OnApproach (www.onapproach.com), the leading provider of Big Data and Analytics for credit unions, is excited to announce Simplicity Credit Union of Marshfield, WI has invested in OnApproach, a Credit Union Service Organization (CUSO). In addition to investing, Simplicity Credit Union had also selected OnApproach as its Big Data/Analytics Provider in January of 2017.
“Data is changing financial services, and credit unions cannot sit idly by any longer. OnApproach is working to keep the credit union movement ahead of FinTech disruption, and we are proud to support this effort. Credit unions need to collaborate today to prepare for tomorrow, and the more credit unions that understand this, the better off we will all be”, said Sandy Rindfleisch, VP of Finance, Simplicity Credit Union.
The credit union industry is facing massive changes with the potential to disrupt the financial services landscape as we know it. Big Data/Analytics is driving a new breed of analytic competitors (e.g. - Lending Clubs, Apple Pay, Rocket Mortgage, etc.) into what has been a very traditional marketplace. These new entrants are skimming the profitable transaction side of financial services and leaving the less profitable and highly regulated settlement side to the banks and credit unions. Credit unions need to be able to integrate and fully utilize data to continue to compete in this environment.
As a CUSO, OnApproach is fully committed to providing credit unions with the most robust and affordable Big Data & Analytics solution. Paul Ablack, CEO of OnApproach, stated “We are excited to work with Simplicity Credit Union and to have them as an investor in the analytics platform. Their support of our vision to revolutionize the industry continues to help build a culture of data-driven decisions in credit unions.”