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Trellance
Posted by Naveen Jain on May 28, 2017 at 9:02pm
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Texas Trust has been an OnApproach client for several years. After trying other solutions and being underwhelmed, I am very happy to report that we are already getting actionable reporting and the process for adding new data sources to our file is refreshingly easy. M360 is a robust tool right out of the gate and there are so many possibilities to use the work done by other clients to solve your challenges. The leadership team at OnApproach clearly has a vision to help Credit Unions collaborate and find innovative solutions using big data.
We’ve worked with OnApproach at Ohio Healthcare FCU since 2016. It is a great toolset for us. At OHCFCU we are firm believers in owning your own data and pulling the information we want instead of a canned report that is delivered. M360 is a great tool for that! The staff is always supportive with questions and comments and suggestions for improvements. I strongly suggest OnApproach for a data analytics tool within your toolbox.
We have been a client of OnApproach for over four years now. The OnApproach data warehouse has become our system of record for the dozens of dashboards that we have integrated into our Intranet, for our power users utilzing Tableau desktop, and those users that need their Excel spreadsheets automatically refreshed. The solution that OnApproach provides is a strong platform that we have both worked with OnApproach to mature and to pile our own system integrations on top of. The OnApproach solution is a solid system that we were able to deploy quickly, and cut years off of what it would have taken us internally to develop.
We just signed a contract to use OnApproach for data analytics. We completed due diligence on 5 other companies and OnApproach was the clear winner. They are able to drill down to transactional level data in ways that no other vendor could. Their ease of use and the relationships they already have in the credit union industry were just a few of the reasons we selected them. We cannot wait to have the software up and running.
OnApproach helped me at my former credit union to gather the vast amounts of data that we had and use it for our members and their families benefit. In our first attempt at showing the power of the data, we chose to target members that had gone 'behind our backs' and taken out a car loan at a national bank. With help from our credit bureau partner we selected members in good standing that were paying way too much for something that we knew we could save them money on. We calculated the savings amount (or the reduction in interest / payment amount) and dropped the offer in a letter. For some members, they could not believe that their credit union would be calling them to save them money on something that they had already purchased from someone else - but we did. After a few phone calls (some members found this hard to believe) the result was $9M in reclaimed auto loans back to my credit union and lots of cash back into our members pockets. In this case, it was an auto loan but it could have just as easily been a mortgage, a credit card, a Heloc. That's what this is all about, saving the members money and M360 helped us to get there!
I recently joined OnApproach because I believe Data Analytics is the wave of the future. As the past CFO at SMW Financial Credit Union, I initiated SMW's relationship with OnApproach because I wanted to get more accurate and usable data across all departments - from Lending to Operations and from Marketing to Finance. It was a great decision and SMW continues to utilize the power of data analytics from OnApproach.
We're a new credit union to join OnApproach and are very excited about the possibilities of having all our data in one SQL data warehouse. Even in the initial stages of the project we've found reporting and analysis to be so much faster and easier to use than the old Excel methods of reporting. Looking forward to the finished product.
Our Credit Union started researching data warehouse solutions in 2015 and found that the cost comparisons and capabilities for OnApproach M360 was the best in class. We also researched and contemplated building our own data warehouse from scratch but quickly realized that in order to get it right from the start and create a usable schema it would take a lot of time and research to properly nail down. This was all right out of the box with M360 which proved to be very useful when collaborating with other credit unions that were also on M360.
Having been LIVE with M360 since October 2016 we have successfully implemented multiple Data initiatives and cost saving measures which has given us a two-fold return on our investment in 2017 alone.
As an Analyst, having all of our multiple data silos in one location with one SQL pull is invaluable for creating meaningful reports to drive business solutions. M360 has allowed us to create multiple daily reports that just weren't possible before as well as automate many month-end and accounting processes. I would recommend 100%!
Our partnership with OnApproach has catapulted us into a competitive position that allows us to strategize like a credit union twice our size. By utilizing their data warehouse, we have become more verstile in our decision making and it has allowed us to increase income, reduce costs, and increase efficiencies. OnApproach has worked side by side with us in accompishing every phase of our data analytics venture and as it continues, we look forward to seeing what it can accomplish for a successful future.
We are still in the process of implementing the M360 software solution and data warehouse, but we are looking forward to the posibilities of having all of our data in one place to become a more data-driven organization with streamlined reporting.