Provident Central Credit Union, one of the largest credit unions in the country, recently implemented a customer analytic application in less than 90 days in order to complete the development of its new data warehouse. The rapid delivery of Insight for Retail banking-an analytic application for credit unions and retail banks from Sagent, Mountain View, Calif.-has allowed Provident to quickly and efficiently roll-out personalized service, provide product price breaks, customize offerings, and respond faster than ever to its growing membership nationwide.
Using Insight for Retail Banking, Provident is now able to perform complex analytical problem solving by accessing and integrating data from various internal customer information sources and incorporating external demographic data. This bolsters the credit union's strategic decision-making capabilities by enabling it to immediately form a complete view of its customers, as well as provide a complete financial view of its operations. Now having the ability to simultaneously retrieve comprehensive customer and financial information, Provident can conduct effective and cost-efficient one-to-one marketing campaigns to offer new and customized products, as well as grow primary financial institution acceptance from its members. By doing so, Provident will cut costs and increase profits.
Although most banks already have the data they need to manage their customer relationships, this financial transaction data is enormous and complex-generated by product-centric legacy systems that cannot share information with one another.
Therefore, most organizations have no means of efficiently consolidating and analyzing their customer data to answer even apparently simple questions such as: What products and services do my customers have today? How can I increase the relationship with my existing customers by offering them products and services that meet their needs? How profitable are my customers?
A single platform that has data extraction capabilities with a user-friendly front-end solution for reporting and analyzing, plus an inventory of analytics for credit unions, the Sagent product allows a bank to go with one vendor that provides a complete solution for its business needs.
"The incorporation of Sagent's integrated data warehouse platform technology, pre-built data models specifically for credit union business intelligence, and more than 150 reports, allowed Sagent to effectively and efficiently deliver a complete solution within 90 days," said Helen Byrnes, executive vice president at $980 million Provident Central Credit Union.
Sagent's suite of business intelligence solutions enables companies to measurably impact their business by implementing customer relationship and financial management initiatives. Through powerful enabling technologies, organizations can easily and rapidly turn company data into relevant information that can be used for effective decision-making, analysis and reporting. Information can be extracted from multiple sources (internal and external), optimized for decision support and delivered in a customized format for Web-based or client applications.
Currently one of the top 50 largest credit unions in the country, Provident was established in 1950 to serve the California Teachers Association. San Francisco-based Provident now serves more than 89,000 members from more than 1,600 employer groups, and maintains service centers throughout California and nationwide.