Last updated: July 28th, 2020
Long before the coronavirus outbreak, organizations had been striving to support their business goals by mining untapped data value. It’s no wonder that the public health and economic challenges created by COVID-19 are spurring impressive innovation in data and analytics. For one shining example, look no further than what Sound Credit Union (Sound) has accomplished in just one day.
What Did Sound Create and How Did They Build It So Fast?
Sound leveraged the Analytical Data Mart System (ADMS) from Information Builders to build a set of 21 dashboards and reports analyzing the financial impact of COVID-19 on its members – in just a matter of hours. The new reporting package identifies members who the company can help with the financial consequences of the coronavirus pandemic.
Sound’s COVID-19 Challenge
Washington State was the first, and one of the hardest hit areas as COVID-19 began its sweep through the U.S. The human toll has been incalculable, and the effects beyond that – such as financial wellness – are also extremely unsettling to many people. Sound Credit Union, one of the top credit unions in Washington, took steps to help its members deal with the financial ramifications of this crisis, a natural offshoot of its ongoing commitment to serve them.
With development efforts driven by CFO Troy Garry, and powered by the Information Builders analytics platform, Sound is using data and analytics to accelerate efforts to support its members, and better understand the effects of the COVID-19 outbreak. As a result, Sound produced a collection of integrated dashboards, data visualizations, and reports that provide visibility into the ongoing impact of COVID-19 to measure member behaviors, transactions, and corresponding needs. These insights empower executives, business unit managers, and business intelligence (BI) analysts to identify and reach out to members who they can assist with programs targeted to help them.
Sound supports members, in particular, who are suffering income disruptions and unexpected medical or child care expenses. The reports enable them to pinpoint individual financial needs and reach out to members with loans and other timely financial products. Sound can also work with members remotely to reduce their exposure to public places or to self-quarantine.
The Tech Behind Sound’s Achievement
Information Builders Analytical Data Mart System for Unions provides actionable business insights designed exclusively for credit unions to drive strategic growth, member engagement, and cost efficiency across finance, operations, lending, and marketing. The Sound team developed the new reporting package using ADMS to help them work against COVID-19’s financial impact. Through data-driven findings regarding changing spending, incoming deposits, and unemployment benefits information, they can offer skip-a-pay, loan forgiveness, and fee-waiving efforts. ADMS’s ease of use enabled Sound to move quickly to support its members in real time.
“We’ve already started using the new reporting package to get insight into how falling rates could prompt mortgage refinances and how extended social isolation will reduce credit and debit card spending,” said Garry. “In the past, it would have taken a team of analysts to pull all this information together. Now it’s all at their fingertips.”
In partnership with Sound, Information Builders is offering the new COVID-19 Reporting Package for Credit Unions. You can learn how more about how Sound harnessed the power of its data and analytics to better serve its members during the current pandemic in an on-demand webinar, “Using Operational Analytics to Mitigate the Impact of COVID-19.”