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A New Tool Gives Every Credit Union the Power to Make Advanced, Informative Comparative Analysis

When it comes to analyzing
performance, looking at your credit union’s metrics in isolation doesn’t shed
enough light on whether you’re truly crushing the competition or have more room
to grow. Context always gives a fuller, more insightful picture.

For credit unions to gain a deeper,
more accurate understanding of how their credit union is performing, context
matters. A more informed picture emerges by knowing how other credit union
peers are performing – but, that data hasn’t been available in a readily
accessible format.

Now, an intelligent new solution is available
to credit unions that want a better understanding of their own essential
performance metrics, and how they compare against a multitude of peer groups. CUCompare
was
developed by credit union data analytics provider CU
Rise Analytics
specifically to offer advanced, easily-performed
analysis so credit unions can compare with confidence.

After registering for a free account, any
credit union can access rich troves of information within minutes. CUCompare
runs on data obtained from NCUA on all federally insured credit unions and is
updated every quarter.

The basic version is free to all
credit unions. With an affordably-priced
paid subscription
, more advanced analysis and greater
functionality is unlocked. Here’s a look at how CUCompare can deliver insights
for every credit union user.

Home
Page: Performance At-A-Glance

After  logging in the CUCompare home page provides users with an instant snapshot of their credit union performance. View the latest key growth metrics such as total assets, members, deposits, and loans, and see how current performance compares year-over-year.

Credit unions can also view trend lines around loan and deposits, tracking percentage growth by quarter during the previous five years. Average product balances, penetration rates, and rates are also visible.

CUCompare is organized by four main
actions:

  1. Analyze
  2. Benchmark
  3. Compare
  4. Forecast

Analyze:
A Detailed Look Trends

Credit
Union

The Credit Union page provides a detailed
picture for your own, or another credit union. 
Year-over-year (YoY) trends are broken down by quarter for metrics such
as growth rate, income details, performance ratios, product details and risk
behavior. In addition, this page visualizes a CU’s income distribution over
time (broken down by quarters) and shows the distribution of share and loan
accounts.

State

The State page shows how credit unions
are performing overall in your – or another – state. It aggregates growth rate,
income details, performance ratios, product details and risk behavior for a
selected state and shows the trends by quarter. Visualize an entire state’s
income distribution over time, with a breakdown of shares and loan accounts.

Free Benchmarking Report

For all users, CUCompare will
automatically generate a free benchmarking report based on your state and asset
band. Through visual and colorful charts and graphs, see how your credit union
compares in categories such as income distribution, risk rate, delinquency,
performance ratios, growth rates and product penetration against others in your
state, and nationally in your asset band. This report can be easily exported as
a formatted, shareable PDF.

Benchmark:
In-Depth Comparisons (Paid Subscription)

Peer
Benchmark

The Peer Benchmark
page offers deeper and more flexible comparisons beyond the free peer
benchmarking report. Select the asset band and state of your choice for an
instant analysis of your credit union’s comparative strengths, as well as
possible opportunities to capitalize on. For your personal selections, see how
your credit union measures against the average key metrics such as assets,
loans, deposits, members, branches, performance ratios, income distribution and
more!

Custom
Peers

Create a custom
list of credit unions that CUCompare will use in ‘custom peer’ comparisons on
the Compare and Build Your Metric pages.

+10/-10
Peers

Compare the
performance of your credit union against the 10 credit unions immediately above
and below yours in asset size, at either the state or national level. Look across
metrics such as growth rate, income details, performance ratios, product
details and risk behavior against credit unions and sort by metric or total
assets.

Compare: Watch Trends for
Specific Comparisons (Paid Subscription)

Trends

The Trends
page allows users to explore a variety of specific comparisons to view trends
across the previous 24 quarters. For chosen metrics, compare your credit union
to:

  • The
    national average
  • Credit
    unions in a chosen asset band
  • Any
    state average
  • Any
    credit union in the U.S.
  • +10/-10
    peers
  • A
    custom peer group

Build
Your Metric

This page
provides ultimate flexibility to hone in on the performance metrics most
pertinent to your credit union. Mix and match queries to drill into your
comparative performance, and further customize the analysis with options to
add, subtract, multiply or divide the results.

Forecast:
Anticipate Future Trends (Paid Subscription)

By harnessing
the power of predictive analytics, CUCompare creates ‘on-the-fly’ forecasts
that project future credit union performance based on actual trend data. Using
Time Series methodology that derives predictions based on past trends and
cyclicity of data, the Forecast feature offers an indicative projection for the
next sixteen quarters. (Though it makes the best prediction possible, actual
results may differ.)

Financials
(Paid Subscription)

This module,
just released in July 2020, offers a window into a credit union’s financial
condition. Concise, yet detailed reports break down the composition of assets,
liabilities, and P&L statements, and show the percentage change by quarter
or year-over-year.

Coming
Soon!

The data
scientists at CU Rise Analytics are continually looking for ways to enhance
CUCompare and add new features. Planned future developments include geo-representation
of credit union branch networks, additional financial ratios, and improved
forecasting with new comparison scenarios.

Through the
opportunities created by data analytics, CUCompare is a powerful new way for
credit unions to more deeply understand key performance indicators. It can be
an important ally in strategic decision-making for credit unions of any size
and ambition. Start comparing with confidence for free today at www.cucompare.com.

Suchit  Shah is the COO of CU Rise Analytics, a leading data analytics and business intelligence CUSO headquartered in Vienna, VA. Learn more at www.cu-rise.com

This content is for CU BUSINESS eMagazine + WEB ACESS and THE TEAM BUILDER (GROUP SUBSCRIPTION) members only.
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