Three Minnesota credit unions finalists in Big Data Competition
MINNEAPOLIS, MN (October 28, 2015) — OnApproach, which provides data and analytics to credit unions, has named four finalists in its Credit Union Big Data & Analytics Conference Best Practices Competition.
The best practices competition introduces a forum that allows credit unions to share these ideas with each other so that they too can benefit from this knowledge, the company said.
With descriptions provided by OnApproach, the four finalists are:
Dupaco Community Credit Union in Iowa. Dupaco developed and implemented GreenBack Impact, a comprehensive marketing campaign centered on saving their members a collective $1 million in interest between July 15 and Oct. 31, 2014. Furthermore, if Dupaco reached the goal, they promised to distribute $25,000 in bonus dividends to participating members. Data was the driving force behind this project. Publicly declaring a goal and tracking that progress in real-time was a major component that allowed this project to thrive.
Affinity Plus Federal Credit Union in Minnesota. APFCU developed a data analytics program (named Channel Analytics). For seven years of historical data on each transaction channel (branch, online/mobile, telephone, etc.), APFCU built analytics to identity the channel of every transaction that occurred throughout the credit union and analyzed the trends. To complement Channel Analytic, APFCU built an interactive map to identify where remote deposit capture (RDC) transactions were taking place and the branches being affected by this new mobile feature. These analytics helped APFCU develop a new branch investment strategy.
Topline Federal Credit Union in Minnesota. DailyPulse was created for the managers at the branches. Retail and branch staff have easy access to status information on current month activity and goals for their new members, cross-selling efforts as well as new loans and deposits for the month. DailyPulse includes employee activity, historical trends for the branch and risk score analysis for the members. The delivery of the reporting is automatic, presented both as summarized charts with drill down capabilities to the details and reporting for the credit union as a whole.
Ideal Credit Union in Minnesota. VIP Member Rewards Program, which is designed to reward members for deepening their relationship with the credit union. Members earn credit by increasing the number of Ideal products acquired and by increasing their transaction volume. The entire program is supported by Ideal’s data warehouse which collects all of its transaction data.
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