Plymouth, MN (April 6, 2015) - OnApproach (www.onapproach.com), a leading provider of Big Data and Analytics for credit unions, has released a complimentary Big Data/Analytics (Business Intelligence) Request for Proposal (RFP) for credit unions.
The credit union industry is on the cusp of significant challenges with the potential to disrupt the financial services landscape as we know it. Big Data/Analytics is driving a new breed of analytic competitors (e.g. - Lending Clubs, Google, Apple Pay, Amazon, Facebook, etc.) into what has been a very traditional marketplace. These new entrants are interested in skimming the profitable transaction side of the business while leaving the less profitable and highly regulated settlement side to the banks and credit unions.
Today, credit unions are seriously lagging other industries (e.g. - retail) when it comes to the use of Big Data/Analytics to better serve members. The industry urgently needs to find a means of becoming proficient in Big Data/Analytics or face the threat of being disrupted in the same manner that companies like Amazon, Orbitz, Netflix, Airbnb and most recently UBER have disrupted their respective industries.
Big Data/Analytics creates a technology enabler that makes it possible for credit unions to position themselves to be formidable competitors in the rapidly changing financial services arena.
Some credit unions have already begun to implement Big Data/Analytics solutions while many are still trying to understand Big Data/Analytics and how it impacts their credit union. In an effort to support credit unions during these challenges, OnApproach, a CUSO, has developed a template RFP that defines credit union’s requirements related to the acquisition of a Big Data/Analytics solution. The RFP, available now, will enable credit unions to effectively define their Big Data/Analytics requirements and avoid the rigorous, time consuming, task of creating their own.
If you wish to seek a partnership with OnApproach for your Big Data/Analytics needs, please email your version of this RFP to Austin Wentzlaff (contact information below).
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.
Austin Wentzlaff, Business Development Analyst