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CU Rise Analytics Takes Home People's Choice Award at AXFI Killer Fintech Speed Rounds

Posted on June 13, 2019 at 10:05 AM



Vienna, VA – June 13, 2019 – CU Rise Analytics was recognized with the People’s Choice Award during the Killer Fintech Speed Rounds at the 2019 AXFI (Analytics and Financial Innovation) Conference in Minneapolis earlier this week.


CU Rise CEO Karan Bhalla and COO Suchit Shah presented its Predictive Model Suite, which gives credit unions access to the latest in powerful predictive analytics technology. The Predictive Model Suite uses machine learning to analyze member data and more accurately predict future behavior around member contribution, attrition, engagement, and cross-sell opportunities.


The Killer Fintech Speed Rounds highlight technology and innovation that is changing the world of credit union financial services. CU Rise was selected to give a fast-paced, seven-minute-maximum presentation, followed by questions from industry experts. Conference attendees then voted for their favorite fintech to determine the People’s Choice award winner.


Currently, the Predictive Model Suite includes a set of ready-to-use models, with the option to custom-build additional models around a credit union’s specific needs. The suite synthesizes a multitude of factors drawn from members’ demographics details, behavioral traits, transactional history and relationship with credit union to generate easily-actionable intelligence, reports and lists.


Because of the overwhelmingly positive response, CU Rise Analytics continues to add more modules to the Predictive Model Suite. The Predictive Model Suite is also available as a subscription-based service through CU Rise Analytics’ partner Trellance (formerly OnApproach) M360 Enterprise, which enables credit unions to integrate all of their data into a single source of truth.


CU Rise Analytics Selected for AXFI Killer Fintech Speed Rounds

Posted on May 30, 2019 at 8:15 AM

Vienna, VA – May 31, 2019 – CU Rise Analytics has been selected to participate in the Killer Fintech Speed Rounds during the 2019 AXFI (Analytics and Financial Innovation) Conference in Minneapolis on June 10. The speed rounds highlight technology and innovation that is changing the world of credit union financial services, and CU Rise is part of a small group of organizations invited to present their innovative offering following a competitive application process.


The speed rounds consist of fast-paced, seven-minute-maximum presentations, followed by questions from industry experts. CU Rise will be presenting its Predictive Model Suite, which gives credit unions access to the latest in powerful predictive analytics technology. The Predictive Model Suite uses artificial intelligence to analyze member data to more accurately predict future behavior around attrition, engagement, and cross-selling.


“Advanced data science methods like predictive analytics are no longer only the domain of the bigger institutions with the most resources,’ said CU Rise Analytics CEO Karan Bhalla. “As these powerful tools become more broadly accessible, credit unions are tapping into previously unseen insights from their own data for highly targeted, highly effective strategies.”


Currently, the Predictive Model Suite includes a set of ready-to-use models, with the option to custom-build additional models around a credit union’s specific needs. The suite synthesizes a multitude of factors drawn from members’ demographics details, behavioral traits, transactional history and relationship with credit union to generate easily-actionable intelligence, reports and lists.


Because of the overwhelmingly positive response, CU Rise Analytics continues to add more modules to the Predictive Model Suite. The Predictive Model Suite is also available as a subscription-based service through CU Rise Analytics’ partner Trellance (formerly OnApproach) M360 Enterprise, which enables credit unions to integrate all of their data into a single source of truth.


About CU Rise Analytics:

CU Rise Analytics is a global CUSO helping credit unions leverage the power of data to better understand their members. CU Rise identifies the ideal intersections of member need and business opportunity, and provides cost-effective, actionable, manageable solutions that create high-impact results. It is a value-driven resource for data science, strategic best practices, and advisory services. Learn more at www.cu-rise.com


Our Community Credit Union joins growing list of CU Rise Analytics clients to access powerful predictive models

Posted on May 2, 2019 at 12:45 AM

Today, credit unions operate in a landscape dramatically impacted by technology. Customer expectations are rapidly evolving, and deep analysis of the ever-growing amount of data is a crucial strategy for credit unions that want to understand members’ needs and behaviors, and proactively respond in targeted, effective ways.




Bert Fisher, CEO of OCCU was impressed with CU Rise’s ability to help them effectively target efforts with the most return. “CU Rise analyzed last year’s member attrition data in the Predictive Model Suite and revealed the ways we could have more narrowly focused our efforts. We immediately realized that this not only provides huge cost-savings, but we expect to get better results from more targeted efforts. This is a big step in our analytics evolution and we expect CU Rise to be a crucial partner at each step.”




Currently, the Predictive Model Suite includes a set of ready-to-use models along with the option to custom build additional models built around OCCU’s specific needs. The suite synthesizes a multitude of factors drawn from the members’ demographics details, behavioral traits, transactional history and relationship with credit union to generate easily-actionable intelligence, reports and lists.


This article was originally purblished on CU Insight.

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Three Ways for Credit Unions to Overcome Decline in Deposit Growth

Posted on March 20, 2019 at 9:35 AM

Credit unions in the US have been witnessing a steady increase in membership since 2010. Average annual membership growth has been ~4% in the last 4 years. On the contrary, the deposit growth has shown a decline since Q3 of 2016. The deposit growth rate was recorded at 4.87% in Q3 of 2018 compared to 8.44% of Q3 of 2016.


Around 40% of the credit unions have reported a decline in deposits in 2018 which amounted to ~$3 billion on a YoY basis. Chartway credit union (Virginia) showed the highest decline ($120 million) in the deposits in 2018 whereas in 2017 Melrose credit union had the highest decline in deposits. To find more about declining deposits, refer to our article Are Credit Unions over-extended; Again? Impressive loan growth, Alarming deposit growth




Focusing on increasing deposits is essential for sustainable and profitable growth strategies. With increasing, Federal Funds rate in recent years, achieving adequate deposit growth is the best way to manage the rising cost of funds to attain the lending goals with a lower borrowing requirement.


It becomes more and more important to bring in funds/deposits organically with rising rates and delinquencies. For competitive lending, credit unions must find ways to generate new deposits and retain existing deposits. Here are a few ways that could help in growing deposits for credit unions.



1. Changing Deposit Product Proposition


Thinking of new and innovative products has become a need of an hour. Redesigning existing products with new features can also do the trick as it did for a California based credit union with $500M of asset size and 30k members. They launched a new checking product with a low monthly fee of $6-$8 and loaded it with a lot of money-saving benefits. The salient features being offered are:


  • Rebate on all debit card transactions
  • Fee Waiver offer
  • Increased dividend rates
  • Special money-saving offers for Loans and Share Certificate rates
  • Value-added benefits


Within 6 months of the product launch, it has created strong interests among members. Credit union saw 20% conversion from the basic no-fee checking account to this premium checking account. Below is the impact post the product launch on credit union’s portfolio -


  • Average beginning balance for new accounts acquired through new product increased by 50% compared to older checking product
  • The low monthly fees alone helped credit union earn an additional monthly income of ~$50K
  • Debit card transactions were up by 30%
  • Average monthly balances have doubled


2. Deepen your Branch network


Adding new branches helps credit unions to expand their operations in new markets and attract new households and members thereby adding to the deposits with CUs. However, it seems growing branches for most credit unions is not a priority. The number of branches held by all credit unions was 21,830 in Q3 of 2017 and 21,874 in Q3 of 2018. Only 44 new credit union branches were added in a year.


Bigger credit unions are getting bigger and smaller credit unions are either shutting down or getting merged into larger credit unions. The numbers in the table below clearly show the trend. The credit unions with more than 10 branches have increased from 4.42% in 2010 to 7.92% in 2018 however credit unions with only one branch and smaller operations are experiencing negative growth.




17% of the branches belong to top 100 credit unions. The deposit growth rate for Top 100 is 7.34%, which is 1.5 times more than the national average.



3. Competitive Marketing Offers


Thinking through exciting marketing offers and offering them to the right members can accomplish a big win for credit unions. When a right offer is extended to the right member, it can entice the member to act and avail it thereby improving deposit balances with credit unions.These offers can be made in a variety of ways such as an introductory offer to new members where a joining bonus is awarded on a certain $s in deposits or a product bundling offer like one getting a fee waiver on credit card for on opening a checking account. Here credit unions can understand their members’ lifecycle, demographics, and transactional behavior to find the next best product for them. Identifying and forecasting a need for a deposit product at the right time for the member can help credit unions grow their balances.


Currently, many of the credit unions are introducing referral programs for member growth. On average, cost-per-acquisition for a member is around $100-$120 per new deposit account. Referral program often offers a cash benefit of $50 for referring and $50 for new member account opening, which is easier. Many of the credit unions have seen a positive impact on membership and deposit account growth using such referral programs.


Another way to keep their deposit balances from diminishing is to stop the members who are likely to leave the credit union. Sophisticated Attrition Models like the ones build by CU Rise can help credit union predict member attrition 11 times better than traditional methods. Re-engagement offers like providing free financial advisory services or monetary incentives on reactivation of their cards can go a long way in reviving relationships with lost members.


CU Rise Analytics welcomes two senior members to its growing team

Posted on January 31, 2019 at 4:05 AM


CU Rise Analytics was started in 2018 with a sole mission to help credit unions leverage the power of data to better understand, serve, and support their members in the most effective manner. It started last year with just two people and now grown to 30+ employees across India and the United States.




CU Rise is a value-driven, one-stop shop for not only credit unions’ detailed data analytics initiatives but also for best practices and advisory services. CU Rise operations have grown with new credit unions joining every quarter and the launch of its innovative flagship analytics products - CPMS (Credit Union Predictive Modelling Suite) and Householding for the credit union industry, both are offered as an automated self-serve solution to all OnApproach M360 clients.

 


 

To keep up with the growing requirements, CU Rise Management decided to hire Brian Reed and Neetu Saraf to lead BI and Analytics department respectively. CU Rise is excited to capitalize on Brian’s 20+ years of technology experience across industries and credit unions specifically. Karan Bhalla, CEO of CU Rise mentioned “Brian’s leadership and ability to drive large projects was instrumental in implementing and driving Business Intelligence function at 1st United FCU based in Pleasanton, CA. We expect our clients to benefit from Brian’s experience and achieve excellent results.”


 


Suchit Shah, COO of CU Rise says “Dr. Neetu Saraf holds 10 years of data analytics experience in the financial industry which makes her an apt choice to lead analytics engagements with our clients.” CU Rise team is confident that Brian and Neetu’s leadership and experience will help empower their clients and partners with forward-looking analytics strategies, products, and insights. She will be instrumental in translating client's requirement and delivery for our Analytics delivery"



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