This week, CreditUnions.com’s shows how to map member data during a merger, finds out that crunching numbers leads to surging loans, and learns why School’s Out forever.
Here are five can’t-miss data points:
Bob Moore has been through eight mergers in 11 years at Advia Credit Union. As the director of IT systems support, Moore is responsible for consolidating the core data that comes with each merger. That volume has helped this Michigan credit union develop best practices in mapping core data during a conversion.
Read more in How To Map Member Data During A Merger. ContentMiddleAd
Over the past few years, senior managers at Oregon Community Credit Union realized it was time to challenge some long-standing assumptions about auto lending. To test those assumptions, the credit union undertook a multi-department project that combined the art of relationship lending with the science of data analytics. The project found that FICO scores are a good predictor of risk. One assumption that didn’t pan out is that loan length is also a good predictor. Turns out, a 72-month loan is not riskier than a 60-month loan just by its length.
Read more in Crunching Numbers Leads To Surging Loans.
On January 1, 2018, Desert Schools Financial Credit Union became Desert Financial Credit Union. The credit union announced the name change to members in December 2017, went live with a public marketing campaign on Jan. 2, and made some noise on Feb. 4 with a Super Bowl commercial starring Alice Cooper. According to the credit union, for an investment of less than $1 million, the ad generated more than one million impressions.
Read more in School’s Out Forever.
Credit unions added 1.2 million net new members in the third quarter of 2017 and surpassed 111 million total members. Year-over-year, the number of credit union members grew 4.0% from 107.5 million as of Sept. 30, 2016, to 111.5 million as of Sept. 30, 2017.
Read more in Member Relationships By The Numbers.
Callahan’s Victoria Taylor closed on her first house five months ago. In the time since, she and her husband have slowly learned how to care for it fixing broken things themselves, shoveling snow, and more. Now that she’s had time to reflect on the process, what did she learn?
Read more in 1 Real Mortgage … 5 Months Later.