Data Warehouses refer to large storehouses or repositories for integrated data, collected from various sources. Also known as enterprise data house, it is a place 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 on business data.
Data Warehouse is used to provide awareness about the performance of your Credit Union 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 at 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 analysis and promotional campaigns.
Big financial institutions like credit unions and banks use data warehousing tools to gather and manage data in an effective manner. Here are the 6 Best Data Warehousing Solutions that would help your credit union meet its growing demands in a favorable manner.
1. AdvantEdge Analytics (By CUNA MUTUAL)
AdvantEdge Analytics by CUNA Mutual provides you with a cloud-hosted and managed data warehouse solution for advanced data warehousing, managed backups, and administration. You can integrate your data from multiple systems into an expandable platform that fixes according to your business needs.
Once all your data is at one place, you can convert it into an understandable form. AdvantEdge Analytics provides you with the tools like graphic-centric dashboards that would make it easy for a credit union employee to monitor key performance metrics. CUNA Mutual provides you access to more than 70 pre-built visualizations, gaining insights into ALM, marketing, forecasting, and profitability.
Advantage Analytics joins hands with Microsoft to develop industry's next-generation data platform for Credit Unions that will help you realize the full potential of your information assets to improve decision making, deliver business insights, and boost productivity.
- Tools provided by AdvantEdge Analytics, allows you to spend less time on data management. They also provide you better resources for customer attraction/retention, product development, channel utilization and other issues.
- AdvantEdge Analytics by CUNA Mutual also provides you with predictive modeling services that find patterns to your credit union data and determine future scenarios.
- AdvantEdge Analytics is the only credit union data and analytics solution provider offering data transformation strategy and turning those insights into action.
2. Arkatechture - Arkalytics
Arkalytics is an end-to-end business intelligence solution for Credit Unions that includes a fully managed cloud-based data warehouse and 30 financial reports and executive dashboards. This advanced analytics and reporting platform 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. 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.
- 50 out of the box data quality rules help enforce policies, ensure accountability, and aids 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.
- Data security in the cloud is attested by third-party auditors under the SOC2 guidelines.
3. Information Builders
Information Builders provides a complete Data Warehouse solution, powered by the industry’s most comprehensive analytics and data management platform, specialized for Credit Unions. Whether you are just beginning your data and analytics journey, currently have or are building a Data Warehouse, Information Builders delivers business-ready, trusted information for all CU staff:
- Pre-built, customizable dashboards, reports, visualizations, alerts, drill-through to detail
- Executive self-service, with unmatched ease of use
- Predictive analytics, machine learning
- Access to all your data from a unified environment
- Powerful web-based authoring tool with seamless user experience
- Data cleansing and mastering to deliver the “single version of truth”.
Let’s Get Started!
- Analytics up and running in days -- not months or years
- Single-vendor solution
- Choose your deployment - Cloud, Hybrid, or On-Premise
- Decades of Reliability and Service.
4. Fiserv - iVue®
iVue® from Fiserv is a data warehousing platform that is designed is a way to support a combined view of organizational, departmental and customer information, and provides your credit union with a consistent and complete view of quality and actionable business information. Through this information, you can develop effective business strategies, boost marketing results and manage financial and operational risk more broadly.
iVue® comes with an integrated Business Analytics that provides you with reporting capabilities. Its innovative, browser-based features allow the Business Analytics 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.
- 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.
5. OnApproach - M360 (By Trellance)
OnApproach M360 Enterprise is a collaborative, multi-sided, Analytic Data warehousing Model (ADM) that lets credit unions merge all of their data into a single source. It is a true industry standard data model because it is core and ancillary system agnostic.
OnApproach M360 solution enables your CU employees at all levels of an institution to use information and analytics for increasing efficiency, managing risk, increase sales and profitability, and enrich relationships with members. This enables the Credit Union Analytics Platform for advanced analytics, increased collaboration, data pooling, and more.
- OnApproach 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.
- OnApproach M360 enables you to view your member’s transactions at one place, despite the fact that where they occur or system used.
Temenos provides you with Analytics and Data Framework Solution that would help your banks to safeguard its valuable data.
Temenos Analytics allows you to utilize your data and convert it into valuable business intelligence so that it supports better decision making across your institution and improves customer interaction.
Use of banking-specific, high-value, analytical applications in every department including Finance, Marketing, Operations, Treasury, and Risk Management, will make you analytically driven. This will help you give a competitive edge in this new banking and digital world.
Temenos Data Framework offering would make your credit union much more scalable, productive, and competitive. It enables you to strengthen your customer-centricity and support business decisions even when the volume of business data is growing fast.
- Temenos allows you to embed intelligent analytics into your core system, which would enrich customer interaction and boost customer engagement with a greater user experience.
- You can also integrate analytical capabilities into your core banking and other applications, making those applications, and their users, smarter and more efficient.
- Temenos Data Framework provides you with 70% reduction in the size of your transactional database while preserving access to all the data.
- Uses real-time operational reporting and business analytics.
Data is an important asset for every organization. Among these organizations, banks and credit unions hold a large volume of data that needs proper storage and analysis.
Hope our choice of the 5 Best Data Warehousing Softwares would ease your job to find out the most suitable data warehouse tool for your credit union.
Disclaimer-: These technologies are selected on the basis of our experience (around usage support, administration, integration etc.) as well as anecdotal conversations with multiple leaders in the industry.