Credit Union Fintech: OnApproach

Credit Union Fintech: OnApproach

OnApproach is a CUSO dedicated solving several credit-union-specific issues. They support digital transformation by giving credit unions the opportunity to leverage the same kind of Big Data and data analytics that massive financial institutions enjoy.

 

OnApproach has three main solutions for credit unions who want to improve their data analytics capabilities:

  • Caspian
    • Caspian is a data lake—a massive, unstructured shared data warehouse that supports credit union collaboration, collaborative analytics, and access to Big Data capabilities.
  • M360 Enterprise
    • M360 Enterprise is a data integration tool for that brings discrete data streams and unstructured data into a single source of truth.
  • CU App Store
    • The CU App Store is an online marketplace allowing credit unions to benefit from a wide array of reporting and analytics products and applications.

OnApproach Background

OnApproach, Inc was founded in 2003 as a consultancy specializing in data warehousing, data integration, analytics, and reporting. Since then, OnApproach and its data and analytics capabilities have grown significantly.

 

Currently, OnApproach is the most widely-adopted data platform in the credit union industry. It has also expanded its capabilities to encompass not only warehousing, but also data analytics, data integration, credit union collaboration, and application-sharing.

 

Top 3 Problems Solved

  1. Data warehousing
  2. Data integration
  3. Data analytics and app store

 

OnApproach Founder: Paul Ablack

OnApproach founder and CEO Paul Ablack has been working with data for almost 20 years. He started working with GE before moving to Honeywell. While at Honeywell, Ablack started and led a business that focused on mining energy data for national account customers to find energy saving opportunities.

 

Ablack spent several years building data warehouses Honeywell Atrium. While developing data warehouses with them, Ablack realized that credit unions were an underserved market that would benefit from data warehousing and analytics capabilities. He founded OnApproach as a CUSO in 2003 to offer data warehousing and analytics to credit unions for a fraction of what it would cost to develop and operate one themselves.

OnApproach go-to Market Strategy:

Credit unions who want to leverage Big Data.

 

CU2.0 Sponsor = Yes

  • Segment: Data Analytics
  • Demographic: multiple
  • Impact on Member Growth: medium
  • Impact on Interest Margin: medium
  • Impact on Non-Interest Income: medium
  • Impact on CU Branch: low
  • Expense Reduction: medium