Minneapolis, MN (August 18, 2016) — OnApproach (www.onapproach.com), a leading provider of Big Data and Analytics solutions to credit unions, has released a whitepaper detailing the various options a credit union has in developing the data infrastructure necessary for analytics.
The whitepaper, titled “Beginning the Journey: Credit Union Data Analytics” and authored by Director of Business Development, Austin Wentzlaff, discusses the necessary steps to begin and continue the journey of properly utilizing data analytics for credit unions. Austin provides a full picture of various data infrastructure options and answers many of the questions credit unions are trying to understand about data management.
“New competitors are eager to take the various profitable pieces of the financial services pie while leaving the unprofitable and heavily regulated side to the traditional players such as credit unions and community banks. In the last couple years, however, many credit unions have realized that there is a way to remain competitive in the new financial services arena. What they’ve realized is that by leveraging their data for analytics, they can better serve their member base and remain competitive. Many credit unions have come to this realization, but they are still struggling to get there due to the various decisions that need to be made in order to not only start but to, more importantly, continue the journey”, Austin states.
The whitepaper covers the topics of core vendor solutions, custom built solutions (with and without consultants), as well as the collaborative CUSO model. The whitepaper focuses primarily on credit unions looking to improve the management of their data, but is relevant to financial lending institutions at any stage of their journey.
Beginning the Journey: Credit Union Data Analytics can be downloaded at: http://bit.ly/2b2hzLe
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/Analytics through integration, advanced reporting, 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.
Mark Portz, Marketing Specialist