news.cuna.org/articles/108770-big-data-analysis-saves-members-1m-in-13-days

Big data analysis saves members $1M in 13 days

December 14, 2015

ST. PAUL, Minn. (12/14/15)--During the past year, Affinity Plus FCU, St. Paul, Minn., has made investments in technology and resources to enhance member service through data analysis. In December, this investment paid off in the form of $1 million in savings to members.

As Affinity Plus continues to develop a deeper understanding of members’ needs, a team of employees has been working to identify and reach out to members to inform them of opportunities to save money. Looking at the current status of members’ mortgages, data analysts were able to identify 1,400 members who would benefit financially by refinancing into a short-term mortgage with Affinity Plus in today’s rate environment.

On average, this group of members could save more than $11,000 per loan with minimal to no increase in monthly payment amount--and some even saw a decline in monthly payments. Affinity Plus mortgage loan officers began contacting members Nov. 18, and member savings surpassed the $1 million mark on Dec. 4--after just 13 days of proactive outreach.

“By simply having their banking relationship with us, our members can trust that we have their best interest in mind,” said Affinity Plus President/CEO Dave Larson. “As we continue to develop a clearer picture of our members’ financial needs, I am extremely excited about the many opportunities we have to help even more individuals and families through this approach.”

Also in December, employees have begun reaching out to another 1,000 members who are eligible for Home Affordable Refinance Program (HARP) loans, a refinancing option that can provide lower rates and result in significant member savings.

“We know how life is--our members are busy and their finances are often times last on the list when considering how they want to spend their time,” said Stephen Geyen, Affinity Plus vice president of business intelligence. “By anticipating members’ needs and reaching out to them directly, we make it quick and easy for members to save money and make smarter financial choices.

“We have the opportunity to do the unexpected by helping out members who may not even know these options exist,” Geyen added.