Data. Your institution has lots and lots (and lots) of it. Every day, you capture more. And this goes beyond account holder transaction activity (of which there’s a lot). Data builds in the form of car loan applications, whether approved (and abandoned), denied, or booked.
Then you must consider all your mortgages and HELOCs. And then look at ancillary product sales, including Payment Protection, GAP, Vehicle Service Contracts, and your insurance programs. Every person (new and existing) generates this information.
And we didn’t even get to every phone call, email, text, or social media engagement.
Deep Data Dives Deepening
That’s only a glance at the high-level points. Then you have to consider demographic data for market analysis, and record its age. Plus, all of these actions must be linked to when they occurred, by whom, and through what medium. Were they online? In-branch?
And so on.
These questions can continue to drill down almost indefinitely as we dive deeper into your data pool (The official term is “lake”, but only after it’s been organized. For now, you may have a roiling sea. Or ocean.). When embraced, you can reap massive benefits from it all.
You can glean and apply insights to operations, marketing, HR, purchasing, and any other department. Data illuminates a path to improved results and enhanced growth.
Though it is only a tool to achieve that success. And like any other tool, you must learn how to use it best.
For this, we recommend working with a Data Management System provider to help organize, visualize, and connect the vast amount of information at your financial institution. This article will share our picks for Best Data Management System providers in the industry.
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Dirty Data Disrupts. Clean Data Empowers.
Today, you have dirty data. It’s not an insult. It’s reality.
Ok, a clarification. Your information is not organized in a way you can get the most out of it. How frustrating, having the information, but not in a unified format usable to you or your staff!
A Data Management System helps you bring everything (and we mean everything) together to do things you only dream of today. That’s not hyperbole.
To put it bluntly: Your data holds immense power. Unlock that strength with a data management system.
How Do Data Management System Vendors Help?
At their most basic, what do these companies help your institution accomplish?
- “Clean-up” your existing data
- Connect all siloed datasets into one “data lake”
- Create a single system to access all of your institution data
- Design processes so all new data goes into the “clean” bucket
- Build dashboards that illuminate metrics you want to see at any time
- Set up automatic reports to reduce staff efforts
In essence, they help you get a clear snapshot of your institution at any moment in time, from any perspective. They help empower you to make decisions based on actual information, not “industry trends”, averages, or “we think” conjecture.
We cannot overstate the impact such efforts can have on your institution’s success.
Of course, every Data Management System provider has their own approach to these goals. From a pricing standpoint, they may use a variety of tiers based on your needs. For that reason, do not just compare pricing.
Before you browse the list below, remember that the Learning Library provides similar information on a range of categories. Go and Subscribe now so you stay in the loop as we share new insights that help you make better decisions.
Best Data Management System Providers
To save you time, we looked into the leading companies in Data Management Systems for financial institutions. That effort gave us (and you) the 5 Best Data Management System providers for banks and credit unions.
For full transparency, we work with the team at Arkatechture – Arkalytics. In our opinion, they provide an ideal combination of benefits and ease-of-use. Definitely check them out as part of your due diligence.
You may believe another provider is a better fit for your needs, and that’s fine. We have a lot of trust in their process, capability, and ongoing service. It’s why we recommend them to our clients.
An informal partner of ours is Anne Legg of THRIVE Strategic Services. She takes your institution on a journey to clarify a data strategy. In other words, the why to your how of improving data availability. Also, she literally wrote the book on it.
Since THRIVE does not offer a data management system, they’re not included in our 5 Best Data Management System providers. However, the questions she’ll help you ask may make the experience with any of these vendors simpler and more productive.
We present each in the form Product – Company name (if applicable). Descriptions are adapted from their own websites. We do our best to ensure the information presented is accurate. Please let us know if something seems incorrect.
Advantage Analytics – CUNA Mutual
5910 Mineral Point Road
Madison, WI 53704
AdvantEdge Analytics by CUNA Mutual provides you with a cloud-hosted and managed data warehouse solution for advanced data warehousing, managed backups, and administration.
Integrate your data from multiple systems into an expandable platform that works according to your business needs.
Arkatechture – Arkalytics
16 Romasco Lane
Portland, ME 04101
Established in 2012, Arkalytics is an end-to-end business intelligence solution for credit unions. They offer a fully managed cloud-based data warehouse and 30 financial reports and executive dashboards.
Arkatechture and Pure IT, a CUSO, are partners to improve credit union Business Intelligence technology.
Two Penn Plaza
New York, NY 10121-2898
For 45 years, Information Builders has offered a complete Data Warehouse solution. Powered by the industry’s most comprehensive analytics and data management platform, we specialize in working with credit unions.
Whether you are just beginning your data and analytics journey, currently have or are building a Data Warehouse, Information Builders delivers business-ready, trusted information for all CU staff.
Note: IBI is being acquired by TIBCO.
OnApproach M360 – Trellance
7650 W Courtney Campbell Causeway #900
Tampa, FL 33607
Founded in 1989, Trellance serves more than 1,500 organizations throughout the United States. OnApproach M360 Enterprise is a collaborative, multi-sided, Analytic Data warehousing Model (ADM) that lets credit unions merge all of their data into a single source.
We use industry standard data models to create a core and ancillary system agnostic result. In other words, to ensure all your systems communicate.
iVue® – Fiserv
255 Fiserv Drive
Brookfield, WI 53045
Since 1984, Fiserv has helped people move money and information. iVue® from Fiserv is a data warehousing platform which brings all your member and organization data into one system for a complete view of quality and actionable business information.
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Focused on helping your bank or credit union grow in the face of emerging challenges.