.”
In partnering with Deep Future Analytics, OnApproach is pleased to offer four new predictive analytics applications: DFA Loan Level Analytics, DFA Portfolio Analytics, DFA Account Management Analytics, and DFA Loan Pricing. These applications provide enhanced credit risk forecasting based on product level lifecycle effects, score at origination, environment, and vintage. The models also supports portfolio stress testing based on a wide range of economic scenarios for all outputs and Allowance for Credit Loss (CECL).
“Getting ahead of the new CECL requirements is a strategic initiative for all credit union executives in 2016” stated Austin Wentzlaff, Director of Business Development at OnApproach. “We are thrilled to announce that, with our partnership with DFA, we are one of the first companies to have a solution to help credit unions execute the analytics necessary for CECL.”
Joe Breeden, Prescient Models President/CEO and member of Deep Future Analytics, said “Our models were CECL-compliant before there was a CECL, because we have always had life-of-loan loss forecasting capabilities. The forecast components required for CECL were designed into our models from the start. We agree that these are the key performance drivers that must be included for an accurate view of the future.”
OnApproach is the only CUSO dedicated to credit union success through a collaborative analytics ecosystem. By providing a secure and frictionless data experience, OnApproach empowers credit unions to take full control of their own data and their own futures. We exist to serve the credit union movement with technology and expertise required for the digital transformation of the industry business model. OnApproach’s collaborative ecosystem enables communities of users, data scientists, and application developers focused on analytics innovation