Trellance: Credit unions leapt forward in data maturity in 2021
Stronger Balance Sheets and Streamlined, Cloud-Based Solutions are Driving Stronger Demand for Credit Union Data Analytics Services
TAMPA, FL (December 21, 2021) — Reflecting on another untraditional year, business analytics fintech Trellance says the credit union industry is ending 2021 in a strong position. Following the pandemic-induced extreme uncertainty of 2020, credit unions emerged in 2021 with stronger balance sheets and invested additional resources to adopt more data-driven approaches to financial services.
“Though it was another year of navigating troubled waters, ultimately 2021 was positive for credit unions,” said Trellance Chief Product Officer Paolo Teotino. “The extreme circumstances of the previous year were rejuvenating, in a sense. Credit unions met the quick and massive demands of digital change and many are maintaining the forward momentum with new capabilities that will position them for long-term success.”
In response to the industry’s rapid digital acceleration, Trellance rolled out numerous product developments throughout the year to support credit union’s progress along the data maturity curve. Two key areas of focus were predictive analytics and the move to cloud-based solutions.
New Trellance predictive analytics models helped credit unions identify highly personalized member needs in the dynamic financial environment. Powered by newly-developed system connectors that extract and integrate credit union data across platforms for a single source of truth (ex: core systems, loan origination, general ledger, payments, digital banking, and collections), the predictive analytics models leverage artificial intelligence and machine learning to derive sophisticated insights around:
- member engagement scoring;
- product recommendations;
- member attrition;
- persona development; and
Additionally, credit unions followed other industry sectors in the widely-observed move to the cloud. Trellance met the rapid interest with new cloud-based business analytics solutions that decrease implementation and cost of ownership by 50-70%. By eliminating traditional barriers around upfront investment, hardware purchase, maintenance and system upgrades, Trellance Cloud solutions position credit unions to quickly test and adopt new business analytics technology with less risk.
Teotino believes that 2022 will see further acceleration of cloud adoption, and says Trellance is preparing with additional cloud-based solutions that will address emerging credit union pain points.
“In 2022, there is going to be a focus on alleviating any confusion or intimidation around the adoption of business analytics,” he said. “More credit unions understand that innovative data driven technology it is now key to keep them competitive and reinforce their member-centric focus.”
Trellance is a leading provider of business analytics and technology consulting for credit unions, helping them meet the financial needs of today’s digital consumer. With a comprehensive suite of data science solutions, professional staffing and professional services, the Trellance team ensures credit unions increase efficiency, manage risk, and improve member experience. As credit unions’ tech partner, Trellance brings them to the next frontiers of fintech, filled with powerful tools such as artificial intelligence and machine learning. Data In. Insights out. Learn more at Trellance.com.