Analytics, Mergers, And Diversity

Five can't-miss points this week on CreditUnions.com.

This week, CreditUnions.com profiles two credit unions on their way to better analytics, runs the numbers on mergers in 2018, and showcases the value of the CDFI program.

Here are five can’t-miss data points:

3 Years

CAP COM Federal Credit Union has embarked on a data aggregation and analytics journey, using a three-year roadmap to align staff and systems to better understand what it knows about members and how to maximize those relationships. Johanna Robbins, CAP COM’s senior vice president of finance and business intelligence, established the credit union’s initial, high-level roadmap in 2017. Robbins and business intelligence analyst Mike Wiseman fleshed it out through 2018. The journey will reach a critical point in March 2019 when CAP COM integrates OnApproach with the credit union’s just-renovated Symitar Episys core processing system, providing access to a vast store of member transaction and personal data.

Read: A 3-Year Roadmap To Better BI

8 Years

Eight years ago, Grow Financial Federal Credit Union faced a problem to which many other credit unions can relate. Each department within the organization collected large volumes of member data, which helped the credit union make more informed decisions in the moment. However, this decentralized data structure created internal challenges when querying. To solve these issues, Grow needed to centralize its data reporting to answer questions and make better business decisions.

Read: 2 Ways To Approach Analytics. 1 Credit Union.

2020

The Community Development Financial Institutions Fund is once again on the chopping block. The Trump administration’s budget for 2020 would eliminate funds for the grants, which are used to encourage investment in low- and moderate-income areas deemed underserved and lacking access to traditional financing. President Trump’s 2018 and 2019 budgets also called for no funding for grants, but that was beaten back by lawmakers. Why are these grants valuable? Here’s how six credit unions of diverse size and membership are using their CDFI designation and grants in ways they chose to fit their purpose and mission.

Read: 6 Ways Credit Unions Use CDFI Grants

194

Total assets at credit unions reached a record high of $1.5 trillion at year-end despite a drop in the number of institutions. Across 2018, there were 194 credit union mergers, with assets merged totaling nearly $5.5 billion. What else do you need to know?

Read: Credit Union Mergers In 2018

1923

An enduring logo for the credit union movement needs modernized. The iconic The Little Man Under the Umbrella logo was created in 1923 by Boston Globe cartoonist Joe Stern at the request of credit union pioneer Roy Bergengren to serve as a symbol for the average man, besieged by financial difficulties. Today, however, that average is probably a woman of color. Credit unions need to grasp that reality, determine how different groups relate to the financial cooperatives’ products and services, and respond accordingly.

Read: Diversity And Inclusion: Recurring Themes At GAC

Happy Reading!

March 18, 2019

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