PSCU uses revolutionary analytics tools to provide real-time, crowdsourced data to member credit unions
ST. PETERSBURG, FL (July 14, 2015) — Thanks to a new suite of proprietary tools from PSCU, member credit unions are able to rapidly forecast credit union members’ financial needs and quickly receive targeted recommendations based on their cardholder data, which can ultimately result in greater member satisfaction and portfolio growth.
PSCU’s Member Insight uncovers information and data that credit unions need to understand the performance, profitability and opportunities in their credit, debit and ATM portfolios. The latest Member Insight tool DataVue, which launched in April, is an easy-to-use mining tool that provides users with insights and data to shape strategy and drive value to overall member relationships. If a credit union wants to know how many transactions its premium cardholders are conducting compared to standard cardholders, or find out which age groups have the lowest usage, DataVue can get the job done with just a few simple clicks.
DataVue includes a new module called CommunityVue, which leverages the power of the cooperative model. CommunityVue contains prebuilt interactive templates that credit unions can use and customize to gain actionable data in real-time. Everything created through CommunityVue can be shared with colleagues and incorporated into new templates, which can then be available to PSCU’s member-owner credit unions with access to Member Insight.
“Utilizing a crowdsourcing model to refine and grow our analytics platform is a natural evolution for us, given that the origin of PSCU’s model is collaboration,” said Chuck Fagan, President and CEO of PSCU. “We’re dedicated to building a best-in-class analytics solution that meets the needs of our credit unions and their members. Access to data through Member Insight will enable our members to make more informed business decisions and facilitate a 360 degree view of their member base like never before.”
There are currently a total of 42 PSCU Member-Owner credit unions across the country using the new system, including Consumers Credit Union, headquartered in Waukegan, Ill.
“Member Insight allows us to provide real-time data that can help forecast our Members’ financial needs,” said Bonny Thomas, Vice President of Payments at Consumers Credit Union. “We envision incorporating this tool into many iterations as our innovation and outbound programs continue to grow – we have big ideas for this highly functional analytic tool.”
Every aspect of Member Insight was designed with the credit union user in mind, featuring a portal that neatly organizes access to analytics tools. From easy-to-read dashboards to prebuilt templates to customizable query builders, users can quickly and easily find the information they need to smartly drive their growth strategies. With this actionable data, a credit union can easily run its own marketing campaign or engage with PSCU’s Advisors Plus® consulting team to assist in executing the strategy.
“PSCU has spent more than two years investing in the tools to support Member Insight: making sure the foundation was in place, building the warehouse of data, confirming the data is good, and making sure access to that data is secure,” said Suzanne LaProva, Vice President of Enterprise Analytics & Business Intelligence at PSCU. “For us, it’s all about supporting credit unions’ success in offering better service and experience to their members, and everything in Member Insight is designed to drive a deeper understanding of member behavior, through access to data.”
Member Insight is comprised of four modules. ReportVue is a web database query tool that enables credit unions to quickly and easily research payment cards’ reports through advanced searching and filtering functionality. PerformanceVue provides a turnkey way for credit unions to get a quick snapshot of how their credit and debit card portfolios are performing against all of PSCU’s credit unions and their specific peer groups, offering a dashboard, high level picture and identifying potential opportunities. The credit union can then drill down to understand even more about how their members are using their card products – including what specific merchants are being shopped – to determine ways to increase penetration, activation and usage with DataVue. And CommunityVue contains a variety of quick built and customizable report templates, all of which are based on shared data and learnings.
Credit unions can utilize Member Insight tools via two options. The self-serve level allows users to extract and analyze data in-house. The full-serve level involves partnering with PSCU’s Advisors Plus consultants to make optimal use of data and execute appropriate growth strategies. To learn more about Member Insight, visit PSCU.com/MemberInsight.
Established in 1977, PSCU, based in St. Petersburg, Fla., is the nation’s leading credit union service organization. The company is owned by over 800 Member-Owner credit unions representing 18.5 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. 24/7/365 member support is delivered through contact centers located throughout the United States that handle more than 18 million inquiries a year.