When COVID-19 initially swept across the United States, Financial Center First Credit Union, a cooperative credit union based in Indiana with 68,000 members, saw its main source of business – its brick and mortar storefronts – become ineffectual, as in-person businesses closed their doors to comply with state health and social distancing guidelines.
A long-time customer of InterSystems, a creative data technology provider dedicated to helping customers solve the most critical scalability, interoperability, and speed problems, Financial Center knew it could harness the power of data to identify customers most in need during this time and provide them with two crucial things: access to money and peace of mind. The company’s developers were tasked with building a new application that would arm the Financial Center sales team and retail associates with timely information on customer behaviors that may correlate with needing additional financial support.
Leveraging InterSystems data platform software, and specifically its business intelligence and analytics capabilities, the development team built various propensity models that utilize engagement and loyalty scores that encompass more than 31 different behavioral metrics, including recent transactions, loan applications, and credit card advances. This modeling equips the Financial Center team with real-time insights to ensure they contact relevant customers and offer solutions and services that best cater to their exact needs.
“Much of our ability to successfully shift our business strategy was made possible by utilizing the powerful data management and analytics capabilities in the InterSystems platform,” said Cameron Minges, executive vice president at Financial Center. “The ability to have all of our data organized within one ecosystem enabled our development team to quickly develop a new application within an aggressive timeline that wouldn’t have been possible with another data platform.”
Since the launch of the new application and subsequent customer outreach, Financial Center has seen production numbers reach historic highs. The company surpassed three sales records, increased monthly customer contact, and reported a 57 percent increase in loan production compared to 2019.
“The ability to improve organizational agility and harness the power of data to innovate and respond at a moment’s notice is critical in today’s business climate,” said Scott Gnau, vice president of Data Platforms at InterSystems. “Through our data technology platforms, we strive to enable the interoperability, speed, and scalability to power these innovations. The success of Financial Center is a testament to this dedication and an excellent example of what’s possible when data is prioritized within organizational transformation.”
To learn more about InterSystems and Financial Center, please visit: https://www.intersystems.com/resources/detail/financial-center-banks-on-analytics-application-to-build-stronger-member-relationships-during-covid-19/
Established in 1978, InterSystems is the leading provider of technology for extremely critical data in the healthcare, finance, and manufacturing and supply chain sectors. Its cloud-first data platforms solve interoperability, speed, and scalability problems for large organizations around the globe. InterSystems also develops and supports unique managed services for hospital EMRs, unified care records for communities and nations, and laboratory information management systems. InterSystems is committed to excellence through its award-winning, 24×7 support for customers and partners in more than 80 countries. Privately held and headquartered in Cambridge, Massachusetts, InterSystems has 25 offices worldwide. For more information, please visit InterSystems.com.
About Financial Center First Credit Union
Financial Center First Credit Union is a $630 million credit union that has been serving members and select employer groups throughout Central Indiana for 67 years. Over 68,000 members take advantage of favorable deposit and loan rates as well as reduced fees by banking with the Indiana-based credit union. Financial Center is a not-for-profit entity that employs 160 people. Guided by a dedicated Board of Directors, Financial Center’s mission is to ‘Improve Members’ Financial Lives’. Learn more at fcfcu.com.