Results
40 hours of time savings per lending partner, totaling 400 hours across all 10 partners.
Problem
Collecting and formatting data files across originators makes NCUA reporting tedious and time consuming.
Solution
Streamline the data standardization and data sharing process using machine-learning software.
Background: NCUA Reporting Poses Data Headache
Navigating NCUA reporting can often lead to data management headaches for credit unions. The requirement to deliver a comprehensive report on loan portfolios, assessing credit risk by detailing issued loans, outstanding balances, delinquency rates, and loan loss provisions, presents a significant challenge. Alliant Credit Union is a not-for-profit financial cooperative with 760,000 members and more than $19 billion in assets. The nimble loan trading desk team, responsible for 10 portfolios across consumer asset classes, faces data headaches due to a fragmented process. Their current process involves piecemealing data, gathering multiple loan tapes, and marrying it into a single Excel file. Furthermore, the data used in the final NCUA report must undergo a separate transformation for internal stakeholders, making the entire process time-intensive and complex.
Objective: Alleviate the Loan Data Reporting Strain
Alliant aimed to streamline its NCUA reporting process, enhance data accuracy, and improve overall efficiency. They sought a solution that could automate data collection and formatting, ensuring compliance with NCUA requirements while minimizing the burden on internal stakeholders.
Solution: Soothe the NCUA Reporting Migraine with dv01 Tape Cracker
Alliant aimed to streamline its NCUA reporting process, enhance data accuracy, and improve overall efficiency. They sought a solution that could automate data collection and formatting, ensuring compliance with NCUA requirements while minimizing the burden on internal stakeholders.
Automated Data Mapping
Tape Cracker recognizes raw data fields and automatically maps them to Alliant’s data dictionary. In cases where fields were not auto-mapped, Tape Cracker learns from manual mappings and auto-suggests them in subsequent uses.
Efficient Data Cleansing
Tape Cracker detects bad data, including missing values, misfielded values, and invalid values. This feature allows Alliant to easily identify and rectify inconsistencies, inaccuracies, or anomalies in the data.
Tailored Data Templates for Export
Finance and accounting teams need a custom view of the data. Tape Cracker enables Alliant to build custom export templates, allowing them to deliver the data that aligns with downstream requirements.
Unlocking Efficiency—dv01 Tape Cracker Lifts the Data Reporting Burden
By leveraging dv01’s Tape Cracker, Alliant successfully transformed its NCUA reporting process, achieving greater efficiency, accuracy, and compliance. The implementation not only addressed immediate reporting challenges but also positioned Alliant for continued success in an evolving regulatory landscape.