ROCHESTER, Minn.–Mayo Employees Federal Credit Union here has become the first credit union to utilize the OnApproach M360 Enterprise service bureau and hosting services provided by the Minnesota Item Processing Corporation (MnIPC) and the Minnesota Credit Union Network, joining the collaborative Credit Union Data Integration and Analytics Platform.
“We are very excited to join in this collaborative credit union initiative,” stated Mary Hansen, president & CEO, Mayo Employees Federal Credit Union. “We have long considered the OnApproach platform and are excited at the advanced analytics it can bring to our credit union. We are especially proud to implement this innovative technology through the strong relationships we hold with MnIPC and the Minnesota Credit Union Network.”
“MnIPC is excited to work with Mayo Employees FCU to implement M360, as we diversify our company with technology services. The cooperative model makes it possible for credit unions of any size to perform advanced analytics without incurring the traditionally high costs. The credit union industry can take advantage of big data through collaboration, and a key step forward is the sharing of statistical data, which is made possible through OnApproach M360 Enterprise and MnPIC”, said John Ferstl, Vice President – Network Service Corporation, Minnesota Credit Union Network.
“MEFCU’s utilization of MnIPC’s hosting services signifies another major step for OnApproach and the M360 Ecosystem. Credit unions have a lot of information, but the reality is that over 95% of the industry lacks the volume of data and the resources to perform predictive analytics that can drive strategic decisions. As a value-added service provider to the M360 ecosystem, the Minnesota Credit Union Network and MnIPC create even more opportunities for credit unions to collaborate and make data-driven decisions”, according to Paul Ablack, CEO, OnApproach.