BECU recognized by global research and advisory firm, Celent, as a 2016 Model Bank award winner in the Omnichannel Banking category. Selected from a field of over 100 entrants, BECU has demonstrated a truly innovative approach to harnessing and sharing the wide array of data required to successfully ensure their 900,000+ members are able to effectively complete their transactions at the ATM.
“We have recognized BECU as a Celent Model Bank because of its innovative approach to ATM channel analytics that led to demonstrable improvements in member experience,” commented Bob Meara, Senior Analyst, Celent. “Beyond member experience, BECU used transaction data in a new way to better manage its IT infrastructure, self-service device and application portfolio in production.”
As their main member-facing touch points, BECU’s ATMs are heavily used – averaging 8,000 to 12,000 transactions per month. To deliver the best possible member experience, the Credit Union sought to develop a more customer-centric understanding of channel usage. BECU worked with transaction data specialists, INETCO Systems Limited, to implement a modern, best of breed technology stack for omnichannel customer analytics, including:
· Real-time transaction data streaming off the wire (INETCO Insight®)
· A highly scalable, cost effective data storage cluster (Cloudera Hadoop)
· A leading edge visualization server (Tableau)
· On-demand, channel specific customer analytics dashboards, predictive algorithms and reports (INETCO Analytics™)
“Through our partnership and investment in INETCO’s omnichannel monitoring and analytics solutions, BECU now enjoys a member-centric, “hands on” view into operational performance, customer usage and channel profitability,” said Shirley Taylor, ATM Manager at BECU. “We are now cultivating a data-driven culture that can add member value through improved ATM availability, convenient self-service device placement, a lower cost-to-serve and better product-to-member service alignment.”
In addition to delivering a better member experience at their ATMs, BECU has also streamlined reporting processes and saved extensive time and effort in areas such as:
· An 88% predicted reduction in time required for cash utilization analysis
· 70% faster mean time to isolate performance issues
· 65% faster ATM placement and lease renewal analysis
· 58% faster geographical channel analysis
· 50% faster response to member inquiries
INETCO attended the Celent Innovation and Insight Day, taking place at the American Museum of Finance in New York on April 13th, to accept this award on BECU’s behalf. Contact INETCO to arrange a meeting or a personal demonstration of the INETCO Solutions. You can also download the 2016 Celent Model Bank omnichannel excerpt containing the BECU/INETCO Case Study.