The nation's 13th-largest credit union has hired CUNA Mutual AdvantEdge Analytics to help it improve efficiency and better understand member needs.
Randolph-Brooks Federal Credit Union based near the Randolph Air Force Base outside San Antonio, Texas, plans to use AdvantEdge Analytics tools, including its hybrid data warehouse, to translate data into insights and creating plans to execute on those insights.
"We must improve our ability to strategically use data," said Randy Carswell, Randolph-Brooks FCU's senior vice president of finance. The partnership with AdvantEdge Analytics "will enable us to expand and strengthen our member insights and operate more efficiently as we continue to grow our own membership and geographic footprint."
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Among Texas credit unions, Randolph-Brooks FCU ($8.1 billion in assets, 674,456 members) is second only to nearby San Antonio-based Security Service Federal Credit Union ($9.5 billion in assets, 742,845 members).
Randolph-Brooks FCU held 9% of the $63.5 billion in loans held by federally insured Texas credit unions at the end of March. It was over-represented in first mortgages, where it had 12% of the state's mortgages and slightly under-represented in car loans with a 7% share.
The 55-branch credit union has been focusing on increasing car loans in its portfolio. They accounted for 40% its total loans in December 2016 up from 34% at the end of 2012.
Randolph-Brooks FCU formed an alliance in March with the online car shopping network, Carvana, which allows buyers to pick a car online and arrange financing through preferred lenders, such as Randolph-Brooks FCU. Buyers can have the car delivered or pick it up at one of its iconic, six-story vending machines in major cities.
AdvantEdge Analytics was launched in May by its parent, CUNA Mutual Group, which has been providing insurance to credit unions for more than 80 years, and it now serves about 95% of the nation's credit unions. About 500 of the parent CUSO's 3,500 employees are dedicated to the subsidiary as data developers, data scientists, data translators, implementation specialists and other roles.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
