Plymouth, MN (June 19, 2014) – The Board of Directors of OnApproach, LLC, a Minnesota based software company, announced today their formation as a Credit Union Service Organization (CUSO). CEO Paul Ablack said, “We have looked in anticipation for this day, to be partnered and owned by credit unions. We are dedicated to providing a data integration platform for credit unions to harness the full value of Big Data and predictive analytics”.
OnApproach, LLC also announces its first investors and owners, Denali Alaskan Federal Credit Union and Ideal Credit Union. Both credit unions are clients and users of the OnApproach M360 platform.
According to Bob Teachworth, Denali Alaskan President & CEO, “We are excited to be an owner and partner of OnApproach, a leader in enterprise reporting & analytics for credit unions. Having access to all of our historical data in a central location will improve our predictive analytics capabilities and enhance our ability to serve our members. The OnApproach M360 platform reinforces our commitment to finding the most innovative tools available to help us leverage the full potential of our data.”
Brian Sherrick, CEO of Ideal Credit Union, said, “One of the most significant initiatives we have done in our 87-year history was to implement [Ideal Credit Union’s] VIP Program. This program is designed to reward those who truly utilize the wide variety of products and services we offer. The OnApproach M360 integrated solution was the foundation that allowed us to bring this program to our members. Having been a fully satisfied client we are excited to be a partner and owner of OnApproach.”
As a CUSO, OnApproach is building a Big Data/Analytics Eco-System to help forward-thinking credit unions align themselves toward a successful future. This eco-system will allow credit unions to gain efficiencies and leverage the full potential of their data individually and collectively. A key component of the eco-system is the OnApproach Applications Store. With the applications store, OnApproach is striving to provide the credit union community with an extensive array of applications enabling credit unions to streamline all facets of their business. Furthermore, with the M360™ platform credit unions can take their big data analysis one step further as they are able to connect with an industry data pool. This industry data pool contains a magnitude of data enabling users to identify patterns and behaviors, gain valuable insights, and apply predictive analytics to tailor products and services. A single credit union would never have access to this volume of data on their own.
“Big Data is certainly hitting the radar screen of many credit unions”, said Paul Ablack. The “data explosion” will continue, and using data to measure and predict behavior, performance, trends, and enhance member knowledge is critical. Big Data should not be viewed as another IT project, but rather a core strategic objective of the credit union.
Denali Alaskan Federal Credit Union is a federally chartered financial institution serving more than 58,000 Alaskans and former Alaskans. The Credit Union primarily serves the communities of Anchorage, Eagle River, Fairbanks, Juneau, Kenai and Wasilla. It is the third largest credit union in Alaska. Denali Alaskan Federal Credit Union has grown to add Denali Alaskan Home Loans, Denali Alaskan Insurance, and Denali Alaskan Investment Services to their list of services.
Founded in 1926, Ideal Credit Union is a member owned financial institution that specializes in providing excellent member service, great rates and convenience. Ideal Credit Union offers a completerange of services, including 24/7 loan approval, mortgages, online banking, online deposits, mobile banking, free checking, business services, investment services and more. Ideal Credit Union is proud to serve Anoka, Chisago, Dakota, Hennepin, Ramsey and Washington counties, with office locations in Eagan, Hugo, North St. Paul, West St. Paul and Woodbury.
OnApproach is a CUSO that focuses on providing credit unions with the power to use data as a
competitive advantage both independently and cooperatively. With OnApproach, credit unions can
now harness the value of Big Data through integration and predictive analytics. This deeper
understanding of data allows credit unions to discover vital trends in member behavior, resulting in
improved financial performance, reduced risk, and enriched relationships with members.
Austin Wentzlaff, Business Development Analyst