Sound Credit Union Reporting Package Helps Mitigate Impact of COVID-19
Built With ibi Analytical Data Mart System, Sound’s Set of 21 Dashboards and Reports Delivers Insights to Identify Member Financial Needs Caused by Pandemic
New York, NY
Information Builders, Inc. (ibi), the leading data and analytics company, today announced that Sound Credit Union has leveraged its Analytical Data Mart System (ADMS) to create a COVID-19 visualization and reporting package for credit unions. The reporting bundle provides Sound with insights and data analytics, identifying members they can help with the financial consequences of the coronavirus pandemic.
ibi launched the Analytical Data Mart System last year. It was engineered with ibi WebFOCUS BI and analytics solution to provide actionable business insights for credit unions. ibi’s powerful self-service analytics are designed exclusively for credit unions to drive strategic growth, member engagement, and cost efficiency across finance, operations, lending, and marketing.
Because of the power and ease of use of ADMS, Sound was able to build a set of 21 dashboards and reports analyzing the financial impact of COVID-19 on its members – in a matter of hours. Sound uses this package to measure member behavior, transactions, and financial flows insights throughout the Sound Credit Union system. These insights empower executives, business unit managers, and business intelligence (BI) analysts to identify and reach out to members they can assist with programs targeted to help them.
“We first experienced what we could do with data and analytics with ADMS during the government shutdown in December 2018 and January 2019. We identified members whose incomes were reduced as a result,” said Troy Garry, CFO, Sound Credit Union. “Now, we are harnessing the power of building reports and visualizations quickly with ADMS to get a deeper understanding of our members’ individual financial needs during the current pandemic.”
Sound Credit Union leverages the COVID-19 reporting package in a few important ways. It supports members who are suffering income disruptions and unexpected medical or child care expenses. The organization can 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.
“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,” continued 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.”
“We are pleased to play a part in helping innovative organizations such as Sound Credit Union use data and analytics to help their members with the daunting financial challenges created by COVID-19,” said Frank J. Vella, CEO, ibi. “We will continue to add capabilities to our solution that make it easier for our customers to use their data strategically, as exemplified by this timely application of our ADMS technology.”
New Capabilities in ADMS 2.0
ADMS provides more than 120 out-of-the-box, customizable, role-specific, analytical use cases for finance, operations, lending, marketing, and the C-suite – requiring little or no IT to maintain the solution or create new content. To enhance the ability of credit unions to leverage ADMS for valuable intelligence, ibi is now offering new capabilities in ADMS 2.0 including:
Automated Clearing House (ACH) Warehouse Data: Collects and stores data to power analytics that deliver insights on financial transactions related to where members spend their money. Tracks movement of financial transactions related to members and aggregates data across all members to look at scenarios such as how much credit card information is going to a particular credit card
Member View Portal: Makes member information easily accessible for detailed “data-driven” insights, including deposits, loans, account loan interest, non-sufficient funds, and spend across Merchant Category Codes
Enhanced Credit Union Insight Portal: Delivers ACH data on top payees, depositors, bill payees, government payees by current month, amount, and more
Learn more about ADMS 2.0 and the new COVID-19 Reporting Package for Credit Unions.
About Sound Credit Union
A Northwest original since 1940, Sound is one of Washington State’s largest credit unions, driven by the purpose of standing with members, employees and the community through all waves of life. Sound provides authentic and trusted financial support and services with full-service branches around the Puget Sound.
ibi is a data and analytics company that embeds intelligence into ― everything. From the beginning, ibi has known the importance of data and insights to make better decisions. We help organizations get their complex and disconnected data in order, so they can build, embed and automate intelligence in everything they do. By preparing organizations for the future and turning them into builders ― information builders, everyone can use enterprise-trusted data at scale to drive their growth. Whether our customers use pre-built applications or build their own solutions for their data and analytics challenges, ibi powers their innovation and reinvention. ibi’s open platform and industry-specific building blocks accelerate speed-to-market, improve operational efficiency, and enhance their customers’ experience.