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The story

The Credit Unions’ FinTech domain often can be quite competitive with dozens of Credit Unions going out of business every year. And, by their nature, Credit Unions are mostly community-oriented while banks are profit-focused – creating fundamental challenges for Credit Unions to compete effectively against banks.

Our customer’s ambition was to build a SaaS Data Analytics platform that enabled Credit Unions to compete better by being able to:

  • be more aware of how well they are performing
  • provide them with measurable and quantifiable tools around the value they provide to their members
  • help them focus on communities most needing access to affordable financial services and products
  • receive grants and certifications from the US government

After a substantial development effort of over 15,000 person hours, the first version was released to the market. The product received high recognition on the market and B2B renewal rates increased from ~50% to ~85%, and within the first six months, the tool was adopted by over 70 Credit Unions, representing over $30 billion in assets and 2.5 million members.

Even after launch, Varyence continues helping this customer as a technical partner, providing ongoing enhancements and support, helping our customer position this product based upon market feedback, and managing a dedicated development team focused on supporting our customers growth objectives.

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Project overview

Varyence developed a SaaS data analytics platform that relies on Census Demographic datasets and Credit Unions’ proprietary datasets and enables Credit Unions to

  • Raise awareness of how well they are performing
  • Measure and quantify impact they have on their members and entire community
  • Develop strategies for better serving their communities
  • Gain insights into demand for affordable financial services and products
  • Attain grants and certifications from the US government
Customer Location
USA
Team Location
Ukraine, Croatia
Team Size
8
Project Length
2021 - ongoing

Client challenge

  • Help credit unions better understand their members, including Race & Ethnicity, Spoken Language, Income, Housing, Educational Attainment, Transportation, Healthcare Coverage
  • Provide annual subscriptions to the SaaS platform for Credit Unions
  • Build an industry-wide dataset of Credit Unions members and how they consume Credit Unions’ financial services and then perform data analytics at the Credit Union level, State level and national level for extracting insights
  • Based on members demographics perform fully automated analysis to determine if credit unions are eligible to attain specific certifications and designations, so they can get competitive advantage and governmental support to better serve communities that need access to financial services the most

Our approach

We utilize industry best practices & leverage our global delivery capabilities to ensure successful business outcomes for our customers.

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Solution delivered

Varyence developed:

  • Comprehensive and interactive dashboard for credit unions enabling them to manage and visualize members data and better learn about profiles of their members and community
  • Historical data charts and interactive maps, that enable credit unions to understand if they are eligible for beneficial designations and grants and how they are trending over time to achieve their strategic goals
  • High-performant data processing, analysis tools, and data storage that can consume Credit Union’s proprietary datasets, enrich them with Census Demographics datasets and extract insights

Technical components

Executive technology leadership, business and requirements analysis, software architecting, software development, quality assurance, cloud infrastructure architecting and hosting, DevOps, project management, UI/UX and design.

Solution impact

85%
renewal rate achieved by customer
2.5
million members
  • Enabled customer to achieve 85% renewal rate for their SaaS platform
  • Adopted by 70+ Credit Unions representing over $30 billion in assets and 2.5 million members

Why Varyence

Varyence can help you drive growth, transform your business, and reduce risk.

You have many choices of who to trust with your budget, business reputation and business objectives and we take that responsibility very seriously.

Since we take this responsibility very seriously, we are selective regarding new clients with whom we engage. This helps us maintain high quality work for our customers.

As a trusted business technology partner for over 10 years to customers worldwide, below are some of the reasons they chose to place that trust in us

Excellent ratings from clients
Passionate problem solvers
Global delivery capabilities
Best practice approach
Consistent results
Business savvy
Industry expertise
Technical know-how
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