NWCU Leverages Lodestar Business Intelligence, Nearly Doubles Lending Performance
Nearly every credit union, if not all, would relish doubling their loan bookings. But that lofty objective may seem unattainable for many – especially given an average credit union’s numerous daily tasks, distractions, and inevitable hurdles.
Northwest Community Credit Union ($1 billion; 108,000 members; Eugene, OR) was facing these same daily challenges like many of its peers, trying to track and analyze increasing amounts of data, mitigate looming fraud, and manage multiple mergers – all while experiencing significant growth. Because of its extensive list of priorities, the credit union required more effective technology management solutions that would ultimately improve its lending activities.
USALLIANCE Financial’s Tech Partner Streamlines Merger and Reporting Projects
With four mergers in the past three years, USALLIANCE saw a specific need to put proper resources in place to help make those sometimes cumbersome and complex business moves run smoothly. They have wisely put in place all the right pieces to successfully transition their recent business mergers – among its many other technology implementations. This strategy has ensured the credit union continues its positive growth while serving its members with progressive services.
One of those primary pieces has been USALLIANCE’s technology partner in data warehousing and business intelligence analytics, Lodestar. Lodestar has helped with the Credit Union’s various projects over the years, serving as an expert technology resource that provides both tech advice and tech implementations.
How Evansville Teachers Combines Data Sources to Offer Better Products to Members
It used to take Evansville Teachers FCU days or weeks to get the data it wanted to see. Since using Lodestar, the credit union can now dig in to member data better than ever – which allows them to increasingly understand how members operate in a timely manner.
Evansville Teachers Federal Credit Union prides itself on its high level of member engagement and the resulting value it returns to members. Everything Evansville Teachers does is aimed at providing maximum value back to members in the form of high dividends, rewards points, fee rebates, low loan rates, innovative products and services – the list goes on. To provide this value to its members, the credit union has to know what its members are interested in – where that perceived value exists. That’s where data comes into play. Credit unions can guess and make assumptions all day long, but in reality financial institutions like Evansville Teachers are loaded with all the data they need to better know their members.
From Two Months to Two Days: PeoplesBank Enhances Data Analysis for Better Customer Connection
In 2014, PeoplesBank was new to the data warehousing and business intelligence concept. But the $2 billion, Western Massachusetts-based bank wanted to make it a reality and go in the direction of a single source for all their data. It needed to have the visualization tools needed to push content throughout the enterprise.
According to PeoplesBank Senior Vice President, CFO & Treasurer Brian M. Canina, the financial institution was looking to achieve this reality by improving its operations in this area, to better understand and serve its growing customer base. Canina adds that his bank gains and archives an incredible amount of customer data, but none of it was organized very well to analyze efficiently and effectively. The goal for PeoplesBank was, again, to organize this data and better understand its customers, identifying different channels for development and delivery of new products and services.