Plymouth, MN (October 30, 2015) - OnApproach (www.onapproach.com), a leading provider of Big Data and Analytics for credit unions, is pleased to announce the winner of the Credit Union Big Data & Analytics Conference Best Practices Competition.
At the 2nd annual Credit Union Big Data & Analytics Conference this year, the first ever Credit Union Industry Analytics Best Practices Competition was introduced. Credit unions are working hard every day to turn raw data into valuable insights that can be used by other credit unions to better serve their members. 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. There were four finalists selected to showcase their hottest reporting, dashboarding, and/or analytics work product. The goal of the competition is to help the credit union industry become more analytically driven by collaborating and sharing best practices.
The four finalist that presented their work at the 2015 Big Data & Analytics Conference were: Dupaco Community Credit Union, Affinity Plus Federal Credit Union, Topline Federal Credit, and Ideal Credit Union.
Of the four finalists that presented, Ideal Credit Union’s VIP Member Rewards Program was selected by the panel of judges, comprised of industry experts, as the winner of the competition. According to Alisha Johnson, Senior Vice President – Marketing, Sales and Service, “The VIP program has been a driving force at Ideal, helping staff to focus on increasing Share of Wallet (SOW) by focusing on the 4 C’s. The first C is “Checking” – the account that experts feel determines PFI (Primary Financial Institution). The next C’s also drive profitability for the Ideal organization – “Credit Card”, “Car” (Vehicle) Loan and “Casa” (Mortgage Loan). The VIP program is designed to encourage members to bring all of their accounts to Ideal Credit Union. And when they do, Ideal Credit Union rewards their loyalty by paying an annual VIP dividend. All throughout the year, staff focus on helping members maximize their payout. VIP payouts have ranged from $5 to $805. In addition to the payout, members also receive reduced fees and no fee opportunities as a reward for being VIP members. The program itself, which tracks credit card activity, loans, mortgage, and checking account and Debit Card activity all throughout the year is a “Win/Win” program. The member wins by taking advantage of Ideal’s low rates, highly competitive products and the annual dividend. The credit union wins by earning the PFI designation and increasing the SOW for each member. Since 2012, Ideal Credit Union has increased “VIP” membership by 16%.”
Prior to 2012, Ideal was unable to successfully integrate the data necessary to run such a program. In 2012, Ideal partnered with OnApproach to integrate data from its core system and other ancillary product databases using the OnApproach M360™ Enterprise data integration platform. This enabled Ideal to have a member-centric view of its data and thereby make the VIP program a reality.
Dennis Bauer, CFO at Ideal Credit Union stated, “VIP is one of the most popular member programs we’ve ever launched. Now, with the additional ability to drive other marketing programs with the VIP information, we are truly leveraging the value of our data.”
Brian G. Sherrick, President at 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.”
Director of Business Development