CU*Answers Analytics Booth product line continues to grow

Analytics Booth, a tool that includes trends, alerts and dashboards that gives credit unions the latest information happening right now, has enjoyed a great increase in subscribers with 72% more subscribers in the last year.

CU*Answers continued investment in the Analytics Booth platform now provides accrual applications for loans, savings and certificates to the suite of dashboard products. These bring the total of web-based dashboards up to ten.

The “Peer Analysis” feature adds 80 trend graphs in the Trends product line. This gives credit union leaders the ability to compare how their financial institution is doing compared with two different peer groups: a small peer group made up of 3-5 credit unions and a larger group ranging from 3-20 credit unions. This offers leadership an easy way to see how they stack up against other credit unions in the CU*Answers network while keeping anonymity of peer credit unions preserved.

The static loan pool analysis dashboard gives credit unions the ability to see key metrics about classes of loans as they age. For example, users can track all loans opened in 2013 and follow them through their lifecycle on a monthly, quarterly or annual basis. Credit unions can also forecast when the pool of loans will pay off, project the amount of “charge offs,” and predict income for any class of loans. This could assist in credit unions’ CECL strategy. This dashboard is only available through Analytics Booth.

Because Analytics Booth strips away any private data, it can be viewed by anyone who subscribes to the website. “At the River Valley Credit Union board strategic planning session to my surprise, our moderator used the Analytics Booth tool to complement our discussions to develop the goals that will keep RVCU successful with the ever-changing marketplace changes in regulation, technology and financial aspects,” said Barb Cooper, an RVCU board member.