OnApproach (www.onapproach.com), the leading provider of data/analytics solutions for credit unions, is excited to announce that it has entered into a strategic partnership with Argus, a leading provider of intelligence, decision support solutions, and advisory services to financial institutions across the globe, to improve access to a comprehensive CECL solution for credit unions.
“We’re very excited to align with OnApproach to provide our comprehensive CECL/ALLL solution to credit unions via the CU Analytics Platform,” said Sunny Malhi, Head of Cloud Business, Argus. “We’ll work collaboratively with the financial institutions on their journey to navigate this new mandate, especially as guidelines and best practices continue to evolve. We’re confident that our knowledge-led approach, coupled with the robust solution, will enable financial institutions to focus more on their business while managing the CECL challenge effectively.”
Due to the changing regulatory requirements, credit unions are forced to adapt their business models and look to their member data to properly answer questions and perform predictive analytics. Argus provides a pre-packaged cloud-based analytical solution which covers all aspects of loss provisioning, stress testing, and portfolio analytics. By integrating with OnApproach’s CU Analytics Platform, credit unions can seamlessly implement the CECL solution, and ensure their standardized and pre-cleansed data provides valuable outputs that the credit union can utilize to improve credit loss forecasting significantly.
“The new CECL regulations provide a unique challenge for credit unions. We are happy to be working with Argus to provide credit unions of all sizes with the tools and skills needed to face these challenges and create a data-driven culture. Our CUSO’s mission to transform the credit union movement is accelerated through partners such as Argus, who help to turn credit union member data into valuable and actionable information to drive decisions,” stated Paul Ablack, CEO, OnApproach.