CARMEL, Ind.--(BUSINESS WIRE)--Baker Hill, a leading provider of technology solutions for common loan origination, relationship management and smart data analytics, announced that its business intelligence solution, Baker Hill® ProfitGen™, previously referred to as IDM Online, has played a key role in St. Paul, Minn.-based Hiway Federal Credit Union’s (Hiway) realization of a 25 percent increase in total assets from December 2010 to May 2016, while also growing its membership by 7.6 percent from December 2010 to December 2015.
“Baker Hill’s solution has proven superior to our previous system that relied on credit union industry averages rather than our own data,” said Aaron Kastner, senior vice president of Finance. “We receive insights based on the data from our product lines that shows how our members are actually using those products. In doing so, it bridges the gap between two departments that are traditionally disconnected – finance and marketing – and provides us with a fully integrated, customized platform that centralizes and highlights profitability data, allowing us to manage mapping, campaign tracking and profitability—all within one system.”
Baker Hill’s business intelligence and communications tool generates dashboards customized for each financial institution executive’s roles or department. The solution provides Hiway with detailed data to guide its lending decisions, enabling it to onboard a greater volume of high quality loans, evidenced by a more than $8 million reduction in the credit union’s loan loss provision between 2010 and 2015.
Throughout the years, Hiway has used this technology to uncover powerful, actionable insights and determine pricing and product prioritization; for example, the solution revealed the strong profitability of its credit card portfolio, allowing the credit union to better understand this product’s return and how to invest moving forward. The credit union also has greater confidence during visits from examiners by quickly and easily producing specific data points upon request. In addition, ProfitGen delivers input assumptions on the spot to address examiners’ growing interest in the decisions and strategies for prospective new product launches.
“Financial institutions should be leaning on sophisticated analytics to truly strengthen relationships and increase wallet share, and Hiway Federal Credit Union is a great example of how innovative use of data can drive profitability,” said Naseer Nasim, CEO of Baker Hill. “Growth strategies shouldn’t be determined by guesswork when executives can access a 360 degree view of profitability at both the product and the member level. With our data analytics, Hiway is optimizing its own data and can pinpoint actionable data, which has not only expanded its reach as an institution, but promotes a higher level of member service.”
About Hiway Federal Credit Union
Hiway Federal Credit Union was founded in 1931 to serve the employees of the Minnesota Highway Department. Today, Hiway serves over 63,000 members in Minnesota and around the country, registers $1 billion in assets and welcomes new membership from individuals and small businesses. Hiway offers its members unparalleled member service and a lifetime of savings through lower loan rates, higher savings rates and fewer and lower fees.
About Baker Hill
Baker Hill empowers financial institutions to work smarter and drive more profitable relationships. The company delivers solutions that streamline origination and portfolio management for business, consumer direct and indirect lending. Baker Hill also delivers sophisticated business intelligence and revenue enhancement solutions that support sound business decisions to mitigate risk and generate growth. Baker Hill is the #1 provider of member business lending services, serving 600 financial institutions, including more than 20% of the top 150 U.S. banks and 20% of the top 25 U.S. credit unions. For more information, visit www.bakerhill.com and follow the company on Facebook, Twitter and LinkedIn.