The Decision Maker

Top 5 (and 5 most missed) of 2018: Credit Union Data Analytics – Part 2

Posted by Mark Portz on Dec 27, 2018 11:05:00 AM

2018 has been yet another exciting year in the credit union space as we continue to see the growing significance and adoption of digital and data strategies. As the year comes to a close, we like to reflect on the lessons we have learned and prepare for what is to come in 2019 and beyond. Through collaboration, the credit union movement has incredible unrealized potential. As we look back at 2018, we have compiled a list of some of the industry’s favorite articles regarding credit union big data/analytics (and some others you may have missed) featured on OnApproach’s blog, The Decision Maker. Enjoy!

5 Posts You Might Have Missed:

1. Collaborating for Analytics and Shared Data Applications with Paul Ablack via CUbroadcast [Video]

NAFCU Interviews_ OnApproach's Paul Ablack Discusses Launch of Central Data Repository for Industry.

Paul Ablack, CEO, OnApproach, had the chance to catch up with Mike Lawson of CUbroadcast at the NAFCU 51st Annual Conference & Solutions Expo. The conversation covers topics from evolution of A.I.digital transformation, a collaborative data lake for the credit union industryplatform analyticsdata encryptioncyber security, peer benchmarking, and shared applications on the CU App Store community.  

As a part of the discussion, Paul Ablack explained the progress of the collaborative online analytics marketplace, the CU App Store. In the conversation, Paul explains that, "[OnApproach is] going to build a community around the CU App Store, where credit unions can come in, they can contribute content, and they can comment on the content. Let's say someone puts a really good marketing segmentation report [on the CU App Store], others can build on it, can make it better, they can comment, and place reviews.

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Topics: Big Data, Credit Unions, Video

Top 5 (and 5 most missed) of 2018: Credit Union Data Analytics – Part 1

Posted by Mark Portz on Dec 20, 2018 11:04:00 AM

2018 has been yet another exciting year in the credit union space as we continue to see the growing significance and adoption of digital and data strategies. As the year comes to a close, we like to reflect on the lessons we have learned and prepare for what is to come in 2019 and beyond. Through collaboration, the credit union movement has incredible unrealized potential. As we look back at 2018, we have compiled a list of some of the industry’s favorite articles regarding credit union big data/analytics (and some others you may have missed) featured on OnApproach’s blog, The Decision Maker. Enjoy!

The Top 5 Favorites:

1. Leveraging Data to Create Exceptional Experiences at Ideal Credit Union [Video]

MnCUN Interviews_ Ideal CU and OnApproach Work Together to Leverage Data Analytics' Potential...

At the Minnesota Credit Union Network (MnCUN) Annual Conference, Paul Ablack, CEO, OnApproach and Alisha Johnson, Executive Vice President of Operations for Ideal Credit Union, joined Mike Lawson, Host of CUbroadcast, to discuss data access, member profitability, member engagement, data lakes, timely and targeted marketing, chatbotsreal-time analytics, and credit union collaboration.  

Part of the conversation focuses on the success of Ideal Credit Union's VIP Program. As stated by Alisha, "... It means a lot to our members... The first [program] that we worked with Paul and OnApproach on, before we started accessing data directly, was our creation of our VIP program. So, we had paid back to our membership over the last couple of years $6 Million, and that is because we have been able to identify who brings money to our membership, how successful they make us, and then we return it to them based on a number of different criteria. Without OnApproach, we would never be able to access that criteria, and even be fair in the distribution of the funds that we give back to our members." 

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Topics: Big Data, Credit Unions, Video

Making the World a More Predictable Place: Which CECL Model is Best for your Credit Union?

Posted by Alex Beversdorf on Nov 27, 2018 12:05:00 PM

 

Which CECL Model Should You Choose_

Trouble playing the video above? Click here. from CUbroadcast on Vimeo.

Current Expected Credit Loss, or CECL, is an important upcoming accounting requirement that requires financial institutions to attempt to predict the expected losses on loans and other debt securities over the entire life of the loan. Large retailing banks and credit unions of all sizes can benefit from an accurate CECL model as both entities provide much of the same services to their customers and members, respectively.

The two main metrics you have to consider when choosing the right CECL model should be accuracy and procyclicality. If a loss model lacks accuracy and consistency, what’s the point of spending all that time, money, and effort in a meaningless implementation? A good CECL model will be adequately equipped to better track credit losses. There is a strong correlation between the credit cycle and the economic cycle. Models that account for implied volatility better estimate the timings and severity of economic recessions and manage to do so in a timely manner.

In the webinar, “Which CECL Model Should You Use”, Dr. Joseph Breeden, Chief Scientist and COO, at Deep Future Analytics and Prescient Models LLC, talks about the various types of CECL models. He clarifies the key differences between simple “spreadsheet” models and more advanced statistical models and how they can directly benefit credit unions with improved predictability.

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Topics: Video, CECL, Lending

Collaborating for Analytics and Shared Data Applications with Paul Ablack via CUbroadcast [VIDEO]

Posted by Mark Portz on Jun 29, 2018 2:16:00 PM

 

 https://vimeo.com/276979398 

Paul Ablack, CEO, OnApproach, had the chance to catch up with Mike Lawson of CUbroadcast last week at the NAFCU 51st Annual Conference & Solutions Expo. The conversation covers topics from evolution of A.I., digital transformation, a collaborative data lake for the credit union industry, platform analytics, data encryption, cyber security, peer benchmarking, and shared applications on the CU App Store community.  

As a part of the discussion, Paul Ablack explained the progress of the collaborative online analytics marketplace, the CU App Store. In the conversation, Paul explains that, "[OnApproach is] going to build a community around the CU App Store, where credit unions can come in, they can contribute content, and they can comment on the content. Let's say someone puts a really good marketing segmentation report [on the CU App Store], others can build on it, can make it better, they can comment, and place reviews.

Read More

Topics: Video, Collaboration, Digital, Artificial Intelligence, CU App Store, Encryption, Security

Success with Analytics at Our Community Credit Union: The $2.6 Million Man [VIDEO]

Posted by Mark Portz on May 1, 2018 11:10:00 AM

At the 2018 NACUSO Network Conference, Paul Ablack, CEO, OnApproach and Andrew Bertrand, Data and Technology Manager, Our Community Credit Union (OCCU), caught up with Mike Lawson of CUbroadcast to talk about the New CUSO of the Year Award, application/report sharing, credit union collaboration, the 2018 AXFI Conference,  and how Andrew Bertrand has been able to utilize analytics to add $2.6 Million to the bottom line at OCCU in just 3 years. 

Register Now for the 2018 AXFI Conference June 10-13 Minneapolis, Minnesota

As Andrew states during the discussion, "We've invested into analytics for the last three years, and $2.6 Million is what we've gained bottom line as far as decreased costs and increased yield. We were able to react to the market fast... instead of looking at board reports at the end of the month, we were able to just have daily [analytics]... get management together, make a decision, and get going... We're a $370 Million credit union so that net effect to our bottom line was just great."   

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Topics: Video, Collaboration, AXFI Conference, Case Study, CU App Store

Leveraging Data to Create Exceptional Member Experiences at Ideal Credit Union [VIDEO]

Posted by Mark Portz on Apr 17, 2018 1:02:00 PM

 

MnCUN Interviews: Ideal CU and OnApproach Work Together to Leverage Data Analytics' Potential... from CUbroadcast on Vimeo.

At the Minnesota Credit Union Network (MnCUN) Annual Conference, Paul Ablack, CEO, OnApproach and Alisha Johnson, Executive Vice President of Operations for Ideal Credit Union, joined Mike Lawson, Host of CUbroadcast, to discuss data access, member profitability, member engagement, data lakes, timely and targeted marketing, chatbots, real-time analytics, and credit union collaboration.  

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Topics: Video, Membership, Analytic Data Model, Case Study

4 Challenges and the Opportunity for Credit Unions [Video]

Posted by Mark Portz on Feb 6, 2018 11:07:00 AM

In the webinar, "Fueling a Bright Future for Credit Union Analytics", Austin Wentzlaff, VP Business Development, OnApproach, presents the challenges and opportunities for credit unions regarding topics including data analytics, digital transformation, and collaboration. 

Credit unions are facing several unique challenges. As an industry, credit unions have fallen behind competing fintech startups and major retail banks. It is vital for financial institutions to understand the problems they are facing and how they are possible to overcome. In 2018, the credit union industry must work together to push past these challenges and remain relevant in the age of digital transformation.

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Topics: Data Integration, Data Pool, Video, Collaboration, Data Lake, Data Ownership

Why Digital Transformation is Vital for Credit Unions [Video]

Posted by Mark Portz on Nov 15, 2017 10:12:00 AM

Paul Ablack, CEO, OnApproach, joined Mike Lawson of CUbroadcast to discuss the state of the credit union industry, and why digital transformation is imperative. Credit unions have tremedous opportunities now with analytics and collaboration, but cannot afford to wait until banks and fintech disruptors get even further ahead in their analytics and member experience initiatives. As Paul states in the video, "If you don't start engaging with your members digitally, and giving them information that's very useful to them and helping them in their daily lives, you're not going to be able to compete, because there's lots of other people trying to think about that right now.... Now's the time to be really accelerating this strategy."

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Topics: Video, CUSO, Collaboration, Digital

Coming up for Credit Unions... Blockchain, Chatbots, AXFI and more with Paul Ablack on CUbroadcast [Video]

Posted by Mark Portz on Nov 2, 2017 11:10:00 AM

At the 2017 NWCUA MAXX event, Paul Ablack joined Mike Lawson of CUbroadcast to discuss Digital Transformation, predictive analytics, chatbots, the upcoming Analytics and Financial Innovation (AXFI) Conference, the increasing popularity of blockchain, and more. 

As a part of the conversation, Paul and Mike discuss member expectations and the interactions between credit unions and members. Members who shop at stores such as Zappos experience seamless and easy-to-use online shopping. These types of experiences alter the expectation for members when interacting with other organizations, such as their credit unions. In addition, credit unions have to learn how to connect with members throughout the entire decision making process. As Paul points out, credit unions need to position themselves to not just be in the business of loans or mortgages, but as an organization that is helping to make dreams come true. Rather than just being the last step in a process of getting a loan, credit unions could help with the decision making process, and truly be there for members before they've even decided whether they need a loan. 

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Topics: Video, AXFI Conference, Blockchain, Digital

Real-Time Analytics and Member Experience with Paul Ablack on CUbroadcast [Video]

Posted by Mark Portz on Oct 26, 2017 11:10:00 AM

Earlier this month at at the CUNA Technology Council Conference, Paul Ablack caught up with CUbroadcast's Mike Lawson to discuss credit union real-time analytics, digital transformation, and machine learing. 

Part of the conversation focuses on machine learning and artificial intelligence. Companies like Netflix and Apple are already using advanced machine learning and real-time analytics to provide quick, responsive, and superior member experiences. Your members are using these technologies today, which create higher expectations for service that must be met by financial institutions. 

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Topics: Video