We wanted to make sure our network was as robust as possible to make reliable 24/7 banking a reality. This meant we needed to re-evaluate our systems in order to minimize downtime. As you may be aware, our area is prone to wind storms and freak weather (and in one case a rogue lawnmower!) that can cause power outages, network disruptions and other challenges. Considering this we are implementing a new network design that is automated with enhanced monitoring and increased security. This means that the next time a rogue lawnmower takes out a fiber optic box on the side of the road… our branches will still be connected to our datacenter and no one will be the wiser.
Another area in which the credit union has focused its efforts is Data Analytics. With analytics we are able to have business information right at our fingertips daily. Instead of waiting until month-end reports, we can analyze things such as: how many loans we did the day before, how OCCU trends compared to the industry, what will be the projected loss on a loan we underwrite today, etc.
These advances have allowed us to make quick decisions such as when we found out that Simpson and Olympic Panel were closing their doors. That weekend after the announcement we were able to pinpoint which members which would be affected and if they had a loan with us. This allowed us to reach out to those affected members for workshops, loan modifications, and how much money we would need to set aside in case those loans did in fact default. (We are happy to report there were no losses from those closures!) This is just one example of the many ways that analytics is reshaping how we do business. Our goal is to continue building on our analytics to aide in decreasing costs, increasing efficiencies and most importantly to better serve our members.
OCCU is looking towards the future so that we will be able to quickly react to the market and implement new technologies as they come about. There may be some growing pains along the way. We thank you for your patience in advance and we’re looking forward to growing with technology and creating our future together.
