Minneapolis, MN (January 5th, 2017) – OnApproach (www.onapproach.com), the leading provider of Big Data and Analytics for credit unions, is excited to announce Potlatch No. 1 Federal Credit Union (P1FCU) of Lewiston, ID has invested in OnApproach, a Credit Union Service Organization (CUSO). In addition to investing, P1FCU had also selected OnApproach as its Big Data/Analytics provider in 2016.
“We at P1FCU are proud to be supporting OnApproach as they revolutionize the credit union industry. OnApproach’s robust integration platform makes it possible for us to take advantage of our data in ways that were previously impossible. We’d like to see the entire industry benefiting from the collaboration taking place on the OnApproach Data Platform to progress the industry as a whole”, said Chris Loseth, CEO, P1FCU.
The credit union industry is facing massive changes with the potential to disrupt the financial services landscape as we know it. Big Data/Analytics is driving a new breed of analytic competitors (e.g. - Lending Clubs, Apple Pay, Rocket Mortgage, etc.) into what has been a very traditional marketplace. These new entrants are skimming the profitable transaction side of financial services and leaving the less profitable and highly regulated settlement side to the banks and credit unions. Credit unions need to be able to integrate and fully utilize data to continue to compete in this environment.
As a CUSO, OnApproach is fully committed to providing credit unions with the most robust and affordable Big Data & Analytics solution. Paul Ablack, CEO of OnApproach, stated “Collaboration is now a necessity for credit unions to continue to thrive in the new financial services industry. We are thrilled to collaborate with P1FCU and to have them as an investor in the analytics platform.”
OnApproach is a CUSO that focuses on providing credit unions with the power to use data as a competitive advantage both independently and cooperatively. With OnApproach, credit unions can now harness the value of Big Data/Analytics through integration, advanced reporting, and predictive analytics through industry data pools. This deeper understanding of data allows credit unions to discover vital trends in member behavior, resulting in improved financial performance, reduced risk, and enriched relationships with members.
P1FCU, a member-owned, not-for-profit financial cooperative, has a common bond consisting of a community charter of 13 counties in Northern Idaho and Eastern Washington. We were organized by a group of 12 individuals with the desire to make lending more readily available for employees of Potlatch Forests, Inc. Over 78 years later we are staying true to our organizational values while providing services to 78,740 members in a 13 county region.