Make Way for Innovative Channel Analytics – BECU Case Study

It’s not often you hear of a Credit Union winning the Celent Model Bank Awards. But then again, BECU is no ordinary CU. At the heart of their extraordinary culture is a team that is willing to push the limits on technology innovation, all in the name of improving the member experience. And that is just what they did with their recent channel analytics initiative.

inetco's darren horne receives becu's celent model bank award for their innovative channel analytics initiatives
Celent Senior Banking Analyst Bob Meara presents INETCO’s Darren Horne with BECU’s Celent Model Bank Award for Omnichannel Banking

INETCO recently attended Celent’s Innovation and Insight Day at the American Museum of Finance in New York. We were completely stoked to be accepting a Celent Model Bank award, in the category of Omnichannel Banking, on behalf of our customer, BECU. BECU received a Celent Model Bank Award because they have demonstrated a truly innovative approach to harnessing and sharing the wide array of data required to deliver the best possible member experience.

Their highly optimized, state of the art data management solution varies greatly from the way traditional customer and channel analytics has been done in the past, moving away from the dependency of stale data analysis gathered from application logs, flat files, banking systems and relational databases that were built to secure and store data rather than share and use it.

It embraces the concept of Fast Data, making data easier to work with and providing an instantaneous understanding of what is happening with their customers, and in the rich context of where, when and how. This in turn, has resulted in a significantly faster time to value and operational efficiency realized through:

  1. A focus on their member experience – developing a truly customer-centric view of how the ATM channel is being used
  2. Ensuring both the Channel Management and Operations teams could be self-sufficient in accessing information, shrinking reporting and decision making times by hours or days
  3. Deploying cutting edge technologies that allow them to scale smoothly to handle the large volumes of real-time customer interaction data required to execute their digital banking strategy.

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 cash utilization analysis, the average mean-time-to-isolate performance issues, ATM placement and lease renewal analysis, and geographical channel analysis.

becu efficiency gains with innovative channel analytics
BECU operational efficiency gains as reported in case study by Celent (*Note: Operational efficiencies associated with Cash Utilization are projected)

Bob Meara, Senior Analyst at Celent commented, “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. 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.”

INETCO would like to say congratulations to the BECU team for paving such a clear path to customer centricity. We feel extremely honored to work with such a talented, forward-thinking team, and look forward to journeying further into omni-channel analytics. To read the full BECU case study, you can download this Celent report excerpt.