BIRMINGHAM, Ala.--(BUSINESS WIRE)--Quantalytix, the provider of cloud-based Enterprise Bank Management (EBM) software for financial institutions, announced today the launch of their comprehensive data analytics solution specifically tailored for credit unions.
The cloud-based software provides credit unions with actionable insights and powerful, real-time intelligence needed to develop a sound data strategy. According to a recent study from Best Innovation Group and OnApproach, 45% of credit unions don’t currently have a strategy in place, and those that do have a strategy still say it will take three to five years to implement.
Quantalytix Co-founder and CEO, Chris Aliotta, said, “Credit union executives recognize the importance of having a strong data analytics strategy, however, many struggle due to lack of resources, disparate, legacy systems and siloed data sources across various departments. As former bankers, we understand the financial industry and its associated challenges. We designed EBM to automatically aggregate, normalize and process data, providing stakeholders immediate access to the information needed to drive decisions, improve the member experience and provide more lending opportunities.”
Industry Board Member, Financial Consultant, and President of S. J. Viner and Associates, Stan Viner, said, “In the digital era, credit union members expect personalized, convenient experiences tailored to their unique needs or those of their business. Digital transactions provide valuable member information enabling you to capture which messages resonate with members as well as where, when, and how they engage with your brand or services. Applying analytics to this information gives you the critical insights needed to enrich experiences, tailor offerings and secure longer lifetime member loyalty.”
Poor data quality has an immediate impact on revenue and ultimately leads to poor decision making. A recent report from Gartner indicates that poor data quality costs organizations an average of $12.9 million each year. Quantalytix’s EBM software for credit unions provides automated quality assurance data checks and data guards to improve overall data accuracy. Erroneous information is automatically detected and blocked from entering the system, improving the integrity and accuracy of the data.
Additionally, the software features two advanced modules:
- The LPM Module compiles and aggregates millions of datapoints within milliseconds to provide credit union executives real-time access to robust reporting and analysis;
- An advanced Extract, Transform and Load (ETL) module connects multiple data sources, including various cores, flat files, and enterprise database systems, into a single location.
Quantalytix’s EBM software aligns a credit unions’ data strategy with how they want to run their institution, offering real-time, sound data and actionable insights to more effectively manage loan portfolios, reduce risk and better serve members with increased lending options. The EBM software can help any credit union be more productive, make better strategic decisions, identify and act upon growth opportunities, and focus on their members.
Aliotta continued, “In this increasingly uncertain economic environment, data analytics are imperative to sound decision making. Replacing antiquated, manual reporting with automated, real-time actionable insights is transformative for credit unions and their members. Our goal is to ensure credit unions have access to advanced data analytics tools that don’t require any additional resources or specialized training.”
Based in Birmingham, Ala., Quantalytix was founded by two former bankers who recognized a void in the current marketplace. In response, the company launched a cloud-based software and enterprise bank management platform that serves as a single-source of truth for reporting, analysis, and profitability to drive actionable analytics. The platform seamlessly integrates with existing business systems, automatically aggregates data and provides real-time views of performance to enable more efficient operations, improve the customer experience, increase profitability and boost productivity.
Working with both traditional and non-traditional lenders, more than $7 billion in loan volume is currently managed on the Quantalytix platform. The platform is SOC2 Type 1 compliant and includes built-in quality assurance checks and sophisticated security features to ensure the highest levels of data integrity.
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