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CU Snapshot

 September '18August '18
# of CUs5,6535,686
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings85.5%84.5%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

Do Better Business With Data

More CUs are using business intelligence to thrive.

The future of the credit union movement might lie in a business intelligence unit, which credit unions increasingly use to serve their members more efficiently.

In Oregon Community Credit Union's case, using data allowed the Eugene, Ore., credit union to roll out products that have a cost-per-acquisition far less than industry standards. For example, one credit card mailing targeted to likely candidates resulted in a cost-per-acquisition of roughly $67, compared with triple digits previously.

This enhanced focus on groups within a membership is helping credit unions finely tailor their products and services, and find the group most likely to need them.

"Once you start analyzing this data, you start finding meaningful patterns," says Casey Foltz, Oregon Community's business intelligence manager. "Soon you start to see things about different segments of our membership: the profit/loss information for a certain household, the amount of engagement a group has with the credit union, or even segments that aren't interested in an IRA, but maybe a student loan or a home equity line of credit. Then we can turn to marketing to see what the groups are most likely to need or want."

Affinity Plus Federal Credit Union in St. Paul, Minn., has also used data to better serve members. The credit union identified and reached out to 1,400 members who would be well served with a mortgage refinance.

"The members who responded saved more than $2.6 million and those efforts brought in just shy of $30 million in new loans to our credit union," says Dave Larson, president/CEO at Affinity Plus.

Of that target group of 1,400, 200 members responded—a rate that Larson says is unlike anything he's seen in his 14 years at the credit union.

"We got this amazing response rate by targeting a smaller group—not by spending a lot to promote our brand through TV or billboard advertisements, but through our credit union's hard work so that our members know exactly who we are," Larson says.