SEATTLE — Stakana Analytics has launched the Member Retention Project, which it says is an affordable solution designed to help credit unions of all sizes keep from losing existing members through the use of cutting edge predictive analytics.
The business intelligence firm said it is now seeking 20 credit union participants for the project that will launch in September and run through January, 2016.
“Membership growth among all credit unions has risen to the top as a critical concern as they struggle to to stay competitive with big banks,” said the company in a release. “Yet the NCUA reported a median growth rate of 0.4% within the first quarter of 2015. The majority of credit unions show stagnant or negative growth, which is part of an ongoing and troubling trend.”
Stakana said the Member Retention Project incorporates mathematical tools that analyze a credit union’s member data to predict which members might close accounts, when and why. This information will enable the financial institution to focus their retention efforts more aggressively and with greater precision, the company said. “The approach is powerful and requires analytics tools and expertise typically unattainable for smaller credit unions, and often many of the largest ones, as well,” Stakana added.
The current project is an extension of a program started with Verity Credit Union in Seattle. Stakana’s immediate objective is to expand its analytical database of banking behaviors among a wider range of credit union members. This fivemonth program will provide participants with a detailed report regarding member behavior patterns with enough time to execute a course of action for each financial institution.
The application deadline is September 18. More details can be found at s takana.com/retention.