CU Rise Analytics, a credit union service organization focusing on technology advancement solutions for credit unions, announced two new CU investors today.
Oxnard, Calif.-based CBC Federal Credit Union and Shelton, Wash.-based Our Community Credit Union are the newest credit unions to invest in the data analytics CUSO.
“Our investment in CU Rise Analytics aligns with CBC Federal Credit Union’s belief that data analytics is a necessity for credit unions to be able to compete and grow,” Patrick Miller, president and CEO of CBC Federal CU, said in a statement. “By leveraging existing information, it allows us to meet member expectations and compete with big banks and non-traditional competitors by being more efficient and effective. Big data is not effective until it is analyzed and used to meet and deliver on consumer and member expectations.”
The global CUSO aims to focus on predictive modeling, business intelligence, and technology services, all while upholding its mission of “helping credit unions better understand, serve and support their members in the most effective & efficient manner.”
“In the current financial services landscape, data analytics and our technology enablement assistance provide an affordable solution for credit unions to be highly competitive,” Karan Bhalla, CEO of CU Rise Analytics, said in a statement. “We are excited to have investors such as CBC Federal Credit Union and Our Community Credit Union who share this vision.”
Bert Fisher, president and CEO of Our Community Credit Union, spoke to the innovation that data analytics delivers to credit unions.
“At Our Community Credit Union, we partnered with CU Rise for their business intelligence and analytical report building to fully leveraging our member data which is why we are excited to support CU Rise Analytics with our investment,” Fisher said in a statement.
Both credit unions are well capitalized, with CBC sitting on approximately $465 million of total assets whereas Our Community holds about $382 million. Year-to-date, Our Community reaped 1,768,269 in net income whereas CBC brought in $161,014 through the quarter ending March 2018.