CU*Answers Releases New Retention Dashboard in GOLD

CU*Answers announced another data mining dashboard was included in the Fall release of CU*BASE® GOLD revolving around the retention rates of both membership and sub-accounts. The release allows credit unions to understand the decay rates based upon the year the accounts are opened. The new dashboard was originally intended to provide credit union executives the ability to not only understand the rate of decay but provide them with the data necessary to prove vital assumptions associated with the duration analysis found in most ALM models.

“Industry averages are no longer being produced since the dissolution of the OTS in 2010 and proving the assumptions for non-term savings duration has become an expensive proposition for most credit unions today”, said Jim Vilker, VP of Professional Services and manager of the AuditLink Division. We have seen credit unions pay upwards of $10k to have these assumptions validated and much of that cost revolves around data analytics. “CU*Answers clients now have all the data necessary at a push of a button to feed duration models and win the argument based upon their own experience saving their clients thousands of dollars.