Credit Union Puts Data and a Dashboard into More Hands

Pam Greene Pamela Greene November 29th, 2018

Chaffey Federal Credit Union of Rancho Cucamonga, CA is expanding its use of Dashboard across the institution. It’s part of a deliberate strategy for Chaffey FCU to increase the use of data to make decisions at every level.

The credit union first started using Dashboard to improve the speed, ease, and accuracy of the budgeting process. Diane Kotlewski, Vice President of Finance, said that Dashboard was the ideal way to move beyond Excel spreadsheets and all the worries that come along with it – like broken formulas and transposed numbers.

In addition to budgeting, Kotlewski has come to rely on Dashboard for daily, at-a-glance monitoring of key performance indicators and metrics. She has her home page loaded with widgets to track loans and deposits, show the comparison to budget, and more. She has also set up alerts to notify her when CD or loan rates may be incorrectly priced.

“After two years I know first hand what Dashboard can do, and it is definitely time to take our use to the next level,” Kotlewski said. “We have some major projects in the works which will mean we’re going to be holding our people more accountable for monitoring, measuring, and managing performance. They are going to need the data and the tools.”

As an example, Kotlewski said that branch managers are expected to act as the CEOs of their own enterprises. With Dashboard, they will keep a close eye on performance indicators and metrics such as loans, maturities, deposits, expenses, and exceptions. Managers will have the authority to make decisions based on what their branch data reveals.

In addition, loan officers will have increased accountability for monitoring and managing their own pipelines and watching out for maturities that can be repriced.

As Dashboard is rolled out more widely across the organization, Chaffey FCU will start using a lot more of the tools that the platform has to offer – like the loan pricing tool, which helps ensure profitable margins, and the branch comparison tool, which allows branch managers see how their branch is performing against other Chaffey FCU branches on a variety of metrics.

“As rates change, we’re going to be doing more in the way of liability management and using Dashboard to appropriately price deposits,” said Kotlewski. “It’s all part of our strategy to use data to inform our decisions.”

To master these new-to-them tools, Kotlewski and her colleagues join Dashboard user webinars, read the tip sheets in the resource tab, and practice their new skills within the platform. Additionally, she takes comfort knowing the Dashboard team will continue to have their backs as they go through the learning process.

“When I was creating my first budget with Dashboard, Ann [Jones] and Devon [Brown] were always available to assist me,” Kotlewski said. “I think that’s one of the unique benefits you get from Dashboard – people who have been in your position and are eager to help.”

This content is accurate at the time of publication and may not be updated.