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CU Rise Blog
As Millennials (aged between 23 to 38) surpass Baby Boomers as the largest adult generation, they have become an increasingly important and sought-after demographic – particularly by credit unions that face aging membership. But, connecting and engaging with this diverse age group presents a different set of challenges.
Credit unions that want to cultivate a valuable, growing membership base for years to come need a new set of tools. Analytics can help credit unions decipher the financial needs of Millennials and offer relevant and rewarding products and services.
In this webinar, we’ll cover:
Karan has two decades of financial services and data analytics experience, having worked and consulted for leading corporations such as Capital One, AmEx, BT and Fannie Mae. He now uses this experience to level the playing field for small and mid-size financial institutions. He is a regular presenter at industry events that include CULytics, Co-op’s Summit, Predictive Analytics World, Western Independent Bankers, NWCUA, and CCUL’s Reach among others.
He has MIS and Accounting degrees from Virginia Tech and an MBA in Finance from the University of Maryland. When he’s not at work, Karan can often be found outdoors spending time with his sons.
The webinar includes:
In today’s world where the data is available in abundance resorting to analytics has become a necessity for credit unions. Most of them are doing some or other kind of analytics however the success of these efforts is determined by the process followed from analytics to actions. Given the complexities of data world it is also the time to adopt something more powerful like predictive models to lead our actions.
Volume of data has been increasing exponentially at credit unions and data science is being used to make strategic sense of this data. Dashboards are being used to understand what the data is suggesting. This webinar unlocks the power of visualization in data science and helps you learn how to implement the optimum visualization tools at your organization.
Yes, you read it correctly, Analytics is not the future, it has already become an integrated part of everything that we do today. Finance and banking are all about numbers and there is a great opportunity to convert these numbers into actionable insights. Sophisticated models with business knowledge are transforming this industry. Are you analytics ready? Register now and learn how analytics can sustain your competitive edge.
Did you know you can instill loyalty as soon as members join the credit union?
Implementing an effective, seamless and automated “Member Onboarding Engine” is a key element to developing a long-time loyal member. A well-onboarded member has shown much better performance and loyalty than others.
We have observed that most credit unions have a traditional and fragmented onboarding process. However, the process’s full potential can only be realized when it is structured, data-driven and tracked. As credit unions strive to innovate, they need to cover and capture all the aspects of the member life cycle with the right technology while leveraging available data analytics.
Please join CU Rise and OnApproach (now a part of Trellance) to walk through the automated and machine learning-backed cutting edge onboarding solution for OnApproach M360 Enterprise.
During the webinar, you’ll learn:
Rapidly increasing loan-to-share ratios mean credit unions need ways to drive deposit growth in a competitive marketplace. Like other banking institutions, credit unions are looking to new feature-packed products to attract new customers, keep current members happy, and remain competitive. Creating attractive new products is a must – but a strategic execution is equally as important.
CU Rise Analytics has conducted extensive product analysis around deposit accounts. From insights gained through our research, we offer credit unions a strategic approach to implementing new checking products while retaining existing account holders.
In this webinar, we’ll examine:
CU Rise analyzed the five Friday months in 2018 vs. rest of the months. The average spend during these months was found higher than other months. Even further, CU Rise conducted a deep analysis of the merchant-level spending for each of the “five-Friday” months to better understand spending behaviors.
The goal of this white paper is to explore the opportunity that the current auto loan market presents to Credit Unions. It provides an overview of how the Federal Reserve controls interest rates based on macroeconomic factors like unemployment, inflation, gross domestic product and public debt. Further it branches public debt into different types of debt focusing on auto loans. In Q1 2018, Credit Unions have been found holding 21.3% of auto loan market share based on a total number of auto loans and stood third next to Captive Auto. Interestingly, in terms of auto loan balances, they occupied the second place next to banks with $319 billion.
The average interest rate offered for a new car by Credit Unions was also found to be 1% lower than the overall auto loan market rate, which partially explains the rising foothold of Credit Unions. Consumers are more than ever considering Credit Unions as their preferred way of financing auto loans. This opportunity presents the right time for Credit Unions to resort to more advanced and newer ways to help their members by powering analytics and data science to price their auto loans to the traditional risk based pricing. Credit Unions need better methods to provide themselves with an optimal analysis of borrowers reducing delinquencies and charge offs and at the same time enabling them to offer their borrowers the most competitive rates.
Tom Davis is the visionary and driving force behind Trellance. With more than 25 years of progressively responsible leadership roles with companies in payments, IT, and software design, Tom has amassed impressive knowledge, insights, and experience into the specialized needs of credit unions.
Prior to being named President & CEO of Trellance, Tom was Sr. VP of Finance and Technology for Trellance where he earned an admirable reputation as a passionate proponent of innovation and technology for credit unions. A respected subject-matter expert in finance, technology, payments, and strategic planning, Tom is skilled at simplifying the complexity involved with the many new technologies that impact credit unions today in the future.
Tom earned his M.B.A. from the University of South Florida where he graduated with honors and became a member of the Phi Kappa Phi honors fraternity. He received his undergraduate degree in accounting and finance from Missouri State University.
Patrick Miller, CEO of CBC Federal Credit Union, joined CBC in July 2012, and immediately installed CBC’s current Core Values – “Make it Right, Make it Easy, and Make it Personal”, which have evolved into CBC’s brand promise. Results have been overwhelmingly positive, with consumer loans up 450%, membership almost doubled, all with the same staffing levels. Prior to CBC Patrick was a VP at Navy Federal Credit Union; where he served eight years establishing their broker-dealer and RIA, and oversaw 73 branches. The depth of his experience in financial services and credit unions extend even prior to that to his time spent at the Colorado Credit Union League, SELCO Community Credit Union in Eugene, Oregon and CUNA Mutual Group.
Nick is the President of The Veridian Group (TVG), a wholly owned CUSO holding company of Veridian Credit Union, a $3.75B Iowa based institution based. Nick serves or has served on the boards of all of the CUSOs where TVG has an ownership stake. He has experience in insurance, payroll services, commercial lending, digital payments, credit cards, marketing, a data analytics platform, a mobile wallet and venture capital. Nick also represents Veridian Credit Union on the Investment Committee of Next Level Ventures, Iowa’s first approved Innovation Tax Credit venture capital fund where he supported investment in 12 Iowa based start-up companies by putting over $26MM dollars of capital to work over the past five years.
Nick’s professional experience includes 19 years at a Medical/Dental marketing company starting in sales and rising through the ranks to VP of Marketing and Owner/President of Porta Vet, a manufacturer of products for the large animal veterinary market. He has been at The Veridian Group, Inc. for almost 9 years.
Nick holds a BA in Finance from the University of Northern Iowa in Cedar Falls where he resides with his wife today.
Suchit, COO of CU Rise Analytics, has worked for credit unions and banks supporting their strategy and analytics initiatives for more than a decade. In his current role, he is responsible for developing teams, serving our clients and expanding CU Rise’s data science and technology capabilities. He has led large teams of analysts and technology professionals supporting over 40 credit unions simultaneously. He employs statistics, big data analytics, machine Learning and strong business acumen to devise plans and strategies to help his clients. Suchit has consistently built and executed successful projects in lending, deposit and membership growth for both credit unions and banks. Over his career he has helped design and launch new credit card and checking products, rolled out successful market expansion strategies and developed Business Intelligence suites. Suchit takes a lot of pride in working with credit unions and strongly believes in the Credit Union movement. Suchit holds MBA in Marketing and Masters in Statistics from India. Suchit is an avid reader.
Bert is the President & CEO of Our Community Credit Union (OCCU) based in Shelton, Washington. OCCU is a state-chartered community credit union with $370 million in assets, 8 branches in 4 counties in Washington. Bert joined OCCU in December of 2005 as COO and settled into his current role in January of 2011.
Prior to coming to OCCU, Bert held positions in the private sector where he was either heavily involved in or responsible for operational P/L management. He spent over 20 years in the Wood Products Industry in a variety of capacities (Champion International, MacMillan Bloedel, Weyerhaeuser) where he worked across the various businesses functions. Bert holds a B.S. in Forestry & Timber Management from the University of Montana along with a Minor in Business.
Personal statement: I am a firm believer that “the magic is in the people”, if you take the time to understand the people you will find the magic and be successful.