Facing increased competition, credit unions struggle to work smarter while still providing superior member service.
Lafayette Federal Credit Union (LFCU) wanted to predict and prepare for events and issues rather than simply react. With an influx of valuable data from multiple sources including core processing systems, LFCU needed to revamp its data infrastructure so it could consolidate and analyze data better. The company selected SAS Banking Intelligence Architecture from SAS, the leader in business analytics, to seamlessly integrate data with comprehensive reporting and predictive analysis.
With SAS, LFCU can work both smarter and faster. Daily automatic financial reports will provide critical management information significantly faster with less effort than the previous manual process. Also, SAS will help LFCU analyze volumes of transactional data for trends and patterns, creating new reporting possibilities. Finally, the organization will gain a consistent method for organizing product offerings and a comprehensive way to code business rules.
"SAS offered everything we were looking for - superior data integration with reporting and predictive analytics paired with outstanding service and employee expertise," said Ronda Polhamus, Chief Administrative Officer at Lafayette Federal Credit Union.
SAS Banking Intelligence Architecture provides a unified platform, including a comprehensive industry data model combined with data integration, business intelligence and reporting, to integrate, share, centrally manage and leverage data across the entire organization. Each step in the process is integrated with the next to avoid technology gaps that negatively affect processing time, data accuracy and IT resource demands.
LFCU will be able to disseminate information to managers more effectively by using SAS. For example, individual managers can organize and track specific data that affects their departments and disseminate it to employees quickly, easily and accurately.
"Predictive insight is going to be the biggest benefit for the organization. With foresight, we can act quickly to circumvent possible detrimental events and better manage positive outcomes, rather than react after a problem has already occurred," said Polhamus. "By being better informed about our organization, we can make smarter management decisions based on better data."
"With SAS, Lafayette Federal Credit Union will be able to transform its operational and transactional data into the gems of predictive insight needed for fact-based management decisions," said David M. Wallace, Global Financial Services Marketing Manager at SAS. "Lafayette's management team can now accelerate decisions that affect members and the institution with greater confidence supported by SAS."