Seattle, Wash. (August 24, 2015) — Stakana Analytics has launched the Member Retention Project, an affordable solution designed to help credit unions of all sizes keep from losing existing members through the use of cutting-edge predictive analytics. The business intelligence firm is currently seeking 20 credit union participants for the project that will launch in September and run through January 2016. The application deadline is September 18. More details can be found at stakana.com/retention.
Membership growth among all credit unions has risen to the top as a critical concern as they struggle to stay competitive with big banks. Yet the NCUA reported a median growth rate of -0.4% within the first quarter of 2015. The majority of credit unions show stagnant or negative growth, which is part of an ongoing and troubling trend.
Rising to this challenge, Stakana offers the same predictive analytics tools that the big-bank competitors use. The Member Retention Project incorporates mathematical tools that analyze a credit union’s member data to predict which members might close accounts, when and why. This information will enable the financial institution to focus their retention efforts more aggressively and with greater precision. The approach is powerful and requires analytics tools and expertise typically unattainable for smaller credit unions (and often many of the largest ones as well).
The current project is an extension of a program started with Verity Credit Union ($455M, Seattle WA). Stakana’s immediate objective is to expand its analytical database of banking behaviors among a wider range of credit union members. This five-month program will provide participants with a detailed report regarding member behavior patterns with enough time to execute a course of action for each financial institution.
Stakana is a new analytics company based in Seattle, WA with over 50 years of combined experience in forecasting and data analytics among its team of expert statisticians and data programmers. The results they provide are affordable, actionable, and accurate. The company’s business objective is to bring the power of predictive analytics to credit unions that do not have extensive in-house capabilities — usually the ones who need it most!
About Stakana Analytics
Stakana Analytics helps financial institutions cultivate and retain their best customers utilizing a set of predictive analytics solutions. Stakana strives to bring affordable cutting-edge customer-retention solutions within reach of small and mid-size financial institutions. For more information visit www.stakana.com.