Plymouth, MN (September 8, 2014) – OnApproach, a leading provider of reporting and analytics solutions for credit unions, has formed a partnership with Deep Future Analytics to add loan risk modeling and analytics apps to its ever-expanding application store.
OnApproach Founder and President Paul Ablack commented that “we are committed to building a Big Data/Analytics Ecosystem for credit unions that will allow them to gain efficiencies, leverage the full potential of their data, and collectively share reports, dashboards, and applications with other credit unions.” A crucial part of this ecosystem is the OnApproach Applications Store. This store offers applications enabling credit unions to streamline and optimize all facets of their business.
In partnering with Deep Future Analytics, OnApproach is pleased to offer two new apps: Loan Analytic and Portfolio Analytics. These applications provide enhanced credit risk forecasting based on product level lifecycle effects, score at origination, environment and vintage. The model also supports portfolio stress testing based on a wide range of economic scenarios for all outputs.
Furthermore, these applications are based on pooled data confidentially and collectively shared among numerous credit unions. These applications utilize the magnitude of data shared by credit unions 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 its own.
Joe Breeden, Prescient Models President/CEO and member of Deep Futures Analytics, said “We want to enable credit unions to jump ahead in loan origination and account management while still being cautious through the downturns. These are the best models I’ve seen – loan-level, forward-looking, scenario-driven, and technically precise.”
About Deep Future Analytics
Deep Future Analytics is a CUSO owned by Denali Alaskan FCU and Prescient Models, LLC. Denali Alaskan Federal Credit Union is the third largest credit union in Alaska, with more than 60,000 members and assets in excess of $500 million. The Credit Union’s 20 branches are located in Anchorage, Eagle River, Fairbanks, Juneau, Kenai and Wasilla, in Alaska, and in Kent, Washington.
Santa Fe, New Mexico based Prescient Models, LLC was founded by Dr. Joseph Breeden to expand the adoption of best-in-class models across many application areas. Dr. Breeden has almost 20 years of experience in financial services. Dr. Breeden has created models through the 1995 Mexican Peso Crisis, the 1997 Asian Economic Crisis, the 2001 Global Recession, the 2003 Hong Kong SARS Recession, and the 2007-2009 US Mortgage Crisis and Global Financial Crisis.
Dale Fosselman, President/CEO
Deep Future Analytics, LLC
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.
Paul Ablack, President/CEO