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|The Pulse | 03-20-2018|
Volume 7, Issue 12
Minnesota Credit Unions provide $117 million in direct financial benefits to the state in 2017
MnCUN recently compiled the 2017 Minnesota Credit Union Impact report as part of the Awareness and Reputation campaign. In 2017, Minnesotans received over $117 million in direct financial benefits by being members of credit unions. Over 1.7 million Minnesotans who belong to a credit union realize an average annual benefit of $69 as individuals or $132 per household.
Minnesota Credit Unions have a $2.6 billion impact on Minnesota’s economy and are trusted with $22.3 billion in assets from Minnesota families and business. This includes:
Minnesota credit unions that take pride in their “People Helping People” philosophy. In addition to the direct financial benefits, major community give-back initiatives included:
“Credit Unions continue to provide high value to Minnesota consumers,” said Minnesota Credit Union Network CEO Mark Cummins. “The cooperative model is well-aligned with the financial choices of today’s families throughout Minnesota. Our members have continued to prove that the direct and indirect advantages of healthy credit unions offer a triple bottom line return for members and communities throughout the state.”
A release was sent statewide last week to share the collective impact of Minnesota Credit Unions. MnCUN encourages individual credit unions to leverage the release and the impact report to share their own community give back to their local communities as well. Please reach out to Andrea Molnau, VP Communications and Engagement with any questions.
MnCUN Annual Performance Survey Now Open
Now is your opportunity to provide feedback to the Network staff and Board of Directors on the Network’s performance in the past year. A link to MnCUN’s Performance Survey was emailed last Friday to all credit union employees who are registered in our database, in an effort to obtain comprehensive and feedback from those who regularly utilize our services. It will take just 10 minutes of your time. All suggestions and comments are welcome! Please respond by Friday, March 30.
Thank you for taking the time to help us make the Network a dynamic and progressive organization able to meet the needs of today’s credit unions around the state.
OnApproach, the leading provider of big data and analytics solutions for credit unions, has announced the upcoming credit union industry data lake, Caspian. The only data lake of its kind, Caspian represents the third and final pillar of the CU Analytics Ecosystem and serves multiple unique advantages that have never before been witnessed in the credit union industry. The goal of the CU Analytics Ecosystem is to enable collaborative analytics for the industry.
Credit unions have valuable member and transaction data, but advanced analytics has proven to be out of reach for most financial institutions due to issues such as inability to access the data, lack of standardization, or insufficient data sets. Many objectives, such as loan risk analytics, simply require more standardized data than is available within the walls of most credit unions.
With Caspian, credit unions will be able to leverage several big data technologies, including secure, frictionless transport of data to and from the lake. As a result, credit unions will be able to contribute and access very large, secure data sets, all normalized to the CUFX standards, without having to give up their ownership of valuable member data.
Notable firsts for the credit union industry and features that will be enabled by the Caspian Data Lake include:
1. Daily peer-to-peer benchmarking/analysis – With constantly fluctuating economic conditions, credit unions should not be forced to make important decisions with summarized data that is 90+ days old. Upon launch, daily transaction level data updates will allow credit unions to make decisions with reliable and timely data.
Maintain ownership of your data – Member data is an incredibly valuable asset. Credit unions should be able to monetize this data rather than sending it out to companies that want to monetize it for themselves. Developers within the ecosystem will not be able to access personally identifiable information and cannot remove data. Caspian is a data lake for credit unions, provided by credit unions, via a CUSO.
TruLync, a wholly-owned subsidiary of the Minnesota Credit Union Network offers OnApproach solutions to clients in a service-bureau environment. For more information, contact MnCUN Director of Business Development Kris Jacobsen by email or by phone at 651-288-5515 or toll free at 800-477-1034.