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U.S. Patent Office Awards OnApproach its First Patent for Innovative Technology Embodied in its M360 Data Platform

Posted by Austin Wentzlaff on Jun 2, 2016 1:00:00 PM

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Minneapolis, MN (June 2nd, 2016) - OnApproach (www.onapproach.com), a leading provider of big data and analytics solutions for credit unions, is pleased to announce the award of its first United States patent - number 9,262,779 - for innovative technology embodied in its Member 360 platform – a data management system for credit unions.

The United States Patent and Trademark Office awarded the patent in January, 2016.  According to its Abstract, the patent describes:

“A data model and associated systems and methods [that] enable comprehensive and robust analysis based on a member-, employee-, and branch-centric data model. The data model is integrated in a manner in which common data entities for member, branch, employee and time, are related centrally to other data entities. This data structure enables breadth in reporting and analysis. The data model also provides depth in analysis and insight that may be gained from the data quickly, in real-time and without manual manipulation. Automation of reporting and analysis processes is also supported.”

“Disruptive forces in the retail financial industry will demand an analytics competency for all credit unions. Our vision was to build an industry standard data integration platform that would enable a complete 360 degree view of the member’s transactional relationship with the credit union, at an affordable price point”. Commented Paul Ablack, Founder and CEO of OnApproach.

As a CUSO, OnApproach developed OnApproach M360 Enterprise, the only true enterprise wide analytics solution that is designed to work with any credit union regardless of their size or their system configuration. With OnApproach M360 Enterprise, credit unions can now harness the true potential of their data, allowing them to achieve five very important strategic goals:

  1. A single source of truth (on premise or hosted) for all of the credit unions’ transactional data
  2. Access to an Applications Market that is supported by both credit unions and vendors
  3. Access to industry data pools for Predictive Analytics (eg. CECL)
  4. An open BI platform that supports internal Ad-Hoc reporting
  5. Access to a community of users and analytics subject matter experts

About OnApproach

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.

Contact Information

Austin Wentzlaff, Director of Business Development

Austin.wentzlaff@onapproach.net

(888) 523-6121 Ext. 110

www.onapproach.com

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Topics: Big Data, Credit Unions, Data Analytics

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