Information Builders & Sound Credit Union collaborate on reporting package for COVID-19
Information Builders Inc (IBI), a data and analytics company, announced that Sound Credit Union has leveraged its Analytical Data Mart System (ADMS) to create a COVID-19 visualisation 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.
Information Builders launched the Analytical Data Mart System last year. It was engineered with Information Builders WebFOCUS BI and analytics solution to provide actionable business insights for credit unions. IBI’s self-service analytics are designed exclusively for credit unions to drive strategic growth, member engagement, and cost efficiency across finance, operations, lending, and marketing.
Sound was able to build a set of 21 dashboards and reports analysing the financial impact of COVID-19 on its members – in a matter of hours. It uses this package to measure member behaviour, transactions, and financial flows insights throughout the Sound Credit Union system. These insights provide executives, business unit managers, and business intelligence analysts a means 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,” says Troy Garry, CFO, Sound Credit Union. “Now, we are harnessing the power of building reports and visualisations 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 childcare 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,” continues 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,” says Frank J. Vella, CEO, Information Builders.