Information Builders Case Studies Sound Credit Union Improves Member Service With Self-Service Analytics

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	Sound Credit Union Improves Member Service With Self-Service Analytics Information Builders

Sound Credit Union Improves Member Service With Self-Service Analytics

Information Builders

Technology Category	Analytics & Modeling - Predictive Analytics Analytics & Modeling - Real Time Analytics
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Sales & Marketing
Use Cases	Predictive Quality Analytics Supply Chain Visibility
Services	Data Science Services System Integration
Challenge	Sound Credit Union was facing a challenge of lack of visibility into member data. This made it difficult for the employees to answer member questions and take action on their behalf. They could not easily combine data from diverse sources to achieve a cohesive, 360-degree view of member activities. The organization was bogged down with too much manual work and too many assumptions based on incomplete data. For instance, they knew they needed more deposits, but they couldn’t decipher the trend in their checking accounts, savings, money market accounts, CDs, and other deposit vehicles. They needed an executive dashboard and solid analytics to give them answers. Read More
About Customer	Sound Credit Union is one of Washington state’s largest credit unions. Founded in 1940, it has 29 full-service branch locations throughout the Puget Sound area. The credit union provides its nearly 120,000 members with authentic and trusted financial support and services. Sound Credit Union is committed to providing its members with the best possible service, and to do so, it needs to have a comprehensive understanding of its members' activities. However, the organization was facing challenges in gaining visibility into member data, which was hindering its ability to effectively answer member questions and take action on their behalf. Read More
Solution	Sound Credit Union decided to create an analytics portal and associated data mart that provides a well-rounded picture of the entire member base, including segments of members, individual members, and trends in activity. They chose Information Builders’ WebFOCUS because it allowed them to develop several different portals, and they can review the data through a variety of screens, reports, and visualizations without having to write code. WebFOCUS had a comprehensive data management layer for integrating and cleansing the data. They created an analytical data mart comprising three portals: Branch Metrics, Credit Union Insights, and Lending Metrics. They also wrote extract, transform, and load (ETL) scripts to pull nightly data extracts from multiple source systems. This data now resides in a consolidated data warehouse that forms the basis for the credit union’s growing knowledge about member behavior, with details about deposits, withdrawals, transfers, credit card payments, loan payments, checking and savings balances, payment histories, and more. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Analytics & Modeling - Real Time Analytics

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Sales & Marketing

Use Cases

Predictive Quality Analytics

Supply Chain Visibility

Services

Data Science Services

System Integration

Challenge

Sound Credit Union was facing a challenge of lack of visibility into member data. This made it difficult for the employees to answer member questions and take action on their behalf. They could not easily combine data from diverse sources to achieve a cohesive, 360-degree view of member activities. The organization was bogged down with too much manual work and too many assumptions based on incomplete data. For instance, they knew they needed more deposits, but they couldn’t decipher the trend in their checking accounts, savings, money market accounts, CDs, and other deposit vehicles. They needed an executive dashboard and solid analytics to give them answers.

About Customer

Sound Credit Union is one of Washington state’s largest credit unions. Founded in 1940, it has 29 full-service branch locations throughout the Puget Sound area. The credit union provides its nearly 120,000 members with authentic and trusted financial support and services. Sound Credit Union is committed to providing its members with the best possible service, and to do so, it needs to have a comprehensive understanding of its members' activities. However, the organization was facing challenges in gaining visibility into member data, which was hindering its ability to effectively answer member questions and take action on their behalf.

Solution

Sound Credit Union decided to create an analytics portal and associated data mart that provides a well-rounded picture of the entire member base, including segments of members, individual members, and trends in activity. They chose Information Builders’ WebFOCUS because it allowed them to develop several different portals, and they can review the data through a variety of screens, reports, and visualizations without having to write code. WebFOCUS had a comprehensive data management layer for integrating and cleansing the data. They created an analytical data mart comprising three portals: Branch Metrics, Credit Union Insights, and Lending Metrics. They also wrote extract, transform, and load (ETL) scripts to pull nightly data extracts from multiple source systems. This data now resides in a consolidated data warehouse that forms the basis for the credit union’s growing knowledge about member behavior, with details about deposits, withdrawals, transfers, credit card payments, loan payments, checking and savings balances, payment histories, and more.

Impact #1	Business-level analytics allow Sound to supply better service, offer targeted products, increase deposits, and minimize loan delinquencies.
Impact #2	The analytical data mart has enabled a new attitude of self-service, both at headquarters and within Sound’s 29 branches. Business leaders and operations leaders can answer data-dependent questions without assistance from report writers, analysts, or the IT team.
Impact #3	The Executive View dashboard provides a real-time view of key credit union metrics, such as loan-to-share ratio, annual share growth, annual loan growth, and share balance by product or loan type.

Impact #1

Business-level analytics allow Sound to supply better service, offer targeted products, increase deposits, and minimize loan delinquencies.

Impact #2

The analytical data mart has enabled a new attitude of self-service, both at headquarters and within Sound’s 29 branches. Business leaders and operations leaders can answer data-dependent questions without assistance from report writers, analysts, or the IT team.

Impact #3

The Executive View dashboard provides a real-time view of key credit union metrics, such as loan-to-share ratio, annual share growth, annual loan growth, and share balance by product or loan type.

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Overview

Sound Credit Union Improves Member Service With Self-Service Analytics

Operational Impact