Plymouth, MN (January 13, 2016) – OnApproach, a leading provider of data integration and analytics solutions for credit unions, has formed a strategic partnership with Deep Future Analytics (DFA). This partnership adds loan risk modeling and predictive analytics applications to its ever-expanding Application Market.
“OnApproach’s mission as a CUSO has been to develop an industry standard data integration platform that will provide credit unions the ability to access predictive analytics and shared analytics applications” said Paul Ablack, Founder and CEO at OnApproach. “OnApproach is partnering with application developers, like Deep Future Analytics, to provide seamless integration to the OnApproach M360 platform to make their applications even more powerful. OnApproach and its application partners are creating an unparalleled collaborative ecosystem that will give every credit union the power to compete in this new era of big data and analytics.”
In partnering with Deep Future Analytics, OnApproach is pleased to offer four new predictive analytics applications: DFA Loan Level Analytics, DFA Portfolio Analytics, DFA Account Management Analytics, and DFA Loan Pricing. These applications provide enhanced credit risk forecasting based on product level lifecycle effects, score at origination, environment, and vintage. The models also supports portfolio stress testing based on a wide range of economic scenarios for all outputs and Allowance for Credit Loss (CECL).
“Getting ahead of the new CECL requirements is a strategic initiative for all credit union executives in 2016” stated Austin Wentzlaff, Director of Business Development at OnApproach. “We are thrilled to announce that, with our partnership with DFA, we are one of the first companies to have a solution to help credit unions execute the analytics necessary for CECL.”
Joe Breeden, Prescient Models President/CEO and member of Deep Future Analytics, said “Our models were CECL-compliant before there was a CECL, because we have always had life-of-loan loss forecasting capabilities. The forecast components required for CECL were designed into our models from the start. We agree that these are the key performance drivers that must be included for an accurate view of the future."
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, Director of Business Development
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 Alaskan cities including Anchorage, Eagle River, Fairbanks, Juneau, Kenai and Wasilla and in Kent, Washington as well.
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. He 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.