Community Credit Union of Florida Integrates Third Party Data and Streamlines Reporting to Power Performance and Business Goals
Community Credit Union of Florida (CCUF) is a not-for-profit financial institution in Florida that serves everyone in Brevard, Indian River, Orange, Osceola, Polk and Volusia counties. CCUF has a Five-Star Superior Rating, the highest ranking awarded by Bauer Financial, Inc.
When CCUF transitioned to Jack Henry’s Symitar core system they lost the ability to deliver some critical reports to their business users. The organization had a shared vision for the future and knew they needed one source of data to help them achieve it. After attempting the project on their own, they soon realized they needed help integrating third-party data into their Advanced Reporting for Credit Unions (ARCU) data warehouse, as well as report automation and analysis.
DEFINING THE NEEDS AND THE GOALS
Every year CCUF goes through a strategic planning process. They establish overall business goals, as well as sales goals and measurement criteria. From a tactical standpoint, they needed access to the data to analyze sales team vs. branch performance and develop executive management and board loan and product sales reports to help improve their coaching and accountability. Through automated reporting, CCUF could save an estimated 12 hours or more per month that could be reallocated.
Due to the need for tracking performance vs. goals, the performance results would also have to be modeled in accordance with CCUF’s business objectives. The solution needed to be flexible and dynamic in order to account for changes in staff or goals over time.
THE SOLUTION TO GREATER DATA ACCESS AND ANALYTICS
To find the help they needed with the project, CCUF called Jack Henry who gave them a referral to CFS Insight (CFS).
Notes Margaret Hasenbeck, vice president of accounting & finance at CCUF, “We wanted someone who could not only give us a process to get the data into the system properly but also have the expertise so we would have the best use of the data later.”
Through an abbreviated business intelligence discovery process, CFS and CCUF worked together to identify ways to streamline the reporting needed and define a new and improved method for delivering information on an automated basis. “They identified all of the challenges we were facing. We talked back and forth and CFS checked with us to make sure they were on track,” said Hasenbeck. “We were in constant communication.”
CFS proposed that they utilize the data from its Mortgage (FICS), Credit Card (FIS) and Loan Origination (Meridian Link) data connectors along with integrating and restructuring the goals for product and member sales into ARCU. The solution also included professional services to model the data to view the results based on a sales view and a traditional branch view, as well as custom report development of the sales and scorecard reports.
The project was not without its challenges but Hasenbeck says, “There really were no unforeseen obstacles. CFS guided us so that we avoided any problems.”
THE RESULTS: PERFORMANCE METRICS, PROFITABILITY MEASUREMENT AND FORECASTING TOOLS
CCUF is now able to look at the entire organization via data all in one place and in a consistent way. The results of this initiative allow them to:
- Know how staff is performing against goals
- Do a profitability analysis on loans
- Analyze pricing vs. demand
- Better forecast delinquency rates
- Position the credit union for future improvements
Reports Hasenbeck, “We have been able to gain 25 basis points on new loans due to the ability to analyze profitability. We now are evolving our Business Intelligence Unit and have the profitability measurements and forecasting tools, but we don’t do behavioral analytics. That’s our next step and we are talking to CFS to help us get to the next level with CU Analytics.”