Many credit unions struggle to transform report data into actionable business intelligence, which can produce accurate, strategic decisions and improved systems. To overcome the challenges, some implement self-service data prep solutions.

Bedford, Mass.-based Datawatch, which claims more than 700 credit union customers, helps automate tasks such as teller, debit and credit card reconciliation, ATM terminal activity analysis, and loan servicing.

Datawatch Monarch, the company’s flagship solution, helps expedite data access, preparation and analysis; streamline reconciliation; distribute reporting processes and datasets; and facilitate data-driven financial decisions.

"Many credit unions struggle with accessing, organizing, integrating and analyzing data trapped in flat reports, transaction systems and other business documents scattered throughout the organization," Michael Morrison, CEO of Datawatch said. "Monarch has seen rapid adoption in the credit union industry because it solves this exact problem, enabling users to access all of the data they need regardless of source or format, and then transform the information into interactive reports for easy analysis and visualization."

Ken Tacelli, COO at Datawatch explained, “There have been multiple iterations of the Monarch product line.” About two years ago the company introduced a new Monarch version, which included the components of the classic Monarch but was simpler to use. “Credit unions look at us because we're easy to deploy.”

The $720 million Montpelier, VT.-based Vermont State Employees Credit Union historically used Datawatch Monarch for only pin and signature exceptions until about a year ago when it also discovered more proficiencies. “We knew it was capable and powerful of doing so many other potential things that we were inspired and started creating more models or workspaces for our organization,” Kasey Furness, VP of accounting at the credit union, said.

Katherine Cummings, senior accountant and senior system accounting analyst for VSECU, explained “We started with one model and now were up to 50 plus workspaces.”

One model centers around a program called VHeat, offered exclusively to members. VSECU negotiates discounts for fuel oil, propane, kerosene, and wood pellets, then passes these discounts to members. The credit union has more than 2,500 members enrolled. The credit union estimates the VHeat program saved enrolled members a total of $683,000 versus street price.

Read the full article in the Oct. 4 edition of CUTimes.

Instant Insights /

Data Prep Solution Leads CUs Out From the Cold & Into the Heat

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