CUNA Mutual Group announced Tuesday that it has formed a data and analytics technology and services business to help credit unions see through the blizzard of information to better guide their relationships with members.
CUNA Mutual AdvantEdge Analytics LLC, based in at the group’s headquarters in Madison, Wis., was spawned from part of the $250 million CUNA Mutual earmarked last year to acquire and develop new technology and capabilities for credit unions over the next few years.
Part of that effort led CUNA Mutual’s acquisition in February of SavvyIntel, a Chicago-based data analytics startup, for an undisclosed price. SavvyIntel helps build-out the analytical reporting capabilities for the AdvantEdge Analytics product suite that CUNA Mutual developed in 2016 and tested late last year and early this year with a pilot group of six credit unions.
The suite of software is designed to allow credit unions to glean reliable, actionable information from a deeper pool of data from a wider array of sources than an individual credit union’s resources would normally allow, said Tim Peterson, president of CUNA Mutual AdvantEdge Analytics.
The new business offers credit unions the software tools and consulting expertise to manage and interpret data ranging from transaction patterns to social media interactions.
“Data analytics is an essential capability needed by credit unions to strengthen the member experience and expand future growth opportunities,” Peterson said. “Our successful history with credit unions and formidable understanding of members enable us to expand these insights to facilitate industry-wide collaboration for the overall credit union system.”
