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CU Snapshot

 Mar '18Feb '18
# of CUs5,5965,757
Members
(millions)
114.9114.4
Total Assets
($ billions)
$1,459.9$1,428.7
Total Savings
($ billions)
$1,228.8$1,199.3
Net Cap.
Assets
10.4%10.5%
Loans to Savings81.5%82.6%
Loan Delinq.0.8%0.9%

         Credit Union Indicators

What drives a successful data strategy?

Identify the data that improves business decisions, says Credit Union of America CFO Paul Meissner.

Paul Meissner, chief financial officer (CFO) at $766 million asset Credit Union of America in Wichita, Kan., recently received the CUNA CFO Council's 2017 CFO Professional of the Year award.

In an interview with Credit Union Magazine, he offers his insights on data strategy.

"Start from the viewpoint that it doesn't always have to be big, complicated data to drive decisions and improvements.

It's more a process of identifying what kind of information would be helpful to a business decision or management process. Then you figure out what data you can access and what tools are available to help the analysis.

A key is asking good questions that data can answer. That's what led me in the mid-1990s to assemble an Access database to start collecting charge-off data by loan type, credit score range, and loan officer.

We used it to begin some preliminary analysis of losses and, perhaps as valuable, it helped us see how a more robust platform could be even more useful. We've been on a third-party loan analytics platform since 2010, so we have some good accumulated data on loan losses which we're bringing into our loan pricing model, as well as our product profitability data.

We just keep leveraging the value of our data and keep setting our sights higher."