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Data Warehouses refer to large storehouses or repositories for integrated data collected from various sources. Also known as an enterprise data house, it is where a large amount of bank or CU information is stored in electronic form. It is the main component of business intelligence that uses the analytical approach to business data.


Data Warehouse is used to provide awareness about your Credit Union's performance by comparing the data from multiple sources like Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), billing, and flat files. It stores all the current and historical data in one place that can be later used for analytical reporting throughout your Credit Union. Credit Unions and banks use these reports to create detailed sales analyses and promotional campaigns.

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Big financial institutions like credit unions and banks use data warehousing tools to gather and manage data effectively. Here are some of the best data warehousing solutions that would help your credit union meet its growing demands favorably.

1. Cinchy

Cinchy's Dataware Platform does for application development what the power grid does to individual buildings. In the same way that buildings no longer need to generate their own power thanks to the power grid, with a Data Collaboration approach, applications no longer need to manage, integrate and protect their own data. By providing Data Collaboration as a service, organizations can build applications in half the time while enabling "copy less" and "effortless" data sharing across applications.

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Features

  • With Cinchy you can manage data without creating new silos, copies, or integrations.
  • It allows you to eliminate the need for data integration every time you buy or build applications, thereby reducing the time and money invested data integration.
  • Cinchy manages data as a linked network allowing for real-time data collaboration.

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2. TIBCO

TIBCO delivers enterprise-class analytics and data governance to support new insights and business value for your credit union. It empowers credit unions to meet commitments to all stakeholders – executives, finance, lending, operations, marketing, board of directors, and members – with a better understanding of:

  •         Member journey
  •         Asset and deposit growth
  •         Risk management
  •         Marketing proficiency
  •         and all related, critical information

You can connect to all data regardless of its type or location. TIBCO's smart analytics acts on new insights, make informed decisions, achieve the financial performance that you need to compete, and more effectively serve your community.

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Features

  • Allows you to deploy a common analytic data management architecture across diverse data types, technologies, users, and use cases.
  • TIBCO offers you the optimal approach for each analytic need, be it, enterprise data warehouse (EDW), data lakes, cloud, master data etc.
  • You can easily find and understand the data as it integrates multiple data sources, including streaming sources, into one logical source.
  • With TIBCO, you can apply agile data engineering techniques to speed time to solution.

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3. Aunalytics

Aunalytics data platform provides Insights-as-a-Service to answer enterprise and midsized companies’ most important IT and business questions. The Aunalytics cloud-native data platform is built for universal data access, advanced analytics, and AI while unifying disparate data silos into a single golden record of accurate, actionable business information.

Its Daybreak™ industry intelligent data mart combined with the power of the Aunalytics data platform provides industry-specific data models with built-in queries and AI to ensure access to timely, accurate data and answers to critical business and IT questions. Through its side-by-side digital transformation model, Aunalytics provides on-demand scalable access to technology, data science, and AI experts to seamlessly transform customers' businesses.

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Features

  • Aunalytics provides easy access to credible data, whether you’re part of the IT team or not.
  • Aunalytics connects real-time data from disparate data sources to algorithms to provide daily insights.

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4. Arkatechture - Arkalytics

Arkalytics by Arkatechture is an end-to-end business intelligence solution for credit unions that includes a fully managed cloud-based data warehouse with an entire suite of financial reports and executive dashboards.. These advanced analytics and reporting platforms integrate disparate data sources into a single source of truth through an automated, lean data pipeline.

Arkalytics boasts implementation times in the range of 3-6 months versus multiple years for comparable on-premise deployments. In addition, Arkatechture’s experience at larger financial institutions gives them a leg up on delivering automated data quality tools that help Credit Unions maintain the highest level of confidence in their data.

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Features

  • 50 out-of-the-box data quality rules help enforce policies, ensure accountability, and aid data defect cleanup efforts.
  • An optional development environment or “analytics sandbox” add-on gives business users a safe way to experiment with writing new reports and queries.
  • Third-party auditors attest to data security in the cloud under the SOC2 guidelines.

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5. Trellance M360

Trellance M360 is a multi-source data platform, built for financial institutions. The patented capabilities of Trellance M360, be it data integration or configurable dashboards for the entire organization, set the standard of how you are working with your data. Working with M360 allows credit unions to find actionable insights, improve member experience and achieve portfolio growth.

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Features

  • Trellance M360 creates analytics reporting for different areas such as Branch Analysis, Lending Analytics, Credit Card Analytics, Dealer Analysis or Lending Analysis.
  • It easily lets you detect fraud using algorithms that are designed to alert responsible areas.
  • With M60 you can configure the solution and manage data in ways that work best for you. 
  • It allows you to do faster updates and faster implementation in a secure environment. 

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6. Fiserv - iVue®

iVue® from Fiserv is a data warehousing platform designed to support a combined view of organizational, departmental, and customer information. It provides your credit union with a consistent and complete picture of quality and actionable business information. You can develop effective business strategies, boost marketing results, and manage financial and operational risk more broadly through this information.
iVue® comes with integrated Business Analytics that provides you with reporting capabilities. Its innovative, browser-based features allow Business Analytics to simplify information management, enabling your staff to create, manage and view reports from a single portal. Assembled by Fiserv business and executive intelligence specialists, these tools combine extensive analysis and reporting functionality with easy-to-use technology.

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Features

  • iVue® enables you to analyze your data and gain opportunities to maximize revenue, control expenses, and improve customer satisfaction.
  • iVue® lets you develop effective business strategies and improve marketing results.
  • The information provided by iVue® lets you manage operational and financial risks in all your business areas.

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CONCLUSION

Data is an important asset for every organization. For example, banks and credit unions hold a large volume of data that needs proper storage and analysis among these organizations.

I hope our choice of data warehousing software would ease your job finding the most suitable data warehouse tool for your credit union.

Disclaimer-: These solutions are selected based on our experience (around usage support, administration, integration, etc.) and anecdotal conversations with multiple leaders in the industry. 

The solutions listed in the article are ordered based on their investment in the CULytics community and alphabetically. 

 

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