Mayo Employees Federal Credit Union Implements Big Data through MnIPC Partnership
Thursday, March 16, 2017
ROCHESTER, Minn. (March 10, 2017) - Mayo Employees Federal Credit Union (MEFCU) of Rochester, MN represents the first credit union to utilize the OnApproach M360 Enterprise service bureau and hosting services provided by the Minnesota Item Processing Corporation (MnIPC) and The Minnesota Credit Union Network (MnCUN), joining the collaborative Credit Union Data Integration and Analytics Platform.
“We are very excited to join in this collaborative credit union initiative,” stated Mary Hansen, President & CEO, Mayo Employees Federal Credit Union. “We have long considered the OnApproach platform and are excited at the advanced analytics it can bring to our credit union. We are especially proud to implement this innovative technology through the strong relationships we hold with MnIPC and the Minnesota Credit Union Network.”
“MnIPC is excited to work with Mayo Employees FCU to implement M360, as we diversify our company with technology services. The cooperative model makes it possible for credit unions of any size to perform advanced analytics without incurring the traditionally high costs. The credit union industry can take advantage of big data through collaboration, and a key step forward is the sharing of statistical data, which is made possible through OnApproach M360 Enterprise and MnPIC”, said John Ferstl, Vice President – Network Service Corporation, Minnesota Credit Union Network.
“MEFCU’s utilization of MnIPC’s hosting services signifies another major step for OnApproach and the M360 Ecosystem. Credit unions have a lot of information, but the reality is that over 95% of the industry lacks the volume of data and the resources to perform predictive analytics that can drive strategic decisions. As a value-added service provider to the M360 ecosystem, the Minnesota Credit Union Network and MnIPC create even more opportunities for credit unions to collaborate and make data-driven decisions”, according to Paul Ablack, CEO, OnApproach.
About Mayo Employees Federal Credit Union
MEFCU is a member-owned financial cooperative who is proud to serve Mayo Clinic employees, volunteers and students, along with their family members across the U.S. Since its formation in 1933, MEFCU has grown to over 56,600 member-owners, with assets in excess of $850 million.
About the Minnesota Credit Union Network
MnCUN is the state trade association for Minnesota’s credit unions. The Network, working in conjunction with the Credit Union National Association (CUNA), works to ensure the success, growth and vitality of our member credit unions by creating a positive public environment through leadership, political advocacy, education, awareness and regulatory assistance. The Network works on behalf of nearly 400 credit union locations that serve over 1.7 million members.
OnApproach is a CUSO that focuses on providing credit unions with the power to use data as a competitive advantage both independently and cooperatively. With OnApproach, credit unions can now harness the value of Big Data/Analytics through integration, advanced reporting, and predictive analytics. This deeper understanding of data allows credit unions to discover vital trends in products and services interaction and usage, resulting in improved financial performance, reduced risk, and enriched relationships with members.