Houston Based Federal Credit Union Unlocks Their Core Banking to Drive Real-time Insights, Deposit Growth & Member Engagement
This Houston Credit Union's Strategic Approach Secured $1 Million in Deposits and Drove $700,000 in Portfolio Growth
Headquartered in Houston, Texas, this Credit Union oversees a substantial asset portfolio exceeding $1 billion. During an ongoing merger aimed at streamlining their core platform, their Chief Data Officer (CDO) recognized a unique opening for real-time member engagement. One illustrative success story involves Cinchy’s collaboration with the Credit Union to identify a member who transferred $1 million from their Certificate of Deposit (CD) to their Money Market account, preparing to move these funds to a financial brokerage firm.
By promptly identifying this member and facilitating a personal outreach from their branch staff, the Credit Union was able to engage in a thoughtful conversation. This conversation not only succeeded in retaining the $1 million in deposits but also led to the growth of an additional $700,000 in their deposit portfolio. This demonstrates the power of leveraging real-time member engagement to enhance financial outcomes.
Navigating the Real-Time Data Dilemma in Credit Unions
Prior to implementing Cinchy, our Houston based Credit Union faced challenges similar to those of their peers, where the absence of real-time data not only results in reactive conversations but also places Credit Unions at a disadvantage in a fiercely competitive landscape, where adaptability and responsiveness are paramount for success.
Lack of Real-Time Data
Decision-makers relied on outdated information due to traditional batch-style data access, hampering their ability to make timely and accurate decisions, and leading to suboptimal outcomes and missed opportunities.
Branch staff used on overnight reporting for determining conversations with members. By the time branch staff reached out about recent deposits, funds may have already departed the credit union, making deposit retention more challenging.
Struggle to Adapt
In order to maintain their competitive edge, the Credit Union needed access to real-time data to increase responsiveness and adaptability in identifying trends, opportunities, and issues as they emerge.
Revolutionizing Decision-Making with Real-Time Data
With Cinchy's innovative solutions, the Credit Union not only transitioned seamlessly from batch processing to real-time experiences but also embraced a liberation first approach. This strategic shift not only unlocked their core data but also positioned the organization for future data reuse and alignment with the CUFX model. With Cinchy, the Credit Union gained newfound ability to glean insights for product improvements, targeted marketing initiatives, and enhanced member personalization.
From Batch Processes to Real-time
Cinchy transitioned the Credit Union from batch processing to a seamless real-time experience without affecting their core banking platform. This shift empowered real-time insights to facilitate daily decision-making that has a broad impact on their entire business.
Liberation First Approach
By unlocking their core data, Cinchy positioned the Credit Union for future data reuse, alignment with the CUFX model, and the potential for insights encompassing product improvements, marketing initiatives, and deeper member personalization.
The Credit Union considered a $5 daily dividend increase when the Federal Reserve raised interest rates. However, due to new unlocked access, the Credit Union was able to reveal it wouldn't benefit members, saving the Credit Union $180,000 annually.
Realizing 20X Returns: Swift Data Liberation Fuels Credit Union's Breakthroughs in Real-Time Decision-Making
As Corelation's partner, Cinchy's data liberator enabled delivery to a full business outcome in just 6 weeks. The impact was swift and substantial, with the credit union experiencing a transformative shift towards real-time data-driven decision-making, ultimately realizing a remarkable 20-fold return on the platform cost.
in retained deposits from a single member
in new deposit growth through a single transaction
payback on the platform from a single decision
The tangible results of this implementation were extraordinary, underscoring the effectiveness of the real-time approach. Notably, the credit union successfully retained $1 million in deposits from a single member, while simultaneously fostering $700,000 in new deposit growth through a single transaction. Daily incentive sales plans, propelled by data-driven decision-making, led to heightened sales achievements against monthly KPIs, elevating the overall performance of the Credit Union. Furthermore, the adoption of real-time data provided deeper insights into industry trends compared to the credit union's overall performance, thereby enhancing Asset Liability Committee (ALCO) decisioning.
Key metrics from this implementation include not only the financial gains but also the elimination of batch processing barriers, enabling the credit union to make prompt and positive business decisions. The real-time data infusion facilitated deposit growth, personalized member experiences, streamlined reporting processes, and crucially shifted the organizational focus from reactive to proactive conversations. The liberation of data not only prepares the organization for future data reuse and seamless transitions to newer platforms, but also proved to be financially lucrative, with the platform achieving a remarkable 20X payback on a single decision.
See Data Collaboration in Action!
Connected data without the effort, time, and cost of traditional data integration.