Lafayette FCU Is Launching Business Analytics Solution
o The 14,000-member credit union is using technology that developed at global enterprises and has moved downstream.
o The SAS software will be used to build a data warehouse bringing together daily information from multiple sources, including core processing and lending solutions.
High on the to-do list is tracking members' first 18 months of membership. "We want to watch from day one what kinds of accounts they open with us and at the end of that period, look at how that relationship grows," Polhamus said. "That will be useful to our business development team and our branching staff and help us have good, profitable member relations."
David Wallace, global financial services marketing manager at SAS, said such data make a good starting point that over time will "produce a member lifetime value that you can then use to make decisions such as relationship pricing and new products and services to roll out."