Leveraging an analysis tool
New functionality ignites data-based optimization at Vermont State ECU.
As credit unions implement digital platforms, the amount of organizational and member data collected inevitably grows. But sometimes it takes the discovery of a new tool to ignite analysis and results based on that data.
That’s happening at $767 million Vermont State Employees Credit Union, Montpelier. The tool in question, familiar to many CUs, is Datawatch’s Monarch, which Vermont State ECU is deploying in Q3 to turn ACH and check-clearing data into reports that show who their members are paying, reports Kasey Furness, VP/accounting. It could, for example, highlight a member who is using Chase for a credit card and alert CU staff to counter with a card offer from the credit union, she explains.
Vermont State ECU started subscribing to Monarch in 2004 but realized its potential for rewarding data analysis in 2016, notes Katherine Cummings, senior accountant and senior system accounting analyst.
“Once we woke up to that potential, we signed up for online training and started going full force. It can take ACH files, core system data and Fed data and show us just whom our members are paying. We can export any type of file to Monarch. We’re using it aggressively in accounting and spreading the word to other departments. This will allow us to work with sales and marketing to help them use data analysis to shape informed campaigns.”
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