Credit Unions across Ireland are going to have a unified intelligence system they will use to make effective loan decisions and analyse performance against peer unions.
The Irish League of Credit Unions (ILCU) and DNM Technology today signed a deal to deliver business intelligence software to credit unions throughout Ireland.
Business intelligence is the first service to be delivered via ILCUnet, the private credit union communications network.
The network serves to connect credit unions throughout the island and it provides a key platform for delivery of a range of new IT products and services to credit unions and their members.
According to Mark Bailey, president of the ILCU, the credit union business intelligence software will provide a much-needed service for credit unions:
“Credit unions need to analyse a vast array of data to make informed decisions on a daily basis,” Bailey explained.
“The business intelligence service will facilitate and simplify much of this work by providing credit unions with access to key information at the click of a button. The system also facilitates credit unions to benchmark their performance anonymously against peer credit unions to further assist in decision making.
“The credit union network will serve as the foundation for credit unions to continue to work with their IT suppliers to develop and offer many new services to their members. With membership increasing every day, now is the time for us to take advantage of economies of scale and leverage technology to offer the financial products and services members are demanding from their local credit union.”
DNM Technology is an Irish-owned company who specialise in the design and delivery of IT infrastructure solutions.
The company has partnered with enterprise software player Oracle in the development of the business intelligence service.
“The system will facilitate credit unions in converting raw data into actionable information and will assist credit unions in the decision-making process,” explained David Quirke, CEO of DNM Technology.
By John Kennedy