PLYMOUTH, Minn.– - OnApproach, a provider of Big Data and analytics solutions for credit unions, announced that SMW Federal Credit Union of Lino Lakes, Minn. has signed an agreement to implement the OnApproach M360 Enterprise Big Data & Analytics platform, while Ideal CU's VIP Program Named Winner.
"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 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.
The $71-million SMW, which uses D+H as its core processor, was looking for a solution to integrate information from multiple sources in support of its efforts to build meaningful member relationships.
Meanwhile, in Woodbury, Minn., Ideal Credit Union's VIP Member Rewards Program was recently selected as the winner of the OnApproach Big Data & Analytics first-ever Credit Union Industry Analytics Best Practices Competition.
Four finalists were selected to showcase their hottest reporting, dashboarding, and/or analytics work product at the OnApproach Big Data & Analytics Conference. The goal of the competition is to help the credit union industry become more analytically driven by collaborating and sharing best practices.
"The VIP program has been a driving force at Ideal, helping staff to focus on increasing Share of Wallet (SOW) by focusing on the 4 C's. The first C is Checking - the account that experts feel determines PFI (Primary Financial Institution). The next C's also drive profitability for our organization - Credit Card, Car (Vehicle) Loan and Casa (Mortgage Loan),” said Alisha Johnson, Ideal CU Senior Vice President - Marketing, Sales and Service.
The VIP program is designed to encourage members to bring all of their accounts to Ideal Credit Union, and when they do, Ideal rewards their loyalty by paying an annual VIP dividend. Throughout the year, staff focus on helping members maximize their payout. VIP payouts have ranged from $5 to $605. In addition to the payout, VIP members also receive reduced fees and no fee opportunities. The program itself, which tracks credit card activity, loans, mortgage, and checking account and debit card activity throughout the year is a “Win/Win” program.
“The member wins by taking advantage of Ideal's low rates, highly competitive products and the annual dividend. The credit union wins by earning the PFI designation and increasing the SOW for each member. Since 2012, Ideal Credit Union has increased VIP membership by 16% and paid out over $1.5 million in VIP dividends," Johnson added.
Prior to 2012, Ideal was unable to successfully integrate the data necessary to run such a program. In 2012, Ideal partnered with OnApproach to integrate data from its core system and other ancillary product databases using the OnApproach M360TM Enterprise data integration platform. This enabled Ideal to have a member-centric view of its data and thereby make the VIP program a reality.
Ideal CU President/CEO Brian Sherrick said, "One of the most significant initiatives we have done in our 87-year history was to implement our VIP Program. This program is designed to reward those who truly utilize the wide variety of products and services we offer."