The $13.9 billion, Tukwila, Wash.-based BECU received a 2016 Model Bank award in the Omnichannel Banking Category from global advisory firm Celent in recognition of its innovative approach to ATM channel analytics.
The 900,000-member BECU, the nation's fourth largest credit union, has earned a reputation for using cutting edge technology. The credit union's members heavily use its full-service fleet of more than 200 ATMs, averaging 8,000 to 12,000 transactions per month.
"We have recognized BECU as a Celent Model Bank because of its innovative approach to ATM channel analytics that led to demonstrable improvements in member experience," Bob Meara, senior analyst for Celent, commented. "Beyond member experience, BECU used transaction data in a new way to better manage its IT infrastructure, self-service device and application portfolio in production."
To develop a better understanding of channel usage, receive improved data analytics and create back-end efficiencies, BECU implemented INETCO Insight and INETCO Analytics from the Vancouver-based software and banking analytics firm INETCO.
"Through our partnership and investment in INETCO's omnichannel monitoring and analytics solutions, BECU now enjoys a member-centric, hands on view into operational performance, customer usage and channel profitability," Shirley Taylor, ATM manager at BECU, said. "We are now cultivating a data-driven culture that can add member value through improved ATM availability, convenient self-service device placement, a lower cost to serve and better product to member service alignment."
The credit union has been using INETCO's products since the end of July 2015.
INETCO Insight's design allows BECU to monitor the performance of electronic transactions within self-service banking and payment processing environments.
INETCO Analytics provides data on items such as ATM additions, moves and removals; geographical analysis; channel strategy updates and reporting. It also offers analytics such as total volume, peak hour volume (as defined by BECU), volume during specific hours of the day and maps that track BECU ATMs, BECU-branded ATMs, CO-OP ATMs and even competitor ATMs.
BECU's ATM channel system provides real-time transaction data streaming off the wire, a cost effective data storage cluster and a visualization server, as well as on demand, channel-specific customer analytics dashboards, predictive algorithms and reports.
In addition to delivering a better member experience at their ATMs, BECU also streamlined reporting processes and saved extensive time and effort in other areas. The credit union reported the following results:
- An 88% predicted reduction in time required for cash utilization analysis;
- Seventy percent faster mean time to isolate performance issues;
- Sixty-five percent faster ATM placement and lease renewal analysis;
- Fifty-eight percent faster geographical channel analysis; and
- Fifty percent faster response to member inquiries.
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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.).
