credit-unions - CULytics Community2024-03-29T13:02:50Zhttps://culytics.com/blogs/feed/tag/credit-unionsEmbracing the Future: Fast Future Fundamentals Program Equips Credit Unions for Successhttps://culytics.com/blogs/embracing-the-future-fast-future-fundamentals-program-equips-cred2023-12-21T01:35:15.000Z2023-12-21T01:35:15.000ZNaveen Jainhttps://culytics.com/members/Naveen<div><p><span style="font-size:12pt;"><strong>Introduction</strong></span> <br /> In an era marked by rapid technological advancements and shifting consumer behaviors, credit unions face the critical challenge of evolving to meet the dynamic needs of their members. The Fast Future Fundamentals Program emerges as a beacon of innovation, offering a strategic pathway for credit union leaders to adapt and thrive in this fast-paced environment. Here we explore how this program can be instrumental in empowering credit unions to navigate the complexities of the modern financial landscape successfully.</p>
<p><span style="font-size:12pt;"><strong>Understanding the Fast Future Fundamentals Program</strong></span> <br /> The Fast Future Fundamentals Program is a cutting-edge initiative designed to cultivate leaders with a forward-thinking mindset. It focuses on instilling a speed bias in learning, understanding, connecting, and applying innovative ideas relevant to today's fast-changing world. The program emphasizes on learning 12 interconnected topics that significantly impact the credit union industry.</p>
<p><span style="font-size:12pt;"><strong>Faculty and Curriculum</strong></span><br /> The program's faculty comprises global thought leaders, CEOs, and technology experts, ensuring a rich learning experience rooted in real-world insights. The curriculum is tailored to foster a comprehensive understanding of the future of money, platforms, automation, and other areas crucial to the financial sector.</p>
<p><span style="font-size:12pt;"><strong>Flexibility and Practicality</strong></span><br /> Designed for busy professionals, the program offers flexible scheduling and emphasizes live sessions to provide the most current content. This feature is particularly beneficial for credit unions aiming to stay abreast of the latest trends and technologies.</p>
<p><span style="font-size:12pt;"><strong>How Credit Unions Benefit</strong></span><br /> <strong>Staying Ahead of Technological Innovations</strong><br /> With modules like 'Future of Money' and 'AI & Business Applications,' credit union executives can gain insights into emerging financial technologies and their applications. This knowledge is vital for developing strategies that leverage these technologies to enhance member services and operational efficiency.</p>
<p><span style="font-size:10pt;"><strong>Enhancing Member Experience</strong></span><br /> In an age where customer expectations are continuously evolving, understanding, and implementing platform strategies and experience design becomes crucial. The program offers insights into creating engaging and seamless member experiences, a key differentiator in the competitive financial services market.</p>
<p><span style="font-size:10pt;"><strong>Developing Future-Ready Leadership</strong></span><br /> The program nurtures leadership qualities that are essential for guiding credit unions through transformational changes. Courses like 'Agility For Strategy, Leadership & Organization' equip leaders with the skills to foster an innovative, agile, and member-focused organizational culture.</p>
<p><span style="font-size:10pt;"><strong>Embracing Sustainable Practices</strong></span><br /> As sustainability becomes increasingly important, credit unions can benefit from the program's focus on green technology and regenerative enterprise, aligning their operations with environmental and social responsibility.</p>
<p><span style="font-size:12pt;"><strong>Conclusion</strong></span><br /> The Fast Future Fundamentals Program is a catalyst for transformative change. By embracing the learning and insights offered by this program, credit union leaders can ensure their organizations are not just keeping pace but leading the way in meeting the evolving needs of their members. In the journey towards a more adaptive, member-centric, and technologically advanced future, the Fast Future Executive Program stands as an invaluable ally for credit unions.</p>
<p><span style="font-size:12pt;"><strong>Special Offer For Credit Unions</strong></span> <br /> CUlytics offers its partner learning offering, ‘The Fast Future Fundamentals to Credit Unions and individuals from Credit Unions.</p>
<p>For your Company: Contact them at hello@fastfutureexecutive.com<br /> For your individual learning: Avail a special discounted rate of US$ by using this coupon code: culyticsfastfuture at <a href="https://www.fastfutureexecutive.com/">https://www.fastfutureexecutive.com/</a></p></div>Understanding and Tackling Volunteer Bias in Credit Unions: A Crucial Imperative for Informed Decision-Makinghttps://culytics.com/blogs/understanding-and-tackling-volunteer-bias-in-credit-unions2023-11-29T18:59:47.000Z2023-11-29T18:59:47.000ZNaveen Jainhttps://culytics.com/members/Naveen<div><p class="zw-paragraph heading0"><a href="{{#staticFileLink}}12305362097,original{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}12305362097,RESIZE_710x{{/staticFileLink}}" width="710" alt="12305362097?profile=RESIZE_710x" /></a></p>
<p class="zw-paragraph heading0">Volunteer Bias arises when individuals who volunteer to participate in a study or provide feedback differ in significant ways from those who choose not to participate. These differences can skew results and may not represent the broader population. For credit unions, understanding and mitigating volunteer bias is essential for making well-informed decisions. Here are some examples of volunteer bias in the credit union context:</p>
<ol>
<li>
<p class="zw-list zw-paragraph heading0"><strong>Member Surveys:</strong> If a credit union sends out a survey to its members, those who feel strongly about the credit union (either positively or negatively) might be more inclined to respond. This can lead to extreme opinions being overrepresented, while moderate or indifferent views might be underrepresented.</p>
</li>
</ol>
<ol start="2">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Financial Education Workshops:</strong> When a credit union offers financial literacy workshops, those who already have an interest in financial education or feel confident in their knowledge might be more likely to attend, leading to a misrepresentation of the broader membership's educational needs.</p>
</li>
</ol>
<ol start="3">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Focus Groups:</strong> If a credit union organizes focus groups to gather insights about a new service or product, the members who volunteer might already have a particular interest in the topic or be more engaged with the credit union. Their feedback might not reflect the sentiments of the larger member population.</p>
</li>
</ol>
<ol start="4">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Product Beta Testing:</strong> When launching a new digital service or app, those who volunteer to beta test might be more tech-savvy than the average member. Their feedback could miss issues that less tech-savvy members might encounter.</p>
</li>
</ol>
<ol start="5">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Annual Meetings:</strong> Members who attend annual general meetings might be more engaged and have a vested interest in credit union operations. Their opinions and voting patterns might differ from members who are less engaged or can't attend.</p>
</li>
</ol>
<ol start="6">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Feedback Boxes:</strong> Members who use feedback boxes or suggestion systems in branches might have specific concerns or praises. If the credit union solely relies on this feedback, they might miss out on more general or widespread issues.</p>
</li>
</ol>
<ol start="7">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Member Advisory Boards:</strong> If a credit union has a volunteer member advisory board, the members who opt to join might be more proactive, engaged, or have specific agendas. Their insights, while valuable, might not encapsulate the broader membership's concerns.</p>
</li>
</ol>
<ol start="8">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Event Participation:</strong> Credit unions might host community events or member appreciation days. Those who attend might be members who live nearby, have more flexible schedules, or are already more engaged. Relying solely on interactions from these events might provide a skewed understanding of the broader membership.</p>
</li>
</ol>
<ol start="9">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Referral Programs:</strong> If a credit union has a member referral program, those who join based on these referrals might share characteristics or financial behaviors with those who referred them. Relying heavily on feedback from this subgroup might not be representative of the broader potential member base.</p>
</li>
</ol>
<ol start="10">
<li>
<p class="zw-list zw-paragraph heading0"><strong>Digital Feedback Channels:</strong> If a credit union primarily gathers feedback through digital channels, they might be hearing more from members comfortable with technology and miss feedback from members who prefer traditional banking methods.</p>
</li>
</ol>
<p class="zw-paragraph heading0">To mitigate volunteer bias, credit unions should aim for diversified feedback channels, ensure random sampling where feasible, and be aware of the potential limitations of their samples.</p></div>Top Data Warehouse Technology Solutions for Credit Unionshttps://culytics.com/blogs/data-warehousing-software-for-banks2022-01-31T19:30:00.000Z2022-01-31T19:30:00.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p>When it comes to investing in data warehouse technology, one important decision to make is whether to build your own solution or buy a pre-existing data warehouse technology stack. While building a data analytics system using horizontal tools and platforms offers certain advantages, opting for a ready-made solution can provide a jump start to your data analytics program. The latter approach involves selecting from the top data warehouse technology solutions available in the market. These solution providers have already invested in pre-selecting the infrastructure, database, transformation tools, as well as data visualization and analytics components, saving you time and effort. <br /> <br /> By choosing a buy option, you can benefit from the expertise and resources of established solution providers who have already evaluated and integrated various components of the data warehouse technology stack. This can result in a more streamlined and efficient implementation process. These solution providers have likely invested in building a robust infrastructure, selecting a suitable database management system, and incorporating transformation tools that facilitate data integration and processing. Furthermore, they may have prebuilt connectors and adapters to integrate with various data sources, making it easier to ingest and transform data. <br /> <br /> In addition to infrastructure and database components, data visualization and analytics tools are also an essential part of the data warehouse technology stack. When you opt for a buy option, these tools are typically included, saving you the effort of separately selecting and integrating them. These tools can help you visualize and analyze data, enabling you to gain valuable insights and make informed decisions. <br /> <br /> By choosing a pre-existing data warehouse technology stack, you can jump-start your data analytics program, as much of the initial groundwork has already been done. However, it's important to evaluate different solution providers to ensure their offerings align with your specific needs and requirements. It's also worth considering factors such as scalability, security, vendor support, and pricing when making your decision. <br /> <br /> For more information on data warehouse development and the pros and cons of building versus buying, you can refer to the link you provided: <a href="https://culytics.com/blogs/data-warehouse-development" target="_blank">https://culytics.com/blogs/data-warehouse-development</a>.</p>
<p><span style="font-weight:400;"><a href="{{#staticFileLink}}14578798,original{{/staticFileLink}}" target="_blank"><img class="align-center" src="{{#staticFileLink}}129666225,RESIZE_710x{{/staticFileLink}}" alt="129666225?profile=RESIZE_710x" width="710" /></a></span></p>
<!--div id="advantedge" class="vendor">
<h2><strong>1. AdvantEdge Analytics (By CUNA MUTUAL)</strong></h2>
<p>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.<br />
Once all your data is in 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. In addition, CUNA MUTUAL gives you access to more than 70 pre-built visualizations, gaining insights into ALM, marketing, forecasting, and profitability.<br />
AdvantEdge Analytics joins hands with Microsoft to develop the 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.</p>
<h3><strong><a href="{{#staticFileLink}}14578835,original{{/staticFileLink}}" target="_blank" rel="noopener"><img class="align-center" src="{{#staticFileLink}}14578835,RESIZE_710x{{/staticFileLink}}" alt="14578835?profile=RESIZE_710x" /></a></strong></h3>
<h3><strong>Features</strong></h3>
<ul>
<li>Tools provided by AdvantEdge Analytics allow you to spend less time on data management. They also provide you with better resources for customer attraction/retention, product development, channel utilization, and other issues.</li>
<li>AdvantEdge Analytics by CUNA Mutual also provides you with predictive modeling services that find patterns to your credit union data and determine future scenarios.</li>
<li>AdvantEdge Analytics is the only credit union data and analytics solution provider offering data transformation strategy and turning those insights into action.</li>
</ul>
<p align="center"><a class="btn-primary btn-inline" style="background: #124c8f; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Helvetica, Arial, sans-serif; font-weight: bold; line-height: 2; margin: 0; padding: 10px 35px; text-align: center; text-decoration: none;" href="http://www.advantedgeanalytics.com/" target="_blank" rel="noopener">Get Details</a></p>
</div-->
<div id="aun" class="vendor">
<h2><strong>1. Aunalytics</strong></h2>
<p>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.</p>
<p>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.</p>
<h3><strong><a href="{{#staticFileLink}}14578735,original{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}10039082472,RESIZE_710x{{/staticFileLink}}" alt="10039082472?profile=RESIZE_710x" width="710" /></a></strong></h3>
<h3><strong>Features</strong></h3>
<ul>
<li>Aunalytics provides easy access to credible data, whether you’re part of the IT team or not.</li>
<li>Aunalytics connects real-time data from disparate data sources to algorithms to provide daily insights.</li>
</ul>
<p align="center"><a class="btn-primary btn-inline" style="background:#124c8f;color:#ffffff;display:inline-block;font-family:'Helvetica Neue', Helvetica, Helvetica, Arial, sans-serif;font-weight:bold;line-height:2;margin:0;padding:10px 35px;text-align:center;text-decoration:none;" href="https://www.aunalytics.com/" target="_blank">Get Details</a></p>
</div>
<div id="arka" class="vendor">
<h2><strong>2. Arkatechture - Arkalytics</strong></h2>
<p>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.</p>
<p>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.</p>
<h3><strong><a href="{{#staticFileLink}}14578735,original{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}10026590291,RESIZE_710x{{/staticFileLink}}" alt="10026590291?profile=RESIZE_710x" width="710" /></a></strong></h3>
<h3><strong>Features</strong></h3>
<ul>
<li>50 out-of-the-box data quality rules help enforce policies, ensure accountability, and aid data defect cleanup efforts.</li>
<li>An optional development environment or “analytics sandbox” add-on gives business users a safe way to experiment with writing new reports and queries.</li>
<li>Third-party auditors attest to data security in the cloud under the SOC2 guidelines.</li>
</ul>
<p align="center"><a class="btn-primary btn-inline" style="background:#124c8f;color:#ffffff;display:inline-block;font-family:'Helvetica Neue', Helvetica, Helvetica, Arial, sans-serif;font-weight:bold;line-height:2;margin:0;padding:10px 35px;text-align:center;text-decoration:none;" href="https://www.arkatechture.com/arkalytics" target="_blank">Get Details</a></p>
</div>
<div id="know" class="vendor">
<h2><strong>3. VeriCU by The Knowlton Group</strong></h2>
<p>The Knowlton Group's VeriCU Data Platform is a data warehouse solution that is designed specifically for credit unions wanting to take their analytics to the next level of performance. The data warehouse can be deployed either on-premise or in the cloud.</p>
<p>With a strong pre-built foundation and a plethora of customizable components, the data warehouse perfectly blends the cost and speed of implementation of a pre-built solution with the flexibility and customization of a custom-built data warehouse.</p>
<p>VeriCU Data Platform integrates with key non-core data sources like the consumer loan origination system (“LOS”), mortgage LOS, online/mobile banking, GL, and a host of other key applications at the credit union.</p>
<p>Speed is critical to success with data. That’s why we designed the VeriCU Data Platform to be deployed in as little as 72 hours. We didn’t give it the nickname The 72 Hour Data Warehouse™ for no reason!</p>
<p><a href="{{#staticFileLink}}11289806654,original{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}11289806654,RESIZE_710x{{/staticFileLink}}" alt="11289806654?profile=RESIZE_710x" width="710" /></a></p>
<p align="center"><a class="btn-primary btn-inline" style="background:#124c8f;color:#ffffff;display:inline-block;font-family:'Helvetica Neue', Helvetica, Helvetica, Arial, sans-serif;font-weight:bold;line-height:2;margin:0;padding:10px 35px;text-align:center;text-decoration:none;" href="https://knowlton-group.com/vericu/" target="_blank">Get Details</a></p>
</div>
<h2><strong>4. Fiserv - iVue®</strong></h2>
<p><span style="font-weight:400;">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.<br /> 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.</span></p>
<h3><strong><a href="{{#staticFileLink}}14578871,original{{/staticFileLink}}" target="_blank"><img class="align-center" src="{{#staticFileLink}}14578871,RESIZE_710x{{/staticFileLink}}" alt="14578871?profile=RESIZE_710x" /></a></strong></h3>
<h3><strong>Features</strong></h3>
<ul>
<li style="font-weight:400;"><span style="font-weight:400;">iVue® enables you to analyze your data and gain opportunities to maximize revenue, control expenses, and improve customer satisfaction.</span></li>
<li style="font-weight:400;"><span style="font-weight:400;">iVue® lets you develop effective business strategies and improve marketing results.</span></li>
<li style="font-weight:400;"><span style="font-weight:400;">The information provided by iVue® lets you manage operational and financial risks in all your business areas.</span></li>
</ul>
<p align="center"><a class="btn-primary btn-inline" style="background:#124c8f;color:#ffffff;display:inline-block;font-family:'Helvetica Neue', Helvetica, Helvetica, Arial, sans-serif;font-weight:bold;line-height:2;margin:0;padding:10px 35px;text-align:center;text-decoration:none;" href="https://www.fiserv.com/en/who-we-serve/financial-institutions/banks/bank-platforms/multi-platform-solutions-for-banks/business-intelligence/ivue.html" target="_blank">Get Details</a></p>
<h2><strong>5. Trellance M360</strong></h2>
<p>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.</p>
<h3><strong><a href="{{#staticFileLink}}14578828,original{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}10026860487,RESIZE_710x{{/staticFileLink}}" alt="10026860487?profile=RESIZE_710x" width="710" /></a></strong></h3>
<h3><strong>Features</strong></h3>
<ul>
<li style="font-weight:400;"><span style="font-weight:400;">Trellance M360 creates analytics reporting for different areas such as Branch Analysis, Lending Analytics, Credit Card Analytics, Dealer Analysis or Lending Analysis.</span></li>
<li style="font-weight:400;"><span style="font-weight:400;">It easily lets you detect fraud using algorithms that are designed to alert responsible areas.</span></li>
<li style="font-weight:400;"><span style="font-weight:400;">With M60 you can configure the solution and manage data in ways that work best for you. </span></li>
<li style="font-weight:400;"><span style="font-weight:400;">It allows you to do faster updates and faster implementation in a secure environment. </span></li>
</ul>
<p align="center"><a class="btn-primary btn-inline" style="background:#124c8f;color:#ffffff;display:inline-block;font-family:'Helvetica Neue', Helvetica, Helvetica, Arial, sans-serif;font-weight:bold;line-height:2;margin:0;padding:10px 35px;text-align:center;text-decoration:none;" href="https://www.trellance.com/" target="_blank">Get Details</a></p>
<!--h2><strong>CONCLUSION</strong></h2>
<p>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.</p>
<p>I hope our choice of data warehousing software would ease your job finding the most suitable data warehouse tool for your credit union.</p>
<p><strong>Disclaimer-: </strong>These solutions are selected based on our experience (around usage support, administration, integration, etc.) and anecdotal conversations with multiple leaders in the industry. <br />
<br /-->
<p>The solutions listed in the article are ordered based on their investment in the CULytics community and alphabetically. </p>
<p> </p></div>Artificial Intelligence as a Playing Field for Credit Unionshttps://culytics.com/blogs/artificial-intelligence-as-a-playing-field-for-credit-unions2021-12-06T15:46:58.000Z2021-12-06T15:46:58.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p>On November 30, a panel discussion was conducted with a focus for credit unions addressing “<a href="https://youtu.be/ynoXFz6RePI" target="_blank">Assessing risk and optimizing growth for each member</a>”, hosted by <strong><a href="https://bit.ly/3GlcOth" target="_blank">Neuton.AI</a></strong>. This event brought together thought leaders from the industry who shared views on how credit unions can uncover new growth opportunities and mitigate risks by leveraging AI.</p>
<p>Needless to say, the pandemic has caused a seismic shift in how we interact with customers such as how members are now expecting to consume services, their digital expectations which have in turn forced credit unions to rethink the way they interact and respond to member needs. This has subsequently led more and more credit unions to adopt a more data-driven mindset while leveraging innovative technologies such as artificial intelligence or machine learning. Beginning this journey, institutions are faced with a number of challenges such as where you begin, why data is important, what the possibilities are, and how I complete this journey when I may not have the resource or financial capital that is historically required to implement such services. The panel takes these topics head-on providing practical and ready to apply solutions to these challenges.</p>
<p>The panel discussion brought together <em>Anne Legg</em>, Founder of Thrive and Author of Big Data/Big Climb, <em>Naveen Jain</em>, Founder of CULytics, <em>Jay Lauer</em>, Senior Innovation Strategist at PSCU, <em>Todd Lindemann</em>, Senior VP of Payments at Redwood Credit Union, <em>Michael Lawson</em>, Creator at CUbroadcast, and <em>Blair Newman</em>, CTO at <a href="https://bit.ly/3GlcOth" target="_blank">Neuton.AI</a>, all well-respected professionals in their field of expertise.</p>
<h2><strong>Post-pandemic challenges for credit unions</strong></h2>
<p>Michael and Blair kicked off the event with a brief fireside chat where they began to discuss and note the challenges that credit unions have faced in light of our new pandemic reality. One notable realization is that members have begun to consume services differently than prior to the pandemic, which has forced credit unions to adjust quickly. The new realization is that it has become more challenging to engage your existing customer base let alone continue to drive growth with new members or additional services. The current state of affairs indicates the need for alternative and innovative ways to service your members as the need for enhancing the customers’ digital experience has come crashing to the forefront now.</p>
<p>“We see that credit unions are at different stages of their journey. Some customers are looking to explore how they can leverage a forward-leaning technology such as machine learning, some are looking to debunk some of the myths about the ability to implement ML solutions, some are ready to begin their journey and some are well on their way. One of the things that we've really focused on is eliminating all of those barriers.” — recapped Blair.</p>
<p>Naveen also mentioned that, based on his experience, the majority of data and digital initiatives simply fail to deliver on the promised value due to the lack of understanding of what problems they should solve. “Our mission is to help credit union leaders be successful with their investments in data and digital, with the focus on events, a vibrant community, management consulting, and complimentary advisory services.”, — added the founder of CULytics.</p>
<h2><strong>Barriers on the way to innovation</strong></h2>
<p>Speaking of innovation, Jay Lauer highlighted that credit unions don’t have to invent anything revolutionary but simply adapt to new ways of thinking and doing business. On the other hand, they need to figure out how to go faster and bring innovation to production quickly and effectively. “Nearly 85% of credit unions feel that AI is critical to long-term success. At the same time, however - over 70% feel they are behind when it comes to adopting such solutions.”, — said Jay. He also mentioned three reasons that hold credit unions back at the moment:</p>
<ul>
<li><strong><em>Lack of focus on the data strategy and effective data management</em></strong>. As data is the lynchpin for both AI strategy and execution, credit unions need to eliminate data silos, shine a light on dark data, and adopt data stewardship principles. Such practices help to build trust in the credit union’s data and in how that data may be used.</li>
<li><strong><em>Lack of organizational readiness</em></strong>. Many credit unions feel they have a limited understanding of AI potential and have trouble with use case identification. Educating credit unions on these aspects can be a big step towards their success.</li>
<li><strong>Poor execution, primarily centered on a shortage of talent or availability of AI technology</strong>. Credit unions have to attract talent and upskill the talent they already have, but they should also be looking at how technology may help them in this area. They could explore low-code or no-code solutions or look at other platforms which might provide some additional capacity for the team they already have.</li>
</ul>
<p>One more important finding for credit unions, according to Anne Legg, is understanding where Member friction exists within a Credit Union’s ecosystem and building a roadmap to reach the full-enterprise capability. “We see an uptick in critical thinking which enables a credit union to move from a reactionary position to a proactive position, take the right insights and do things with them.” — said Anne.</p>
<h2><strong>Practical use of AI/Machine Learning in Redwood Credit Union</strong></h2>
<p>Redwood Credit Union is a model of not only embarking on their data-driven AI-powered journey but also bringing innovation to life, Todd Lindemann shared their experience in making the member experience more satisfying while also realizing organization value.</p>
<p>Firstly, it’s crucial to understand where you are with your data. Once the Redwood team figured out their situation, they started to use data on a daily basis by regularly asking members for feedback, implementing critical thinking, and infusing data into all business processes.</p>
<p>One of the directions that Redwood has taken is moving to a more cashless environment. At this point, Redwood partnered with Neuton.AI to explore individual member needs with the help of an automated machine learning platform. The Neuton.AI team helped Redwood CU to develop and implement an AI-based predictive Member risk model as a baseline service to understand which Members were considered high risk and which members were considered low risk. This model was built without the consideration and/or use of the FICO score and was developed strictly on individual Member behavior. Leveraging this baseline predictive model Redwood CU was able to apply this risk rating model to a member's ability to withdraw funds during an ATM transaction. Lower risk members would be enabled with higher ATM withdrawal limits above the default limit as well as the ability to boost their access to cash dynamically upwards to $10,000. Implementing such a forward-thinking solution reduced the amount of times Members were effectively reaching their static limit which oftentimes forced them to either go inside the branch or contact the Member Service Center. This was the first step in improving the customer’s digital experience, providing more efficient access to cash resulting in improved customer satisfaction.</p>
<p>The member risk rating model is an innovative approach and the first step for Redwood to continue to bring additional value to their Members by implementing additional solutions such as implementing dynamic overdraft limits, Credit Scoring, and Member Lifetime Value just to name a few. More importantly, by leveraging Neuton’s zero code AutoML platform, Redwood is empowered to implement such solutions without a Data Scientist and realize results in days rather than months.</p>
<h2><strong>Conclusion </strong></h2>
<p>Anne Legg concluded that the key value of credit unions is their mission-based approach as they make great efforts to build member-centric relationships. As the post-pandemic realities continue to impose their own will, Credit Unions should amplify their strategies of personalization of products and services, which can be reached faster only by using AI innovations and handling data appropriately.</p>
<p>It is vital to establish data management strategies, remain active in like-minded communities, and not be paralyzed by the use of transformational solutions such as no-code AutoML platforms like Neuton, which provides enormous opportunities to uncover granular insights to drive personalized services, enhance the Members digital experience while driving value for all Credit Unions irrespective of their size or point in time in their AI Journey.</p>
<p>You can watch the full session here - <a href="https://youtu.be/ynoXFz6RePI" target="_blank">https://youtu.be/ynoXFz6RePI</a></p></div>Performance Measures for Marketinghttps://culytics.com/blogs/performance-measures-for-marketing2021-07-27T15:41:16.000Z2021-07-27T15:41:16.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}9319279497,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}9319279497,RESIZE_710x{{/staticFileLink}}" alt="9319279497?profile=RESIZE_710x" width="710" /></a></p>
<p>Everything in a business, especially in marketing, needs to have a measurable ROI. As marketing has evolved likewise the means to track it. Here metrics come into the picture. Without measuring the right metrics, it is almost impossible to find out whether or not, the organization is delivering on the set expectations. </p>
<p>As part of the CULytics Workshop, Bob Little, CULytics Advisor with Naveen Jain, CULytics CEO took a look at the most common marketing performance metrics to help in measuring and attributing revenue back to the marketing campaigns.</p>
<p>The goal of the session was to help in gaining a better understanding of marketing analytics programs and how good performance measurement can improve results. The agenda of the session comprised The maturity of marketing analytics in credit unions, Practical examples of marketing performance indicators, and best practices for implementing marketing metrics programs to attain maximum outcomes. Read it out for more information:</p>
<p><strong><em><u>Marketing Analytics</u></em></strong></p>
<p>Marketing analytics is about the practice of <em>measuring, managing, </em>and<em> analyzing</em> marketing performance to maximize its effectiveness and optimize ROI. Money spent should bring in favorable results. The analytics might be descriptive, diagnostic, predictive, and prescriptive for improving marketing productivity, real-time performance management, and gaining high customer acquisition and retention.</p>
<p>There might be <em>a Struggle</em> <em>with Marketing Analytics</em>. And, it could be related to customer acquisition, customer retention, social media, segmentation, promotion strategy, branding, pricing strategy, product or serving strategy, and multichannel marketing among others. So doing the right thing is important.</p>
<p>A typical <em>marketing campaign</em> will combine multiple traffic sources, contact segments, landing points, conversion offers, forms, emails, and automated sequences -along with dozens of metrics to measure and targets to set.</p>
<p><strong><em><u>Marketing Analytics - Maturity Model and Priorities</u></em></strong></p>
<p>A marketing analytics maturity model comprises analytics tools, metrics that are followed and key challenges to focus upon. Different stages of the model are Tactic-Driven, Campaign-Driven, Integrated, and Predictive. Average credit unions are at the Tactic and campaign-driven stage, a few are at the integrated stage and almost none is at the predictive stage.</p>
<p>The priorities of the marketing analytics maturity model are marketing data integration, business intelligence, and data science, marketing segmentation and targeting, Customer Experience, Content Marketing, technology foundation, SEO marketing, and social marketing. Keeping these things in mind will give success.</p>
<p> </p>
<p><strong><em><u>Marketing Metrics – Types</u></em></strong></p>
<ol>
<li><em>Channel Metrics</em> - Tells how the activities have been delivered and whether they are working the same way they are supposed to be. It comprises of:</li>
</ol>
<ul>
<li>Content Production: Number of articles published and number of social media posts</li>
<li>Website: Organic search, PPC search, referrals and direct</li>
<li>Social Media: YouTube, Facebook, Twitter, Instagram, Pinterest, LinkedIn and TikTok</li>
<li>Paid Advertising: Social media ads, influencer marketing, PPC search, banner ads and retargeting</li>
<li>Email: Weekly newsletters, exit-intent coupon sequences and abandoned cart sequences</li>
<li>Traditional (Offline): Direct mail, TV and radio ads, billboards and general word-of-mouth</li>
</ul>
<ol start="2">
<li><em>Performance Metrics</em>– Gives the results from doing these things. The elements of Performance Metrics are: </li>
</ol>
<ul>
<li>Content Consumption: Website traffic volume and average time on page</li>
<li>Engagement: Comments and shares on Facebook posts</li>
<li>Lead Generation: Marketing qualified leads (MQL) and sales qualified leads (SQL)</li>
<li>Conversion: Landing page conversion rate, search click-through rate (CTR) and form completion rate</li>
<li>Sales & Revenue: Total revenue, number of sales and customer lifetime value (CLTV)</li>
<li>Customer Retention: Newsletter unsubscribe rate</li>
<li>Brand Awareness: Branded organic search volume</li>
</ul>
<p>In short, Channel Metrics are about how things are being done. Whereas, Performance Metrics are about the results from doing such things.</p>
<p><strong><em><u>Strategic Goal</u></em></strong></p>
<p>Good strategic goals can be made with a focused approach to the outcome. They are measurable on a sliding scale (e.g. increase from 10 to 25 or reduce from 70 to 55). Goals are not the tactics used to deliver outcomes –programs, initiatives or projects.</p>
<p>Strategies are about doing something different and increasing something. These depend upon the objective. Strategic Objectives as measured by (KPIs) can be achieved by:</p>
<ul>
<li><em>Strategic Objectives </em>are qualitative and memorable descriptions of what is required to achieve. They should be short and engaging.</li>
<li><em>KPIs</em> quantify the outcomes that are expected to achieve. They are measurable on a sliding scale (e.g. increase from 10 to 25 or reduce from 70 to 55) over a period of time.</li>
<li><em>Activities</em>, on the other hand, are the programs, initiatives, tasks, and projects associated with achieving Objectives. They are usually binary (done or not done).</li>
</ul>
<p><strong>KPIs vs Metrics</strong></p>
<p>Before beginning to track these, it is important to understand the difference between these two. Which one is strategic and which one is important- it is imperative to know. </p>
<ul>
<li>A metric is any standard of measurement. Eg:</li>
</ul>
<ol>
<li>Number of requests logged</li>
<li>Number of data owners identified</li>
<li>Percentage of requests resolved within SLA</li>
</ol>
<ul>
<li>A Key Performance Indicator is a quantifiable metric that drives improvement and that links to strategic business outcomes</li>
<li>A KPI is a metric but a metric is not necessarily a KPI</li>
</ul>
<p><em>Proxy metrics</em> are an indirect way of measuring what is required to achieve.</p>
<p><em>Lagging indicators</em> enables to act after the fact whereas <em>leading indicators</em> help in predicting future behavior and enable proactivity.</p>
<p><strong>Balance Quality and Efficiency</strong></p>
<p>“For every metric, there should be a paired metric that addresses adverse consequences of the first metric”-<em> Andy Grove</em></p>
<p>So, while trying to change some specific behavior, it might be backed by cost.</p>
<p>While working on achieving goals, it is important to measure progress toward that outcome to know that plans are performing as expected. So, remember that a good strategic goal focuses on an outcome. Also, Key Performance Indicators (KPIs) can be organization-wide or may focus on departmental goals.</p>
<p>Do not forget that it’s all about the outcome and not the actions. Try to avoid watermelon KPIs as they are green on the outside but red inside. Make smaller changes for analyzing and enjoying growth.</p>
<p>Watch the full workshop here - <a href="https://culytics.com/ppm-marketing" target="_blank">https://culytics.com/ppm-marketing</a></p></div>Analytical Maturity: Journey towards Growthhttps://culytics.com/blogs/analytical-maturity-journey-towards-growth2021-06-23T18:11:34.000Z2021-06-23T18:11:34.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}9132606474,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}9132606474,RESIZE_710x{{/staticFileLink}}" width="710" alt="9132606474?profile=RESIZE_710x" /></a></p>
<p>In this world of digital transformation, the role of data analysis in decision-making has significantly increased. And, this gives the importance to adopt the analytical maturity model. Analytical Maturity Model is a sequence of steps that are used to represent the evolution of the company in its ability to manage internal & external data and this data can be used to make informed business decisions. Things that every company would like to accomplish are:</p>
<ul>
<li><strong>Growth</strong>: In terms of members, loans, shares, etc.</li>
<li><strong>Health</strong>: Not just the financial health of the organization; also the health of people associated with the organization</li>
<li><strong>Sustainability/Adaptability</strong>: As an organization, it is important to sustain all the outcomes that have been faced. And, ability to adapt things for the survival of the organization.</li>
<li><strong>Service</strong>: The quality to serve the best to members. And, service towards the organization to grow exponentially.<br /> </li>
</ul>
<p>And, these models help in assessing and describing how companies use their resources to get value out of data. </p>
<p>At CULytics Annual Summit 2021, Rob Burger, Enterprise Business & Technology Strategist, shared the journey and adventures at PSECU for building a portal for PSECU Insights. </p>
<p>The journey started with a brave BI expedition team. The focused approach was on finding answers to the followings:</p>
<p><strong>How does PSECU measure its Health?</strong></p>
<p>To ensure the good health of the working system, a keen eye was put on:</p>
<ul>
<li>Daily Status Report. It comprises a Daily snapshot of balances (Loan, Share, and Investment), balance fluctuation from day to day, comparisons of current to month-end balances, differences of calculations, and percentages.</li>
<li>Balance Scorecard (aka PSECU Insights). It comprises of monthly view of Key Performance Indicators (KPI) to measure the performance as an organization, data from the income statement to find out the actual value for the month, plan/Budget values, last year values, thresholds (Exceeds, Meets, Minimum, Warning), and trend KPI’s through the years. This helps in analyzing where the organization was and where it has to go.</li>
</ul>
<p>Before the beginning of the Journey, the above two measures were put together to measure the growth manually each day/month and a matrix (spreadsheet) looking report (no trend/visualization).</p>
<p><strong>What does PSECU measure?</strong></p>
<p>Tools were there but the question was what to be measure? There was a strategic plan having four pillars - Accelerate Growth, Enhance & Expand Revenue Opportunities, Build Efficiency & Scalability, and Optimize Talent. All items were aligned with these pillars for ease. </p>
<ul>
<li>Daily Status Report. The Daily report consists of Share, Loan, Investment balances, Break out of products for each of these loan & investment balances, previous day and previous end of month $ amounts, Calculation of $ change from the end of the month to the previous day, and % change calculation for each product balance.</li>
<li>Balance Scorecard (aka PSECU Insights) (KPIs). It is a bunch of KPIs that should be at the core to achieve good. KPIs that are required for growth are: </li>
<li>Financial- ROA, Net Worth, and Net Income are the key to survive in the market.</li>
<li>Growth–Member, Revenue, Loan, and Asset; these are the most important things for an organization.</li>
<li>Membership–Income Returned, Net Promoter Score (NPS), and PFI (primary financial institution) score should be more for an organization.</li>
<li>Efficiency–Keep an eye on Operating Expenses to make things better. </li>
<li>Employee–Engagement with manpower is important and also giving them opportunities to contribute to the organization’s overall growth.</li>
</ul>
<p><strong>How did PSECU move forward?</strong></p>
<p>To move forward, it is imperative to <strong>work together</strong> and in <strong>collaboration</strong> with all the teams. There were five different departments between marketing, HR, IT, Admin, and finance teams to make sure that the maximum is obtained during the journey. Another key thing is <strong>data</strong>; it should be all available to analyse things. <strong>Consistency</strong> is important in work that should be followed all along the way during the journey. <strong>Constant check</strong> on what is achieved and what is desired is essential, so a vigil note on it will help in ensuring success. As the journey moves ahead, taking <strong>feedbacks</strong> and working on them will lead the organization towards success. <strong>Analytical tools</strong> or an <strong>analytical team</strong> could be a great help for this. If there is tons of manual work that needs to be done with precision, investing in <strong>automated manual tasks</strong> could be a good decision.</p>
<p><strong>What was accomplished?</strong></p>
<p>When BI work finished, it had become easy to see more visualization pre-pandemic, during the pandemic and after the pandemic with dashboards. As a result, collaboration increased and duration of tasks got reduced and it became easy to:</p>
<ul>
<li>Tell the story with visualizations, not just numbers. Eliminate errors from manual calculations</li>
<li>Reduce the time getting the reports into employee’s hands</li>
<li>Build trend reports in both the daily and monthly dashboards</li>
<li>Add Quarterly Peer data from Callahan</li>
<li>Move analytics to the next level</li>
</ul>
<p><strong>What lessons did PSECU learn?</strong></p>
<ul>
<li><strong>Collaboration</strong>: Individuals should be freed to be the owner of what they are doing.</li>
<li><strong>Work together, no silos</strong>: When an organization succeeds, it is the success of every individual. Work silos should not get a chance to spoil it.</li>
<li><strong>Verify data</strong>: Data verification is important before and after it is on the dashboard or reports. </li>
<li><strong>Build out a use case to get started and stick to it</strong>: Keep it, learn from it, and do better.</li>
<li><strong>Feedback</strong>: It is important to know what end-user need and how they are going to use what is offered.</li>
<li><strong>Complete</strong> <strong>analytical</strong> <strong>tool to assist in your journey</strong>: A good system of tools is a must to reduce the task time and increase the success rate.</li>
<li><strong>Don’t be afraid to fail:</strong> Adopt a strategy, if it fails; learn from it. And, if it succeeds, continue it.</li>
<li><strong>Take the next step to visualization, it will be worth it:</strong> Take a step towards digitalization. A picture worth speaks a thousand words.</li>
<li><strong>Tell the story:</strong> Share your story to help to learn others.</li>
</ul>
<p>So, these were the journey highlights of PSECU. Getting knowledge of the system and making a strategic approach accordingly will definitely drive optimum outcomes. </p></div>Digital Transformation Lessons Through the Eyes of a CEOhttps://culytics.com/blogs/digital-transformation-lessons-through-the-eyes-of-a-ceo2021-06-04T16:08:40.000Z2021-06-04T16:08:40.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}9034422689,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}9034422689,RESIZE_710x{{/staticFileLink}}" width="710" alt="9034422689?profile=RESIZE_710x" /></a></p>
<p>Accelerating growth in technology is reshaping every industry. Owing to this digital disruption, competition is also accelerating. Digital transformation is crucial for Credit Unions.</p>
<p>Digital disruption is member disruption. In the face of this rapidly changing landscape, what is the role of a CEO? In this article, we have shared insights on digital transformation, as shared by Joe Mirachi, CEO, Launch Credit Union, at the 6th Annual CULytics Virtual Summit. He shares a framework that credit unions can use in their digital transformation journey.</p>
<p>As a CEO, it is important to determine how to respond to these changes, and embrace digital disruption by aligning internal digital transformation of the Credit Union. Here is how to start -</p>
<p><strong>1. Strategy</strong></p>
<p>For Credit Unions, strategy is changing the organization to respond to a changing environment in order to better serve members.Three key components of the strategy are, business model, target market, and a unique value proposition. The question you need to ask in order to align your strategy is , “ How does technology change your business model?” Does it change your business model? How can you use it to improvise your business model and better serve your members?</p>
<p>Here are some driving strategies -</p>
<ul>
<li><strong>Omnichannel Strategy</strong> - Omnichannel is a member-driven strategy, how they interact with us needs to be frictionless. It needs to drive your digital transformation plans. The switch from one channel to another should be connected and seamless.</li>
<li><strong>Ecosystem driver platform strategy</strong> - This model leverages digital capabilities. The emphasis of this business model is based on access to the member via the digital channel. For example- besides the key products, it can be beneficial to include relevant products in an efficient and personalized manner, which can result in additional revenue and provide one-stop shopping convenience to members.</li>
</ul>
<p>2. <strong>Technology</strong> - Investments in technology are expensive, long-term, and most often cannot be redone. You should remember that technology is a tool and you should pick the best one.</p>
<ul>
<li>API Infrastructure - API infrastructure is an open system that helps you plug in various other systems in a highly integrated manner so that they can work well as one single system. It opens doors to innovation and can seamlessly help integrate member experience. It can support both omnichannel and platform strategy. It is flexible, scalable, and improves the ability to innovate quickly. API Is a technology that enables digital transformation. With this technology, everchanging member expectations can be matched with innovative solutions. For Launch Credit Union - Core system, digital banking, and debit/credit cards were the technology trifecta which formed the part of the API structure.</li>
</ul>
<p>When you acquire a new tool, you need to change how you interact with the tool. This step is where you can convert the benefit of technology to tangible benefits.</p>
<p>3. <strong>People</strong></p>
<p>New skills are needed for digital transformation and this directly impacts our organization. Digital transformation must be matched with the transformation of the skills of your people. For a CEO, the starting point is to get the right people(attitude, aptitude, skills) in the right place(organization structure/jobs). This is supported on a dynamic basis by the coaching matrix- the right people in the right place develop advocates and willing followers</p>
<p>Credit Unions need to become learning organizations- a collaborative group skilled at creating, acquiring, and transferring knowledge and insights. A learning organization is a key catalyst for a successful digital transformation</p>
<p>Digital transformation is a requirement and not an option. It is a journey, not a destination. Strategy added with technology and people equals results. This is the digital transformation framework.</p>
<p>Your digital transformation journey is driven by your strategy, enabled by your technology, accomplished by your people, and measured by your results. It is crucial to demonstrate continuous learning.</p>
<p><strong>Conclusion</strong> </p>
<p>As said by Charles Darwin, “It is not the strongest of species that survives, nor the most intelligent, but the one most responsive to change.” In the face of change, your Credit Union needs to stay relevant and viable. One piece of advice is to have a seamless integration of technologies, and not have digital silos. Workflows must change and processes must be redesigned. Equally crucial is to change how your people interact with the new tools and to upskill. Today, Credit Unions need to be learning organizations - Embracing uncertainty and doubt, making data insight-based decisions and experiments are attributes of a learning organization.</p></div>Organizational Transformation to Drive Growthhttps://culytics.com/blogs/organizational-transformation-to-drive-growth2021-05-26T15:42:53.000Z2021-05-26T15:42:53.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}8984875080,original{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}8984875080,RESIZE_710x{{/staticFileLink}}" width="710" alt="8984875080?profile=RESIZE_710x" /></a></p>
<p>The pandemic has caused a lot of Credit Unions to re-evaluate their strategic conditions. Driving changes within the organization is time-consuming and requires willingness and open minds that are ready to accept ideas. Choosing merger strategy or organic growth, willingness to scale or finding a partner are some areas that are being explored today.</p>
<p> At the 6th Annual CULytics Virtual Summit, we dived into the organizational transformation journey of <strong>Valley Strong Credit Union with Nicholas Ambrosini, Chief Financial Officer, and incoming CEO</strong>. In this article, we share some insights from our conversation with him. </p>
<ol>
<li>Before the opportunity for merger presented itself, the credit union took its time to conduct surveys and research throughout the organization and worked towards analyzing what would work. An important takeaway Nick shared was that - “ When you are looking at a merger, it is important to take note that no two cultures are exactly the same. Spend as much time on the people side of the merger as you would on the technical aspects of it.”<br /><br /></li>
<li>To push the methodology of change within the organization, it is important to embrace the growth mindset within the organization and to think without limits as to what is possible. This requires repetition and constant instillation.</li>
<li>Cultural changes are not to be undermined and it is important to have an understanding of what the present organizational culture is. It is easier to recognize the changes to be made. Being present and having empathy are the building blocks for trust within the organization. Good practices from the other organization should be incorporated.<br /><br /></li>
<li>Trust is an essential component of all Credit Union’s value proposition and is very elementary. Right messaging will help actualize trust within the organization.<br /><br /></li>
<li>The future of Fintech in the Credit Union space is growing. Instead of being a fast follower, you should be an early mover to make a meaningful difference.<br /><br /></li>
<li>The new generation of CU Leaders should embrace resilience. Banking is a risk management business, and you will not succeed if you try to avoid risk. Be prudent but continue to push the envelope.</li>
</ol>
<p>While Pandemic has brought a lot of challenges, credit unions that look at these challenges as opportunities have continued to rise against them. As Nick mentioned, this is the time for credit unions, to shine and grab the opportunity to give back to the community.</p>
<p><strong><a href="https://culytics.com/articles/organizational-transformation-to-drive-growth-nick-ambrosini" target="_blank">Watch the full discussion here</a>.</strong></p></div>Member Engagement: Scores & Benefitshttps://culytics.com/blogs/member-engagement-scores-benefits2021-01-24T14:53:13.000Z2021-01-24T14:53:13.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}8472114482,RESIZE_1200x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}8472114482,RESIZE_710x{{/staticFileLink}}" width="710" alt="8472114482?profile=RESIZE_710x" /></a></p>
<p>The pandemic has brought challenges for all of us in many ways. One question that is in everyone’s mind: What is next? There is a lot much uncertainty about the near future. For Credit Unions, members are concerned about mortgages, car loans, stimulus checks, etc., along with what will happen from here. So, the need of the situation is to increase engagement with members. More engagement brings in more trust and more business. Surveying the members and continuous touch with them via modern tools will keep your Credit Union top of mind for all sorts of financial needs.</p>
<p>Hillary Nelson, a Data Solutions Consultant at Wings Financial Credit Union, shared her version on Member Engagement at the Transformation Challenge for 2020 summit organized by CULytics.</p>
<p>Founded in 1938, Wings Financial Credit Union has a family of 298,000 Members and $6 Billion in Assets. Wings Financial Credit Union is passionate to embrace the cooperative spirit to make CUs unique and to give flight to member’s financial dreams. And, to do that, member engagement is required. So, to know if the members are engaged and to measure the engagement, Wings Financial Credit Union has developed a member engagement score that can be used to check member engagement.</p>
<p><strong><u>5 Components to Member Engagement</u></strong></p>
<p>Member score at Wings consists of five components and under these five components, there are 120+ factors that are measured on every member, every day. These factors are individually scored and aggregated to the component category level. Each component has its score as well, and then a weight is applied to those components and aggregated one more time for getting one score per member per day. The five components that are used to look at member engagement are the followings:</p>
<ol>
<li><strong>Products and Services<br /></strong>Account Ownership and Relationships, Mobile App and Online Portal Registration of the members</li>
<li><strong>Product Utilization<br /></strong>Number and Frequency of Transactions, Member Rewards Redemption<br /><br /></li>
<li><strong>Organizational Relationship<br /></strong>In Branch Visits, Online Portal and Mobile App Usage, Campaign Response, Loan Applications<br /><br /></li>
<li><strong>Competitive Relationship<br /></strong>ACH credit reporting data is used to look at transfers to external financial institutions and loans with Other Financial Institutions</li>
<li><strong>Performance<br /></strong>Early/late Payments, Bad Address, NSF</li>
</ol>
<p><strong><u>Member Engagement at Wings Financial</u></strong></p>
<p>At Wings, member engagement is divided into five categories:</p>
<ol>
<li><strong><em>Significantly Less Engaged:</em></strong> Members who have minimal activity with the credit union and have significant accounts with other financial institutions.</li>
<li><strong><em>Less Engaged:</em></strong> Members that have minimum balance saving accounts with the Credit Union. No additional account and not meaningfully engaged with the credit union; just do enough to keep their membership open.</li>
<li><strong><em>Engaged</em></strong>: A typical everyday member that has a saving account, check-in account with a debit card, and probably a credit card or loan come under this category. He / She visits the branch occasionally, logs in to account regularly but they also have one or two accounts with other competing financial institutions.</li>
<li>The other two categories are <strong><em>More Engaged</em></strong> and <strong><em>Significantly More Engaged</em></strong>.</li>
</ol>
<p>Member Engagement During COVID-19 increased as at the end of March, branches were closed and things were online. Members used online methods to check-in to their accounts and making transactions. Online activities show more member engagement.</p>
<p><strong><u>Benefits</u></strong></p>
<p><em>Efforts keep us focused on achieving the set goals.</em> With the dedicated approach, Wings Financial Credit Union could successfully achieve many benefits. Working on member engagement score helped in:</p>
<ul>
<li>Developing the ability to quickly gauge changes in member behavior</li>
<li>Doubling response rates for campaigns using the score</li>
<li>Building foundational infrastructure that has been leveraged for new initiatives</li>
<li>Getting new ideas from business units that lead to new measures</li>
<li>Doing new conversations around member experience and value</li>
</ul>
<p>Being able to find the most engaged members and how to interact with them and what products fit them the best and what they expect from their credit union allows to better understand the members. Prioritizing and increasing member engagement, gaining their trust and lessening their financial fears will help the financial institution in reaping long term benefits. The members might have real questions and want to engage with the organization. Never forget that an engaged member not only buys more products but also refers friends and family members back to the Credit Union. So, do what is fair for the member and right for the membership.</p></div>Leveraging ACH Data to Produce Real Outcomeshttps://culytics.com/blogs/leveraging-ach-data-to-produce-real-outcomes2021-01-14T22:05:57.000Z2021-01-14T22:05:57.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}8423871466,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}8423871466,RESIZE_710x{{/staticFileLink}}" width="710" alt="8423871466?profile=RESIZE_710x" /></a></p>
<p>“The world is now awash in data and we can see consumers in a lot clearer ways.”- Max Levchin</p>
<p>A transformation doesn’t exist until action is taken. One thing is to have amazing data and another thing is to be able to expose that data and visualize it. Until you use it to take action and bring effective outcomes it is not a transformation; it is just a trial on data. The team at <strong><em>Sound Credit Union</em></strong> has used data, analyzed it, and made decisions based on the analysis. So, here <strong><em>Martin Walker</em></strong> is sharing the experience at the Transformation Challenge for 2020 summit organized by the CULytics. Read on to know more about the transformation journey:</p>
<p><strong>A Transformation Culture</strong></p>
<p>Transformation is all about the culture that is hard to change but not impossible. Previously, activities were performed based on credit union needs. These were uninformed and one size used to fit all. With the transformation, activities are performed based on the member needs personalized to the individual member and based on behavioral data and understanding how the members can be best served.</p>
<p><strong>Tools for Transformation</strong></p>
<p>“Without knowledge action is useless and knowledge without action is futile.” – Abu Bakr</p>
<p>Technology can be a part of the puzzle but it is a small part of the puzzle for Sound Credit Union. One of the most important parts was feedback loops and collection channels from members. Having different ways to understand, what the member is doing, what they are trying to do, and what they want to do, and having a variety of ways to get that information. The other pieces of the puzzle are <strong><em>automation and communication platforms</em></strong>. Members can’t be served individually from a marketing perspective. Serving members manually is a hard nut to crack. But using automation at this point can help in saving cost and resources. The third piece of the puzzle was data science and analytics for behavioral insights. With the help of <strong><em>information builders</em></strong>, it is easy to know the behavior of the member and made analysis accordingly.</p>
<p><strong>Wins From ACH</strong></p>
<p>According to the urban dictionary, <strong><em>ACH</em></strong> stands for <strong><em>Analytics Create Happiness</em></strong>. Here are five cases that Sound Credit Union got from ACH:</p>
<ol>
<li><strong>Govt Shutdown<br /></strong>Identified and helped specific members impacted by the 2018 government shutdown. <br /><strong>The Old Way</strong> – Previously, offer was sent to everyone, even though it is not relevant for the vast majority, or don’t send the offer at all.<br /><strong>The New Way</strong> – Now, list of members is generated with ACH payroll deposits from federal government employers. Furthermore, members are identified with a missing ACH payroll deposit from the previous pattern and reach out to impacted members and offer a 90-day, interest-free loan. <br /><br /></li>
<li><strong>CUDL Optimization<br />The Old Way</strong> – Previously, a single process was used for all transactions, regardless of use case.<br /><strong>The New Way</strong> - Upon analyzing the ACH data, it was discovered that 80% of ACH originations were for CUDL loan payments. Thus, the case-specific solutions can be deployed that quickly & significantly impact the time and labor cost involved in the activity.</li>
</ol>
<ol start="3">
<li><strong>Courtesy Pay Enhancement<br />The Old Way</strong> – Earlier, the “full” courtesy pay benefit was provided to all opted-in members, on all draft/checking shares. The result was; many members overextend themselves with courtesy pay and have difficulty in escaping the cycle.<br /><strong>The New Way</strong> – Now, courtesy pay benefits are calculated based on recent ACH deposit activity to the draft/checking share. This is helpful in observing that members-only extended a courtesy pay limit that they can likely payback based on recent activity trends. If the member has a consistent level of deposit activity then a certain level of courtesy pay benefits can be provided and if that deposit activity is impacted; the courtesy pay benefits will change in an automated manner.</li>
</ol>
<ol start="5">
<li><strong>Credit Card Offer Targeting <br />The Old Way</strong> – Before, a card offer was sent to all members who fit the qualifying credit box, typically resulting in low conversion.<br /><strong>The New Way</strong> – Now, ways can be looked to Target members with ACH payments to card companies and no sound credit card<br />The result - A 41% increase in new cards from Jan/Feb 2019 to Jan/Feb 2020</li>
<li><strong>Member View Portal<br /></strong>The data analytics team built the Member view portal. The online staff can see all kinds of information on members. One of the most important parts of the puzzle that staff can see is the ACH activity of the last 60 days. They see the recipients, etc. Also, they can see who is offered credit cards, refinance opportunities, etc.</li>
</ol>
<p><strong>Analytics Create Happiness!</strong></p>
<p>Analytics has truly helped in creating happiness for the members and the organization as it is:</p>
<ul>
<li>Proactively helping members during potentially stressful times</li>
<li>Making it easier for members to do business with us</li>
<li>Saving members’ money</li>
<li>Helping members’ end cycles of high fees</li>
<li>Providing more personalized service<br /> </li>
</ul>
<p>Analytics is useful in making the required changes in the organization, better serving the members, and creating never-ending relations. So, analyze the need of adopting analytics as it is invaluable to the process of improving and optimizing the operations.</p></div>Top 50 Most and Least Delinquent Credit Unions As on Sept 2020https://culytics.com/blogs/most-and-least-delinquent-credit-unions-sept-20202021-01-11T18:49:06.000Z2021-01-11T18:49:06.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><div style="text-align:left;"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284highlight"><span class="x_1369391284font">The Delinquency Ratio </span></span><span class="x_1369391284font"><span class="x_1369391284highlight">is the</span><span class="x_1369391284highlight"> value of past-due loans divided by the total amount of <span style="text-decoration:line-through;">c</span></span><span class="x_1369391284highlight">urrent loans outstanding. </span><span class="x_1369391284highlight">Credit Unions and other Financial Institutions use the delinquency ratio as an indicator to determine the quality of the loan portfolio. Below we have mentioned 50 Most and Least Delinquent Credit Union (more than $500M Asset) as per the NCUA Data for Sept 2020.</span></span></span></span><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"><br /></span></span></span></div>
<div style="text-align:left;"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"> </span></span></span></div>
<div style="text-align:left;"><span class="x_1369391284highlight"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font">A lower delinquency rate signifies the higher quality of the loan portfolio or that the credit unions hold fewer loans that are not yet paid off. However, it may also mean that the credit union is very rigid with its underwriting policies. Below is the list of 50 CUs with the lowest delinquency ratio. </span></span></span></span><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"><br /></span></span></span></div>
<div style="text-align:center;"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"> </span></span></span></div>
<div style="text-align:center;">
<table style="width:823px;" width="818">
<tbody>
<tr>
<td style="width:73px;" width="64"><strong>Rank </strong></td>
<td style="width:179px;" width="207"><strong>CU Name</strong></td>
<td style="width:77px;" width="142"><strong>State</strong></td>
<td style="width:264px;" width="188"><strong>URL </strong></td>
<td style="width:100px;" width="106"><strong>Total Assets ( As on Sept 2020)</strong></td>
<td style="width:130px;" width="111"><strong>Delinquency Ratio ( As on Sept 2020)</strong></td>
</tr>
<tr>
<td style="width:73px;">1</td>
<td style="width:179px;">Enrichment Credit Union</td>
<td style="width:77px;">TN</td>
<td style="width:264px;"><a href="http://www.enrichmentfcu.org/">http://www.enrichmentfcu.org</a></td>
<td style="width:100px;">622M</td>
<td style="width:130px;">0.01%</td>
</tr>
<tr>
<td style="width:73px;">2</td>
<td style="width:179px;">Mayo Employees Credit Union</td>
<td style="width:77px;">MN</td>
<td style="width:264px;"><a href="http://www.mayocreditunion.org/">http://www.mayocreditunion.org</a></td>
<td style="width:100px;">1,195M</td>
<td style="width:130px;">0.01%</td>
</tr>
<tr>
<td style="width:73px;">3</td>
<td style="width:179px;">Westmark Credit Union</td>
<td style="width:77px;">ID</td>
<td style="width:264px;"><a href="http://www.westmark.org/">http://www.westmark.org</a></td>
<td style="width:100px;">966M</td>
<td style="width:130px;">0.01%</td>
</tr>
<tr>
<td style="width:73px;">4</td>
<td style="width:179px;">Caltech Employees Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.cefcu.org/">http://www.cefcu.org</a></td>
<td style="width:100px;">2,001M</td>
<td style="width:130px;">0.02%</td>
</tr>
<tr>
<td style="width:73px;">5</td>
<td style="width:179px;">Stanford Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="https://www.sfcu.org/">https://www.sfcu.org</a></td>
<td style="width:100px;">3,348M</td>
<td style="width:130px;">0.03%</td>
</tr>
<tr>
<td style="width:73px;">6</td>
<td style="width:179px;">Star One Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.starone.org/">http://www.starone.org</a></td>
<td style="width:100px;">9,975M</td>
<td style="width:130px;">0.04%</td>
</tr>
<tr>
<td style="width:73px;">7</td>
<td style="width:179px;">Abbott Laboratories Credit Union</td>
<td style="width:77px;">IL</td>
<td style="width:264px;"><a href="https://www.alecu.org/">https://www.alecu.org/</a></td>
<td style="width:100px;">905M</td>
<td style="width:130px;">0.04%</td>
</tr>
<tr>
<td style="width:73px;">8</td>
<td style="width:179px;">Quincy Credit Union</td>
<td style="width:77px;">MA</td>
<td style="width:264px;"><a href="http://www.qcu.org/">http://www.qcu.org</a></td>
<td style="width:100px;">647M</td>
<td style="width:130px;">0.04%</td>
</tr>
<tr>
<td style="width:73px;">9</td>
<td style="width:179px;">Connecticut State Employees Credit Union</td>
<td style="width:77px;">CT</td>
<td style="width:264px;"><a href="http://csecreditunion.com/">http://csecreditunion.com</a></td>
<td style="width:100px;">2,147M</td>
<td style="width:130px;">0.06%</td>
</tr>
<tr>
<td style="width:73px;">10</td>
<td style="width:179px;">Clearwater Credit Union</td>
<td style="width:77px;">MT</td>
<td style="width:264px;"><a href="http://www.clearwatercreditunion.org/">http://www.clearwatercreditunion.org</a></td>
<td style="width:100px;">710M</td>
<td style="width:130px;">0.06%</td>
</tr>
<tr>
<td style="width:73px;">11</td>
<td style="width:179px;">Elements Financial Credit Union</td>
<td style="width:77px;">IN</td>
<td style="width:264px;"><a href="http://www.elements.org/">http://www.elements.org</a></td>
<td style="width:100px;">1,973M</td>
<td style="width:130px;">0.06%</td>
</tr>
<tr>
<td style="width:73px;">12</td>
<td style="width:179px;">Salal Credit Union</td>
<td style="width:77px;">WA</td>
<td style="width:264px;"><a href="http://www.salalcu.org/">http://www.salalcu.org</a></td>
<td style="width:100px;">975M</td>
<td style="width:130px;">0.06%</td>
</tr>
<tr>
<td style="width:73px;">13</td>
<td style="width:179px;">Credit Union West Credit Union</td>
<td style="width:77px;">AZ</td>
<td style="width:264px;"><a href="http://www.cuwest.org/">http://www.cuwest.org</a></td>
<td style="width:100px;">885M</td>
<td style="width:130px;">0.06%</td>
</tr>
<tr>
<td style="width:73px;">14</td>
<td style="width:179px;">Datcu Credit Union</td>
<td style="width:77px;">TX</td>
<td style="width:264px;"><a href="http://www.datcu.org/">http://www.datcu.org</a></td>
<td style="width:100px;">1,203M</td>
<td style="width:130px;">0.06%</td>
</tr>
<tr>
<td style="width:73px;">15</td>
<td style="width:179px;">University Of Va Community Credit Union</td>
<td style="width:77px;">VA</td>
<td style="width:264px;"><a href="http://www.uvacreditunion.org/">http://www.uvacreditunion.org</a></td>
<td style="width:100px;">1,149M</td>
<td style="width:130px;">0.07%</td>
</tr>
<tr>
<td style="width:73px;">16</td>
<td style="width:179px;">Pacific Service Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.pacificservice.org/">http://www.pacificservice.org</a></td>
<td style="width:100px;">1,283M</td>
<td style="width:130px;">0.07%</td>
</tr>
<tr>
<td style="width:73px;">17</td>
<td style="width:179px;">Houston Credit Union</td>
<td style="width:77px;">TX</td>
<td style="width:264px;"><a href="http://www.houstonfcu.org/">http://www.houstonfcu.org</a></td>
<td style="width:100px;">802M</td>
<td style="width:130px;">0.08%</td>
</tr>
<tr>
<td style="width:73px;">18</td>
<td style="width:179px;">St. Mary'S Credit Union</td>
<td style="width:77px;">MA</td>
<td style="width:264px;"><a href="http://www.stmaryscu.org/">http://www.stmaryscu.org</a></td>
<td style="width:100px;">950M</td>
<td style="width:130px;">0.08%</td>
</tr>
<tr>
<td style="width:73px;">19</td>
<td style="width:179px;">St. Mary'S Bank Credit Union</td>
<td style="width:77px;">NH</td>
<td style="width:264px;"><a href="http://www.stmarysbank.com/">http://www.stmarysbank.com</a></td>
<td style="width:100px;">1,238M</td>
<td style="width:130px;">0.08%</td>
</tr>
<tr>
<td style="width:73px;">20</td>
<td style="width:179px;">Spokane Teachers Credit Union</td>
<td style="width:77px;">WA</td>
<td style="width:264px;"><a href="http://www.stcu.org/">http://www.stcu.org</a></td>
<td style="width:100px;">3,829M</td>
<td style="width:130px;">0.08%</td>
</tr>
<tr>
<td style="width:73px;">21</td>
<td style="width:179px;">Consumer Credit Union</td>
<td style="width:77px;">TN</td>
<td style="width:264px;"><a href="http://consumercreditunion.com/">http://consumercreditunion.com</a></td>
<td style="width:100px;">521M</td>
<td style="width:130px;">0.09%</td>
</tr>
<tr>
<td style="width:73px;">22</td>
<td style="width:179px;">Provident Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://providentcu.org/">http://providentcu.org</a></td>
<td style="width:100px;">3,224M</td>
<td style="width:130px;">0.09%</td>
</tr>
<tr>
<td style="width:73px;">23</td>
<td style="width:179px;">University & State Employees Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.usecu.org/">http://www.usecu.org</a></td>
<td style="width:100px;">1,135M</td>
<td style="width:130px;">0.09%</td>
</tr>
<tr>
<td style="width:73px;">24</td>
<td style="width:179px;">State Farm Credit Union</td>
<td style="width:77px;">IL</td>
<td style="width:264px;"><a href="http://www.statefarmfcu.com/">http://www.statefarmfcu.com</a></td>
<td style="width:100px;">4,962M</td>
<td style="width:130px;">0.10%</td>
</tr>
<tr>
<td style="width:73px;">25</td>
<td style="width:179px;">Insight Credit Union</td>
<td style="width:77px;">FL</td>
<td style="width:264px;"><a href="http://insightcreditunion.com/">http://insightcreditunion.com</a></td>
<td style="width:100px;">617M</td>
<td style="width:130px;">0.10%</td>
</tr>
<tr>
<td style="width:73px;">26</td>
<td style="width:179px;">American First Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://amerfirst.org/">http://amerfirst.org</a></td>
<td style="width:100px;">836M</td>
<td style="width:130px;">0.10%</td>
</tr>
<tr>
<td style="width:73px;">27</td>
<td style="width:179px;">Granite Credit Union</td>
<td style="width:77px;">UT</td>
<td style="width:264px;"><a href="http://www.granite.org/">http://www.granite.org</a></td>
<td style="width:100px;">610M</td>
<td style="width:130px;">0.10%</td>
</tr>
<tr>
<td style="width:73px;">28</td>
<td style="width:179px;">Lake Michigan Credit Union</td>
<td style="width:77px;">MI</td>
<td style="width:264px;"><a href="http://www.lmcu.org/">http://www.lmcu.org</a></td>
<td style="width:100px;">8,739M</td>
<td style="width:130px;">0.10%</td>
</tr>
<tr>
<td style="width:73px;">29</td>
<td style="width:179px;">Texas Trust Credit Union</td>
<td style="width:77px;">TX</td>
<td style="width:264px;"><a href="http://www.texastrustcu.org/">http://www.texastrustcu.org</a></td>
<td style="width:100px;">1,509M</td>
<td style="width:130px;">0.10%</td>
</tr>
<tr>
<td style="width:73px;">30</td>
<td style="width:179px;">Sandia Area Credit Union</td>
<td style="width:77px;">NM</td>
<td style="width:264px;"><a href="http://www.sandia.org/">http://www.sandia.org</a></td>
<td style="width:100px;">833M</td>
<td style="width:130px;">0.10%</td>
</tr>
<tr>
<td style="width:73px;">31</td>
<td style="width:179px;">1St Northern California Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.1stnorcalcu.org/">http://www.1stnorcalcu.org/</a></td>
<td style="width:100px;">809M</td>
<td style="width:130px;">0.11%</td>
</tr>
<tr>
<td style="width:73px;">32</td>
<td style="width:179px;">Educational Employees Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.myeecu.org/">http://www.myeecu.org</a></td>
<td style="width:100px;">3,849M</td>
<td style="width:130px;">0.11%</td>
</tr>
<tr>
<td style="width:73px;">33</td>
<td style="width:179px;">Tlc Community Credit Union</td>
<td style="width:77px;">MI</td>
<td style="width:264px;"><a href="http://www.tlccu.org/">http://www.tlccu.org</a></td>
<td style="width:100px;">616M</td>
<td style="width:130px;">0.11%</td>
</tr>
<tr>
<td style="width:73px;">34</td>
<td style="width:179px;">Fibre Credit Union</td>
<td style="width:77px;">WA</td>
<td style="width:264px;"><a href="http://www.fibrecu.com/">http://www.fibrecu.com</a></td>
<td style="width:100px;">1,373M</td>
<td style="width:130px;">0.11%</td>
</tr>
<tr>
<td style="width:73px;">35</td>
<td style="width:179px;">Apl Credit Union</td>
<td style="width:77px;">MD</td>
<td style="width:264px;"><a href="http://www.aplfcu.org/">http://www.aplfcu.org</a></td>
<td style="width:100px;">527M</td>
<td style="width:130px;">0.11%</td>
</tr>
<tr>
<td style="width:73px;">36</td>
<td style="width:179px;">Bmi Credit Union</td>
<td style="width:77px;">OH</td>
<td style="width:264px;"><a href="http://www.bmifcu.org/">http://www.bmifcu.org</a></td>
<td style="width:100px;">584M</td>
<td style="width:130px;">0.11%</td>
</tr>
<tr>
<td style="width:73px;">37</td>
<td style="width:179px;">Harborstone Credit Union</td>
<td style="width:77px;">WA</td>
<td style="width:264px;"><a href="http://www.harborstone.com/">http://www.harborstone.com</a></td>
<td style="width:100px;">1,686M</td>
<td style="width:130px;">0.11%</td>
</tr>
<tr>
<td style="width:73px;">38</td>
<td style="width:179px;">Lbs Financial Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.lbsfcu.org/">http://www.lbsfcu.org</a></td>
<td style="width:100px;">1,731M</td>
<td style="width:130px;">0.12%</td>
</tr>
<tr>
<td style="width:73px;">39</td>
<td style="width:179px;">Avadian Credit Union</td>
<td style="width:77px;">AL</td>
<td style="width:264px;"><a href="http://www.avadiancu.com/">http://www.avadiancu.com</a></td>
<td style="width:100px;">1,008M</td>
<td style="width:130px;">0.12%</td>
</tr>
<tr>
<td style="width:73px;">40</td>
<td style="width:179px;">1St United Services Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.1stunitedcu.org/">http://www.1stunitedcu.org</a></td>
<td style="width:100px;">1,277M</td>
<td style="width:130px;">0.12%</td>
</tr>
<tr>
<td style="width:73px;">41</td>
<td style="width:179px;">Selco Community Credit Union</td>
<td style="width:77px;">OR</td>
<td style="width:264px;"><a href="http://www.selco.org/">http://www.selco.org</a></td>
<td style="width:100px;">2,085M</td>
<td style="width:130px;">0.12%</td>
</tr>
<tr>
<td style="width:73px;">42</td>
<td style="width:179px;">Austin Telco Credit Union</td>
<td style="width:77px;">TX</td>
<td style="width:264px;"><a href="https://www.atfcu.org/">https://www.atfcu.org</a></td>
<td style="width:100px;">2,074M</td>
<td style="width:130px;">0.12%</td>
</tr>
<tr>
<td style="width:73px;">43</td>
<td style="width:179px;">Evansville Teachers Credit Union</td>
<td style="width:77px;">IN</td>
<td style="width:264px;"><a href="http://etfcu.org/">http://etfcu.org</a></td>
<td style="width:100px;">2,248M</td>
<td style="width:130px;">0.12%</td>
</tr>
<tr>
<td style="width:73px;">44</td>
<td style="width:179px;">Teachers Credit Union</td>
<td style="width:77px;">IN</td>
<td style="width:264px;"><a href="http://www.tcunet.com/">http://www.tcunet.com</a></td>
<td style="width:100px;">3,881M</td>
<td style="width:130px;">0.12%</td>
</tr>
<tr>
<td style="width:73px;">45</td>
<td style="width:179px;">Tyndall Credit Union</td>
<td style="width:77px;">FL</td>
<td style="width:264px;"><a href="http://www.tyndall.org/">http://www.tyndall.org</a></td>
<td style="width:100px;">1,840M</td>
<td style="width:130px;">0.13%</td>
</tr>
<tr>
<td style="width:73px;">46</td>
<td style="width:179px;">Johns Hopkins Credit Union</td>
<td style="width:77px;">MD</td>
<td style="width:264px;"><a href="http://www.jhfcu.org/">http://www.jhfcu.org</a></td>
<td style="width:100px;">530M</td>
<td style="width:130px;">0.13%</td>
</tr>
<tr>
<td style="width:73px;">47</td>
<td style="width:179px;">Foothill Credit Union</td>
<td style="width:77px;">CA</td>
<td style="width:264px;"><a href="http://www.foothillcu.org/">http://www.foothillcu.org</a></td>
<td style="width:100px;">589M</td>
<td style="width:130px;">0.13%</td>
</tr>
<tr>
<td style="width:73px;">48</td>
<td style="width:179px;">First Community Credit Union</td>
<td style="width:77px;">OR</td>
<td style="width:264px;"><a href="http://www.myfirstccu.org/">http://www.myfirstccu.org</a></td>
<td style="width:100px;">1,461M</td>
<td style="width:130px;">0.13%</td>
</tr>
<tr>
<td style="width:73px;">49</td>
<td style="width:179px;">Whitefish Credit Union Association Credit Union</td>
<td style="width:77px;">MT</td>
<td style="width:264px;"><a href="http://www.whitefishcu.com/">http://www.whitefishcu.com</a></td>
<td style="width:100px;">1,748M</td>
<td style="width:130px;">0.13%</td>
</tr>
<tr>
<td style="width:73px;">50</td>
<td style="width:179px;">First South Financial Credit Union</td>
<td style="width:77px;">TN</td>
<td style="width:264px;"><a href="http://www.firstsouth.com/">http://www.firstsouth.com</a></td>
<td style="width:100px;">700M</td>
<td style="width:130px;">0.13%</td>
</tr>
</tbody>
</table>
<span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"><br /></span></span></span></div>
<div style="text-align:center;"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"> </span></span></span></div>
<div style="text-align:left;"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font">On the contrary, a higher delinquency rate means the Credit Union holds more loans that are not <span class="x_1369391284highlight">past-due.</span> These Credit Unions </span></span></span><span class="x_1369391284highlight"><span class="x_1369391284colour"><span class="x_1369391284font"><span class="x_1369391284size">comes with high risk-pricing loans, which should be compensated with higher income.</span></span></span></span><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"><br /></span></span></span></div>
<div style="text-align:left;"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"> </span></span></span></div>
<div style="text-align:left;"><span class="x_1369391284highlight"><span class="x_1369391284colour"><span class="x_1369391284font"><span class="x_1369391284size">Here is the list of 50 CUs with the highest delinquency ratio. </span></span></span></span><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"><br /></span></span></span></div>
<div style="text-align:left;"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"> </span></span></span></div>
<div style="text-align:left;">
<table style="height:1371px;width:841px;" width="756">
<tbody>
<tr style="height:47px;">
<td style="height:47px;text-align:center;width:81px;" width="64"><strong>Rank </strong></td>
<td style="height:47px;text-align:center;width:158px;" width="137"><strong>CU Name</strong></td>
<td style="height:47px;text-align:center;width:92px;" width="64"><strong>State</strong></td>
<td style="height:47px;text-align:center;width:233px;" width="191"><strong>URL </strong></td>
<td style="height:47px;text-align:center;width:127px;" width="199"><strong>Total Assets ( As on Sept 2020)</strong></td>
<td style="height:47px;text-align:center;width:150px;" width="101"><strong>Delinquency Ratio ( As on Sept 2020)</strong></td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">1</td>
<td style="height:16px;text-align:center;width:158px;">Quorum Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">NY</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://quorumfcu.org/">http://quorumfcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">903M</td>
<td style="height:16px;text-align:center;width:150px;">5.05%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">2</td>
<td style="height:32px;text-align:center;width:158px;">Proponent Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NJ</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.profcu.org/">http://www.profcu.org</a></td>
<td style="height:32px;text-align:center;width:127px;">501M</td>
<td style="height:32px;text-align:center;width:150px;">3.12%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">3</td>
<td style="height:16px;text-align:center;width:158px;">Marine Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">WI</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://marinecu.com/">http://marinecu.com</a></td>
<td style="height:16px;text-align:center;width:127px;">963M</td>
<td style="height:16px;text-align:center;width:150px;">2.73%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">4</td>
<td style="height:32px;text-align:center;width:158px;">Jovia Financial Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NY</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.joviafinancial.com/">http://www.joviafinancial.com</a></td>
<td style="height:32px;text-align:center;width:127px;">3,675M</td>
<td style="height:32px;text-align:center;width:150px;">2.29%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">5</td>
<td style="height:32px;text-align:center;width:158px;">Members Choice Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">TX</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.mccu.com/">http://www.mccu.com</a></td>
<td style="height:32px;text-align:center;width:127px;">670M</td>
<td style="height:32px;text-align:center;width:150px;">2.25%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">6</td>
<td style="height:32px;text-align:center;width:158px;">San Francisco Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">CA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.sanfranciscofcu.com/">http://www.sanfranciscofcu.com</a></td>
<td style="height:32px;text-align:center;width:127px;">1,238M</td>
<td style="height:32px;text-align:center;width:150px;">2.22%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">7</td>
<td style="height:32px;text-align:center;width:158px;">Philadelphia Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">PA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.pfcu.com/">http://www.pfcu.com</a></td>
<td style="height:32px;text-align:center;width:127px;">1,434M</td>
<td style="height:32px;text-align:center;width:150px;">2.20%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">8</td>
<td style="height:16px;text-align:center;width:158px;">Visions Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">NY</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.visionsfcu.org/">http://www.visionsfcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">5,005M</td>
<td style="height:16px;text-align:center;width:150px;">2.16%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">9</td>
<td style="height:32px;text-align:center;width:158px;">Financial Resources Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NJ</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.myfinancialresources.org/">http://www.myfinancialresources.org</a></td>
<td style="height:32px;text-align:center;width:127px;">507M</td>
<td style="height:32px;text-align:center;width:150px;">2.10%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">10</td>
<td style="height:32px;text-align:center;width:158px;">Self Reliance Ny Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NY</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.selfrelianceny.org/">http://www.selfrelianceny.org</a></td>
<td style="height:32px;text-align:center;width:127px;">1,436M</td>
<td style="height:32px;text-align:center;width:150px;">2.05%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">11</td>
<td style="height:32px;text-align:center;width:158px;">Communitywide Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">IN</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.comwide.com/">http://www.comwide.com</a></td>
<td style="height:32px;text-align:center;width:127px;">523M</td>
<td style="height:32px;text-align:center;width:150px;">2.04%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">12</td>
<td style="height:16px;text-align:center;width:158px;">Inova Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">IN</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.inovafcu.org/">http://www.inovafcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">508M</td>
<td style="height:16px;text-align:center;width:150px;">2.00%</td>
</tr>
<tr style="height:48px;">
<td style="height:48px;text-align:center;width:81px;">13</td>
<td style="height:48px;text-align:center;width:158px;">Municipal Empl.Credit Union Of Balt Credit Union</td>
<td style="height:48px;text-align:center;width:92px;">MD</td>
<td style="height:48px;text-align:center;width:233px;"><a href="https://www.mecu.com/">https://www.mecu.com</a></td>
<td style="height:48px;text-align:center;width:127px;">1,288M</td>
<td style="height:48px;text-align:center;width:150px;">1.94%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">14</td>
<td style="height:32px;text-align:center;width:158px;">Georgia United Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">GA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.gucu.org/">http://www.gucu.org</a></td>
<td style="height:32px;text-align:center;width:127px;">1,698M</td>
<td style="height:32px;text-align:center;width:150px;">1.92%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">15</td>
<td style="height:32px;text-align:center;width:158px;">Premier America Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">CA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.premieramerica.com/">http://www.premieramerica.com</a></td>
<td style="height:32px;text-align:center;width:127px;">3,133M</td>
<td style="height:32px;text-align:center;width:150px;">1.92%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">16</td>
<td style="height:32px;text-align:center;width:158px;">Selfreliance Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">IL</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.selfreliance.com/">http://www.selfreliance.com</a></td>
<td style="height:32px;text-align:center;width:127px;">691M</td>
<td style="height:32px;text-align:center;width:150px;">1.88%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">17</td>
<td style="height:16px;text-align:center;width:158px;">Skyone Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">CA</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.skyone.org/">http://www.skyone.org</a></td>
<td style="height:16px;text-align:center;width:127px;">583M</td>
<td style="height:16px;text-align:center;width:150px;">1.88%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">18</td>
<td style="height:16px;text-align:center;width:158px;">Amplify Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">TX</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.goamplify.com/">http://www.goamplify.com</a></td>
<td style="height:16px;text-align:center;width:127px;">1,090M</td>
<td style="height:16px;text-align:center;width:150px;">1.87%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">19</td>
<td style="height:16px;text-align:center;width:158px;">Altaone Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">CA</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.altaone.org/">http://www.altaone.org</a></td>
<td style="height:16px;text-align:center;width:127px;">681M</td>
<td style="height:16px;text-align:center;width:150px;">1.81%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">20</td>
<td style="height:16px;text-align:center;width:158px;">Hfs Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">HI</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://hfsfcu.org/">http://hfsfcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">680M</td>
<td style="height:16px;text-align:center;width:150px;">1.79%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">21</td>
<td style="height:16px;text-align:center;width:158px;">City Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">TX</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.citycu.org/">http://www.citycu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">541M</td>
<td style="height:16px;text-align:center;width:150px;">1.72%</td>
</tr>
<tr style="height:48px;">
<td style="height:48px;text-align:center;width:81px;">22</td>
<td style="height:48px;text-align:center;width:158px;">Texas Dow Employees Credit Union</td>
<td style="height:48px;text-align:center;width:92px;">TX</td>
<td style="height:48px;text-align:center;width:233px;"><a href="http://www.tdecu.org/">http://www.tdecu.org</a></td>
<td style="height:48px;text-align:center;width:127px;">4,037M</td>
<td style="height:48px;text-align:center;width:150px;">1.70%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">23</td>
<td style="height:32px;text-align:center;width:158px;">First Entertainment Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">CA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.firstent.org/">http://www.firstent.org</a></td>
<td style="height:32px;text-align:center;width:127px;">1,785M</td>
<td style="height:32px;text-align:center;width:150px;">1.64%</td>
</tr>
<tr style="height:48px;">
<td style="height:48px;text-align:center;width:81px;">24</td>
<td style="height:48px;text-align:center;width:158px;">First Peoples Community Credit Union</td>
<td style="height:48px;text-align:center;width:92px;">MD</td>
<td style="height:48px;text-align:center;width:233px;"><a href="http://www.firstpeoples.com/">http://www.firstpeoples.com</a></td>
<td style="height:48px;text-align:center;width:127px;">525M</td>
<td style="height:48px;text-align:center;width:150px;">1.62%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">25</td>
<td style="height:16px;text-align:center;width:158px;">Self-Help Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">NC</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.self-help.org/">http://www.self-help.org</a></td>
<td style="height:16px;text-align:center;width:127px;">1,245M</td>
<td style="height:16px;text-align:center;width:150px;">1.48%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">26</td>
<td style="height:32px;text-align:center;width:158px;">State Employees' Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NC</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.ncsecu.org/">http://www.ncsecu.org</a></td>
<td style="height:32px;text-align:center;width:127px;">45,852M</td>
<td style="height:32px;text-align:center;width:150px;">1.46%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">27</td>
<td style="height:32px;text-align:center;width:158px;">City Of Boston Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">MA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.cityofbostoncu.com/">http://www.cityofbostoncu.com</a></td>
<td style="height:32px;text-align:center;width:127px;">519M</td>
<td style="height:32px;text-align:center;width:150px;">1.39%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">28</td>
<td style="height:16px;text-align:center;width:158px;">United Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">MI</td>
<td style="height:16px;text-align:center;width:233px;"><a href="https://www.unitedfcu.com/">https://www.unitedfcu.com</a></td>
<td style="height:16px;text-align:center;width:127px;">3,250M</td>
<td style="height:16px;text-align:center;width:150px;">1.35%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">29</td>
<td style="height:16px;text-align:center;width:158px;">Scott Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">IL</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.scu.org/">http://www.scu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">1,404M</td>
<td style="height:16px;text-align:center;width:150px;">1.28%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">30</td>
<td style="height:16px;text-align:center;width:158px;">4Front Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">MI</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.4frontcu.com/">http://www.4frontcu.com</a></td>
<td style="height:16px;text-align:center;width:127px;">702M</td>
<td style="height:16px;text-align:center;width:150px;">1.24%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">31</td>
<td style="height:32px;text-align:center;width:158px;">The Police Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">CA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.thepolicecu.org/">http://www.thepolicecu.org</a></td>
<td style="height:32px;text-align:center;width:127px;">1,059M</td>
<td style="height:32px;text-align:center;width:150px;">1.23%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">32</td>
<td style="height:32px;text-align:center;width:158px;">Bethpage Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NY</td>
<td style="height:32px;text-align:center;width:233px;"><a href="https://www.bethpagefcu.com/">https://www.bethpagefcu.com</a></td>
<td style="height:32px;text-align:center;width:127px;">9,997M</td>
<td style="height:32px;text-align:center;width:150px;">1.23%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">33</td>
<td style="height:32px;text-align:center;width:158px;">Local Government Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NC</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.lgfcu.org/">http://www.lgfcu.org</a></td>
<td style="height:32px;text-align:center;width:127px;">2,667M</td>
<td style="height:32px;text-align:center;width:150px;">1.22%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">34</td>
<td style="height:32px;text-align:center;width:158px;">First Community Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">ND</td>
<td style="height:32px;text-align:center;width:233px;"><a href="https://www.myfccu.com/">https://www.myfccu.com</a></td>
<td style="height:32px;text-align:center;width:127px;">948M</td>
<td style="height:32px;text-align:center;width:150px;">1.20%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">35</td>
<td style="height:16px;text-align:center;width:158px;">Sunmark Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">NY</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.sunmarkfcu.org/">http://www.sunmarkfcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">806M</td>
<td style="height:16px;text-align:center;width:150px;">1.20%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">36</td>
<td style="height:16px;text-align:center;width:158px;">Align Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">MA</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.aligncu.com/">http://www.aligncu.com</a></td>
<td style="height:16px;text-align:center;width:127px;">715M</td>
<td style="height:16px;text-align:center;width:150px;">1.19%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">37</td>
<td style="height:16px;text-align:center;width:158px;">Capital Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">ND</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://capcu.org/">http://capcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">609M</td>
<td style="height:16px;text-align:center;width:150px;">1.19%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">38</td>
<td style="height:32px;text-align:center;width:158px;">1St Midamerica Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">IL</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.1stmidamerica.org/">http://www.1stmidamerica.org</a></td>
<td style="height:32px;text-align:center;width:127px;">807M</td>
<td style="height:32px;text-align:center;width:150px;">1.17%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">39</td>
<td style="height:32px;text-align:center;width:158px;">First Source Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NY</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.fsource.org/">http://www.fsource.org</a></td>
<td style="height:32px;text-align:center;width:127px;">747M</td>
<td style="height:32px;text-align:center;width:150px;">1.16%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">40</td>
<td style="height:16px;text-align:center;width:158px;">Gather Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">HI</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.gatherfcu.org/">http://www.gatherfcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">600M</td>
<td style="height:16px;text-align:center;width:150px;">1.14%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">41</td>
<td style="height:16px;text-align:center;width:158px;">Lafayette Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">MD</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.lfcu.org/">http://www.lfcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">836M</td>
<td style="height:16px;text-align:center;width:150px;">1.11%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">42</td>
<td style="height:16px;text-align:center;width:158px;">Esl Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">NY</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://esl.org/">http://esl.org</a></td>
<td style="height:16px;text-align:center;width:127px;">8,034M</td>
<td style="height:16px;text-align:center;width:150px;">1.10%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">43</td>
<td style="height:32px;text-align:center;width:158px;">Mid-Hudson Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">NY</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://mhvfcu.com/">http://mhvfcu.com</a></td>
<td style="height:32px;text-align:center;width:127px;">1,235M</td>
<td style="height:32px;text-align:center;width:150px;">1.10%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">44</td>
<td style="height:32px;text-align:center;width:158px;">Chartway Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">VA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="https://www.chartway.com/">https://www.chartway.com</a></td>
<td style="height:32px;text-align:center;width:127px;">2,353M</td>
<td style="height:32px;text-align:center;width:150px;">1.10%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">45</td>
<td style="height:32px;text-align:center;width:158px;">Franklin Mint Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">PA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.fmfcu.org/">http://www.fmfcu.org</a></td>
<td style="height:32px;text-align:center;width:127px;">1,372M</td>
<td style="height:32px;text-align:center;width:150px;">1.10%</td>
</tr>
<tr style="height:16px;">
<td style="height:16px;text-align:center;width:81px;">46</td>
<td style="height:16px;text-align:center;width:158px;">Gte Credit Union</td>
<td style="height:16px;text-align:center;width:92px;">FL</td>
<td style="height:16px;text-align:center;width:233px;"><a href="http://www.gtefcu.org/">http://www.gtefcu.org</a></td>
<td style="height:16px;text-align:center;width:127px;">2,458M</td>
<td style="height:16px;text-align:center;width:150px;">1.10%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">47</td>
<td style="height:32px;text-align:center;width:158px;">United Heritage Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">TX</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.uhcu.org/">http://www.uhcu.org</a></td>
<td style="height:32px;text-align:center;width:127px;">1,189M</td>
<td style="height:32px;text-align:center;width:150px;">1.10%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">48</td>
<td style="height:32px;text-align:center;width:158px;">Pentagon Federal Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">VA</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.penfed.org/">http://www.penfed.org</a></td>
<td style="height:32px;text-align:center;width:127px;">26,257M</td>
<td style="height:32px;text-align:center;width:150px;">1.07%</td>
</tr>
<tr style="height:28px;">
<td style="height:28px;text-align:center;width:81px;">49</td>
<td style="height:28px;text-align:center;width:158px;">Global Credit Union</td>
<td style="height:28px;text-align:center;width:92px;">WA</td>
<td style="height:28px;text-align:center;width:233px;"><a href="https://www.globalcu.org/">https://www.globalcu.org</a></td>
<td style="height:28px;text-align:center;width:127px;">514M</td>
<td style="height:28px;text-align:center;width:150px;">1.02%</td>
</tr>
<tr style="height:32px;">
<td style="height:32px;text-align:center;width:81px;">50</td>
<td style="height:32px;text-align:center;width:158px;">Three Rivers Credit Union</td>
<td style="height:32px;text-align:center;width:92px;">IN</td>
<td style="height:32px;text-align:center;width:233px;"><a href="http://www.3riversfcu.org/">http://www.3riversfcu.org</a></td>
<td style="height:32px;text-align:center;width:127px;">1,671M</td>
<td style="height:32px;text-align:center;width:150px;">1.01%</td>
</tr>
</tbody>
</table>
<span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"><br /></span></span></span></div>
<div style="text-align:left;"><span class="x_1369391284highlight"><span class="x_1369391284colour"><span class="x_1369391284font"><span class="x_1369391284size">Where spot does your credit union holds? </span></span></span></span><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font">It would be interesting to hear your views on the overall strategy of these credit unions, which have significantly lower </span></span></span><span class="x_1369391284font"><span class="x_1369391284size"><span class="x_1369391284colour">delinquency</span></span></span><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"> ratios compared to average? </span></span></span></div>
<div style="text-align:left;"> </div>
<div style="text-align:left;"><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font">For the credit unions, which are on the other side of the spectrum, what are they doing to reduce their </span></span></span><span class="x_1369391284font"><span class="x_1369391284size"><span class="x_1369391284colour">delinquency</span></span></span><span class="x_1369391284colour"><span class="x_1369391284size"><span class="x_1369391284font"> ratio within reasonable limits? What are some of the specific areas that they should work on?</span></span></span></div></div>Data Warehouse - Evaluation and Implementationhttps://culytics.com/blogs/data-warehouse-evaluation-and-implementation2020-11-09T02:50:57.000Z2020-11-09T02:50:57.000ZMedhavi Singlahttps://culytics.com/members/MedhaviSingla<div><p><a href="{{#staticFileLink}}8140419878,RESIZE_930x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}8140419878,RESIZE_710x{{/staticFileLink}}" alt="8140419878?profile=RESIZE_710x" width="710" /></a></p>
<p> </p>
<p>Data is so important now and we can use it to predict what to do in the business. For making predictions, we collect data in the data warehouse. It is used to collect and analyze business data from different sources. It is the core of the Business Intelligence System that is used for data analyzing and reporting. A data warehouse is a blend of technologies and components that allow the strategic use of data. It is like the electronic storage of a large amount of data that is designed for query and analysis.</p>
<p>Financial institutions including Credit Unions are investing heavily in big data and analytics. One of the terms closely connected to big data and analytics is “Data Warehouse”. But, deciding whether to build or buy a data warehouse is important. It is a powerful tool in the enterprise data management strategy.</p>
<p>To help us understand it in-depth, Naveen Jain (Founder & President, CULytics) and Bob Little (Advisor, CULytics) hosted a workshop. Why we should have a data warehouse, what are the goals, how to implement it, and how to select vendors; the workshop is all about. So, let’s start understating it:</p>
<p><strong>The need of Data Warehouse</strong></p>
<p>When we do some analysis, most of the time goes for gathering data from the system. With the help of data warehousing, the time required for data gathering got compressed. As data is available at the same place, so analysts do not need to spend time on data collection. This increases efficiency. It is one benefit of adopting data warehousing. Keeping a historical trail of data for a business perspective is another benefit of a data warehouse.</p>
<p>In core banking, some applications don’t have data about the change in attributes and elements. With a data warehouse, it has become very easy to maintain such records that are not possible to maintain in the operational system. And, these historical records can be used for certain analysis. So, adopting a data warehouse:</p>
<ul>
<li>Provides ease of data collection</li>
<li>Brings trust in the system as records are available</li>
<li>Improves data quality and consistency</li>
<li>Unburdens the IT department</li>
<li>Helps in risk management as access to more data helps in making better and known decisions</li>
</ul>
<p><strong>Data Analytics Maturity Models for Credit Unions </strong></p>
<p>How to get the value from a business perspective is important. As at the end of the day, if the business can see the value and drive it, then we are successful. When we talk about data warehouse or data analytics strategy, we understand what is important for the business and then we can go down the path for implementing any technology in place. In the overall process of evaluating data warehouse and business intelligence solutions, we need to first look internally and understand what are the things that are important for the business users so that you can make an investment that can return value in less time. It depends upon different dimensions like the people, process, and technology that are being implemented to do data analytics. There are four models:</p>
<ol>
<li>Ad Hoc: There are fragmented analytics point solutions. Analytics is generally reactive and descriptive of what has happened in the past.</li>
<li>Basic: A data warehouse has been implemented with integrated reporting and dashboards. Analytics is diagnostic and helps determine why things happen.</li>
<li>Managed: There are automated reporting and alerts. There is higher organizational trust in the data. Analytics is beginning to be predictive of what will happen.</li>
<li>Optimized: Analytics has been integrated with business processes. Analytics is prescriptive for what should be done in the business going forward.</li>
</ol>
<p><strong>Data Warehouse Architecture </strong></p>
<p>There are many data warehouse models available but generally, they work similarly. An ideal Data Warehouse architecture comprises of:</p>
<ul>
<li>Data sources: Source of data could be an operational system, external sources, flat files, etc.</li>
<li>Staging Area: Where things are collected together and transformation including normalizing, formatting, etc., happens. ETL</li>
<li>Warehouse: Keeps data after cleansing in the form of Summary Data, Meta Data, and Raw Data.</li>
<li>Data Marts: It contains a subset of data available in the warehouse. Comprises of Branches, Loans, and Operations</li>
<li>Users: Analytics, Reporting, and Mining of data happen at this stage.</li>
</ul>
<p>An ideal data warehouse should have basic capabilities - provisioning, ingestion, scalability, performance, provenance, integration, administration, and security. These are several models that can be used. Also, we can build something on our own. When we do this, we got to know which ETL technology we are going to use. Which technology for staging server – be it SQL, Hadoop, etc. Similarly, for analytics, reporting, and mining, different technologies can be used. So, when we build our model, it is a very resource-intensive process not just for building it but also for managing it on day to day basis.</p>
<p><strong>Infrastructure Consideration</strong></p>
<p>Data warehouse infrastructure supports a data warehousing environment in combination with technologies. In other words, it a repository of all sorts of data the implementing organization would need in the present and future. But in reality, the features and functions of the data warehouse may vary depending upon the need of the organization. So, organizations have to consider a few parameters before implementing the data warehouse. Try to find out the model requirements- On-premises, Cloud, or Hybrid. Also, work on tools that are required to improve performance and reduce the cost. System availability is crucial, so make sure that it is available for completing the task in time. The total cost of ownership, training, and installation space among others also seek attention.</p>
<p>Before looking out for the vendor solutions, discover the priorities, success metrics, challenges, and opportunities from an organization and business function perspective. Different data warehouse solutions operate differently. Some solutions are with end-to-end integration with data warehouse and business intelligence. Some solutions are in the cloud or on-premise. Each of these has its own set of complexities.</p>
<p><strong>Data Warehouse Implementation </strong></p>
<p>When it comes to a data warehouse implementation, a team of Data Architect, Technical Architect, Database Administrator, Data Integration Developer, Report/ Dashboard Writer, Data Scientist, and Data Analyst is required. It is not mandatory to have all these in house; the operations done by these professionals can be outsourced as a part of managed services. For implementation; resources, timeline, and training are crucial. So, know which resources your Credit Union has to deploy? What will be the contribution from your vendor? Will there be a need for third-party vendors? Work on these to get an estimate of cost and the amount of collaboration required. Keep in mind that all the resources are not required in hand on the first day. As we move forward, based on the requirements, these resources will be required for getting the value from the data that we have. About timeline, evaluate how long will it take for vendor evaluation, when the implementation begins and end. Training is the most important part; as knowing who will need training, and it should be online or in-person can help you perform better and get optimum outcomes.</p>
<p>The key to success is vision and strategy, so make sure you have it. Implementation, integration, and other operations can be outsourced.</p>
<p><strong>Data Warehouse and Business Intelligence </strong></p>
<p>When we talk about the data warehouse, it becomes important to introduce the BI system. Without a data warehouse, the BI system can’t exist and without BI system, we don’t need a data warehouse. These things work closely. Data Warehouse is useful for storing data from multiple resources, whereas Business Intelligence helps in generating business insights. Data Warehouse gives unified data for upstream BI applications; and Data Visualization, Dashboard Creation, & Reporting are done through Business Intelligence. Data Engineers and Back-end Developers are the audiences of Data Warehouse and the audience of business intelligence are Executives, Managers, & Data Analysts.</p>
<p>Some vendors offer solutions for Data Warehouse and Business Intelligence together and individually as per the requirements.</p>
<p><strong>Vendor Considerations </strong></p>
<p>Credit Unions don’t have that many resources; that is where solution providers come into the picture. Some of them will provide end-to-end solutions. When you go out for vendor selection, in addition to features and functionalities, look for:</p>
<ul>
<li><strong>Pricing:</strong> Understanding the requirements can help in understanding which pricing model suits the best.</li>
<li><strong>Referencability:</strong> Don’t forget to analyze the reviews posted by different types of customers before finalizing the vendor.</li>
<li><strong>Ecosystem:</strong> Make sure that the vendor can integrate with applications and datasets in less time and in a cost-effective manner.</li>
<li><strong>Product Roadmap: </strong>Look for upcoming features and release cycles.</li>
</ul>
<p>To start with the data warehouse, try to know the requirements (How to use data, how to drive growth, how to do segmentation) of the business as these are different for different organizations. To be successful in Data warehouse implementation, focus on a few parameters, and make investments if required. These things are executive sponsorship, business engagement & Alignment, planning, communication technical capabilities & skills, and develop good vendor participation.</p></div>