Introduction

In order for a Credit Union’s board and management meetings to be as effective as possible, staff must come prepared with the latest data and information.

Geoff McKay, Business Development Manager at Central Liverpool Credit Union uses cuInsight to pull reports so board members and the management team can review performance right across the entire Credit Union.

Background

Central Liverpool Credit Union always knew how important data and insights were to help them thrive and prosper.

Prior to cuInsight, in order to gather data and information Central Liverpool used a different solution. However this solution was extremely cumbersome to set up reports, didn’t delve into deeper detail, and wasn’t intuitive. Staff had to “drag and drop” parameters and filters to create the report, but everytime they needed to run that report, they had to create it again from scratch.

Reporting at your fingertips

After changing their core system to Wellington IT’s Scion, the staff at Central Liverpool quickly realised that there was a plethora of invaluable information available to them. cuInsight made pulling and filtering this data intuitive.

A key user of cuInsight within the Credit Union is Geoff.

“When Wellington IT first implemented cuInsight, they set up some standard reports for us that their other customers find useful. I use these reports on a weekly basis”

– Geoff McKay

Weekly reports

These weekly reports include;

• Account Balance: a report that shows the balance across every account in the Credit Union. It includes data on open and closed accounts, shares, loans and even Christmas Club. These can be filtered to show total share balances, total corporate balances, total junior balances. As a byproduct of this report, Geoff can also pull information on unattached shares.
• Active membership: a report that shows the number of active members, and whether they’re adults vs juniors. This helps Central Liverpool with their Marketing efforts, and who they need to target.
• New members: a report pulling all the new members that have joined in a specified period of time. Geoff pulls monthly figures. This report is particularly useful to Central Liverpool, as they can view how the new member’s ID was verified. They use Nestegg to verify IDs of online applications, so Geoff can instantly tell whether the new member joined in-branch or online. They can also filter by age, and recent reports have shown that those joining online are slightly younger than those who join in-branch.

Central Liverpool's unique reports

Geoff also needs to run reports specific to Central Liverpool Credit Union, so he set up the following reports himself via the easy-to-use interface:

• Counter transactions: Geoff pulls data on any transaction that happens over the counter. From this data, he can see which operator has completed which transactions, and also how many transactions. With this information, Central Liverpool can distinguish which of their branches are busier than others, and rotate staff as needed.
• Issued loans by officer: similarly to above, Geoff pulls a report on loans issued and by which loans officer. From this, he can tell which officer in which branch issued the loan, and can measure which branch are issuing the most loans. This helps him decide whether they need to move loan officers to different branches, depending on how busy they are.
• Bad debt provision: if a member is in arrears for a certain length of time (in Central Liverpool’s case, 13 weeks) 35% provision kicks in. Geoff can report on which members are 12 weeks in arrears and pass to Credit Control who will contact and encourage them to make a payment before the 35% rate begins.

Saving 6 hours per week on reporting

Since using cuInsight, Geoff can create a report which is then saved on his dashboard for future use. Since the old solution forced him to create the report each time, Geoff is saving at least an hour per report since he doesn’t need to build them from scratch. This means Central Liverpool save 6 hours per week, solely on creating reports.

Their old solution produced less granular data.

“With cuInsight we can gather more granular data. For example, I can report on loan officer and branch and tell if one branch is being overloaded. Then we can decide to send another loan officer to that branch. We wouldn’t have had this insight before using cuInsight”

– Geoff McKay

More flexibility with cuInsight

Central Liverpool’s old solution gave them provision data that was incorrect and couldn’t be changed. With cuInsight, Geoff could change the parameter to Central Liverpool’s provision rate.

cuInsight also helps Central Liverpool ensure their information is accurate and up-to-date. They can easily export member information and see, for example, those members who don’t have postcodes or a phone number entered.

From member data, Central Liverpool can also use ‘codes’ to group like-minded accounts together, and report on area, age and whether they signed up online or in-branch. They can analyse any patterns and tweak their marketing efforts accordingly.

About Central Liverpool Credit Union

Central Liverpool Credit Union have 3 branches spread across Liverpool, with over 10,000 active members.

Central Liverpool recently entered the Government’s Affordable Credit Challenge competition and have reached the final 6. Their offer is a mobile app that helps people better understand their credit scores and suggests ways in which it can be improved. It also looks at the income and expenditure and helps them to budget to make better use of what they have. It explains why they may not have been accepted for a loan and monitors their progress to a point where they receive a message telling them they are now likely to be accepted. It can then send them a link to central Liverpool’s online loan application facility.

Read more about Central Liverpool on their website https://centralcu.co.uk.