MADISON, Wis. – CUNA Mutual AdvantEdge Analytics has launched what it said is its next-generation data management solution that integrates with non-traditional data sources to help credit unions strengthen data access, analysis and insights.
“Among the first for the industry, AdvantEdge Analytics’ data management solution incorporates a hybrid data warehouse with a new data lake, enabling credit unions to combine and mine data insights from both traditional structured as well as non-structured data sources like social media, personas, segmentations and voice-to-text,” the company said.
AdvantEdge Analytics said the combination allows credit unions to build a more comprehensive, integrated 360-degree view of their members, channels, and products.
“An enormous amount of data is available from non-traditional sources that should be part of a credit union’s data strategy - it is critical for credit unions to integrate this data to improve member insights. Not only will they know more about their members, but they can deliver better value and create new opportunities for their business,” said Tim Peterson, president, AdvantEdge Analytics. “Our newest solution will accelerate the credit union’s ability to be better positioned to meet members’ needs today and in the future.”
According to an AdvantEdge Analytics survey of more than 400 credit union executives, almost 73% of credit unions indicate most of their member data is not easily accessible, and approximately 28% believe fragmented data is the biggest barrier to successful analytics execution.
Through the new offering, AdvantEdge Analytics said it will provide faster retrieval of multi-dimensional data and improved reporting capabilities. The company said it also offers industry-specific Application Programming Interfaces (APIs) to help credit unions connect faster to data in both core and ancillary systems, such as mortgage or consumer loan origination systems (LOS). With this improved system for data access and flow, credit unions greatly expand their reporting and advanced analytic capabilities.
AdvantEdge Analytics said it provides an industry-leading integrated suite of software, analytics and business intelligence tools. As part of CUNA Mutual Group’s multi-year investment in innovation and data analytics, the company is focused on significantly expanding the scale of data to help credit unions gain stronger member intelligence, accelerate analytics adoption and strengthen market share.
For info: www.advantedgeanalytics.com.