The recent implementation of two products helped the $13.9 billion, Tukwila, Wash.-based BECU boost member value and make time for other initiatives thanks to improved data analytics and back-end efficiencies.
Software and banking analytics firm INETCO provided INETCO Insight and INETCO Analytics for BECU, the remote operator of a full-service fleet of more than 200 ATMs.
As the nation's fourth largest credit union, the 900,000-member BECU has already earned a reputation for using cutting-edge technology. That's given the credit union an advantage in its quest to improve the member experience in a timely manner and beat its competition by leveraging new technology, according to Shirley Taylor, ATM channel manager for BECU. However, she noted there are also disadvantages of being on the cutting edge due to an additional exposure to risk.
INETCO Insight is designed to monitor the performance of electronic transactions within self-service banking and payment processing environments.
“It is the only software out there that is able to capture and correlate multi-protocol transactions across multiple banking application hops, while operating independently of the underlying application or switch being monitored,” Kambiz Asrar Haghighi, vice president of product management for INETCO, said.
Transaction analysis data is continuously streamed from the INETCO Insight real-time transaction monitoring software platform into the INETCO Analytics application using a secure data feed. This data is then ready to be used for producing member analytics and other big data banking analytics.
The system runs on BECU's DNA core from Fiserv, and while CO-OP Financial Services drives the ATMs, on-us transactions are completed through CO-OP with real-time processing to the core.
“We are a bit of a hybrid,” Taylor explained.
The credit union has been using INETCO's products since the end of July, but said it is still learning the intricacies of the systems. However, according to its September data, the system is already producing results.
“We made some pretty good strides in the amount of time we're saving,” Taylor said. “We are seeing a number of the efficiencies and are also getting good response on modifications we are making in reporting as well as the how quickly and effectively we are able to complete some of our analysis work.”
Learn more about how BECU increased efficiency and improved the member experience in the Nov. 11, 2015 print issue of Credit Union Times.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
