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Why credit unions need to care about analytics – a Q&A with Rojin Nair

September 13, 2018
Since Celero launched its analytics solution in January 2017, Celero has been successfully helping Canadian credit unions on their analytics journey. We sat down with Rojin Nair, general manager of fintech solutions, to discuss the field of business analytics as it relates to Canadian credit unions.

To start, Rojin, why is now the time for Canadian credit unions to start their business analytics journey?

Financial institutions are going through an identity transformation. They want to be seen as a financial partner rather than the traditional notion of a financial institution. Fintech and other start-ups are also flooding the market with innovative products and channels and captivating consumers. To compete, credit unions will need to develop a lean and agile business framework, differentiate themselves, provide a personalized service experience and target their resources in the right places. To do this, credit unions must have information on their members and their operations. You cannot embark on a journey without knowing where you are going. Data and business analytics underpins this.

Can you give an example of how Celero’s clients are leveraging analytics?

Cornerstone Credit Union uses analytics to improve its member experience. In fact, they recently won an award for their solution. Traditionally, Cornerstone had a transactional view of members. To know what is happening with a member, the staff had to piece together information from many separate systems. With Celero’s analytics solution, Cornerstone has developed a custom dashboard to provide, at a glance, a full view of an individual member and the insight to provide recommendations that meet that member’s current needs. Those insights enable Cornerstone to transform the experience they offer to their members and enhance the value they provide.

Would only large credit unions typically benefit from analytics?

The size of a credit union doesn’t matter. Often, I hear credit unions say that we are a small credit union and don’t need hundreds of reports like the big credit unions. Analytics should not be seen as reports and dashboards. If you need to get tactical and strategic insight about your business and its consumers, you need to find out about the unmet and untold needs and problems. Think of analytics as insights that can directly be linked to enhancing a member’s experience. Credit unions should not be intimidated or think it’s a huge undertaking. There is always a good place to start, and we can help you determine what that is for your credit union.

It has been 18 months since Celero launched its analytics platform.  What’s new in the program?

Our vision was to start with banking data, develop analytics around it, and then move to other data sources. We have now completed the core banking connector and several analytics based on banking data, which will continue to grow and evolve as we add more clients to the family. We also have developed connectors to CView and Wealth Management data sources. In the next iteration, we are exploring connectors to lending and credit card data sources, and we will keep on adding more basic reports, visualizations, dashboards and advanced predictive models to evolve our platform and provide enhanced capabilities.

Celero will be hosting an analytics workshop at the 2018 Celero Fintech Conference, which will showcase Cornerstone’s Award Winning Solutions.  Attend the workshop to learn how business analytics can transform your credit union.