Plymouth, MN (November 19, 2015) – OnApproach (www.onapproach.com), a leading provider of Big Data and analytics solutions for credit unions, is pleased to announced that SMW Federal Credit Union of Lino Lakes, Minnesota has signed an agreement to implement the OnApproach M360TM Enterprise Big Data & Analytics platform.
“The credit union industry is facing into some very tough disruptive forces fueled by advances in mobility and customer analytics. Today, 97% of the U.S. credit union market is below $1.0 billion in assets and lack the resources and infrastructure to become proficient at Big Data and Analytics. I am excited that OnApproach has developed a solution that will work for any credit union, regardless of their size, and thrilled to add SMW as a client.” Said Paul Ablack, CEO at OnApproach.
SMW (asset size: $71 Million, core processor: D+H - UltraData) was looking for a solution to integrate information from multiple sources in support of its efforts to build meaningful member relationships. Driven by an increasing number of product offerings and a widening variety of delivery channels (e.g. mobile), credit unions are facing the challenge of exponential data growth driven by member behavior. The ability to integrate disparate data sources into logical sets of connected data elements will enable SMW to leverage critical information to deliver the right products and services to members at the right time and place.
“SMW wanted to consolidate our data-mining software and our MCIF system, along with many 3rd party servicing systems – giving us more accurate and usable data,” stated Aeton de Long-Hersh, CFO at SMW FCU. “Now all departments, from Marketing to Lending, can utilize the same data in a more user-friendly dashboard. We are excited to be a part of OnApproach and look forward to applying the practical data we extract.”
OnApproach M360™ Enterprise is a true industry standard data model because it is core and ancillary system agnostic. OnApproach M360™ Enterprise enables employees at all levels of the organization to use information and analytics to increase efficiencies, manage risk, increase sales and profitability, and enrich relationships with members.
Austin Wentzlaff, Director of Business Development, at OnApproach said “Our team has had the pleasure of working with Aeton and the rest of the SMW team for the past few years when they first started using our TechNav product. We are excited to see them make the transition to our enterprise product which will allow them to integrate and analyze transaction data from all of their disparate data sources to perform the analytics (e.g. predictive analytics) necessary to better serve their member base.”
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.
Director of Business Development