MINNEAPOLIS, Minn. – OnApproach, a provider of big data and analytics for credit unions, said Potlatch No. 1 FCU in Lewiston, Idaho, has invested in the CUSO.
In addition to investing, P1FCU had also selected OnApproach as its big data/analytics provider in 2016.
“We at P1FCU are proud to be supporting OnApproach as they revolutionize the credit union industry. OnApproach’s robust integration platform makes it possible for us to take advantage of our data in ways that were previously impossible. We’d like to see the entire industry benefiting from the collaboration taking place on the OnApproach Data Platform to progress the industry as a whole,” said Chris Loseth, CEO, P1FCU.
In a statement the CUSO said the credit union industry is “facing massive changes with the potential to disrupt the financial services landscape as we know it. Big Data/Analytics is driving a new breed of analytic competitors (e.g. - Lending Clubs, Apple Pay, Rocket Mortgage, etc.) into what has been a very traditional marketplace. These new entrants are skimming the profitable transaction side of financial services and leaving the less profitable and highly regulated settlement side to the banks and credit unions. Credit unions need to be able to integrate and fully utilize data to continue to compete in this environment.”