Datawatch Reports Continued Growth In Credit Union Industry, Driven By Increased Demand for its Self-Service Data Preparation Platform
(Thomson Reuters ONE) -
More than 700 credit unions using Monarch to overcome data access,
reconciliation and analytics challenges, and turn static report data into
actionable business intelligence
BEDFORD, Mass., May 17, 2017 (GLOBE NEWSWIRE) -- Datawatch Corporation (NASDAQ-
CM: DWCH) today announced that it continues to see sustained demand for the
Datawatch Monarch self-service data preparation and analytics platform among
credit unions. The company experienced 124 percent revenue growth in the
industry over the past year alone, and it now boasts more than 700 credit union
customers with assets ranging from $23 million to $78 billion. Credit unions
across North America are turning to Datawatch Monarch to expedite data access,
preparation and analysis; streamline reconciliation; distribute reporting
processes and datasets; and facilitate data-driven financial decisions.
"Many credit unions struggle with accessing, organizing, integrating and
analyzing data trapped in flat reports, transaction systems and other business
documents scattered throughout the organization," said Michael Morrison, CEO of
Datawatch. "Monarch has seen rapid adoption in the credit union industry because
it solves this exact problem, enabling users to access all of the data they need
regardless of source or format, and then transform the information into
interactive reports for easy analysis and visualization. Looking ahead,
Monarch's new features related to data socialization and the sharing of curated
data sets for enhanced collaboration will provide credit unions with deeper
visibility into their business, resulting in more informed decisions, time and
cost savings and improved member experience."
With Monarch, data can be prepared for analysis in a fraction of the time that
it takes using spreadsheets and other manually-intensive measures. Stagnant
information in stock system text reports is transformed into actionable business
intelligence that expedites analysis, yields more accurate and strategic
financial decisions, and improves operational processes. And, through automated
and repeatable modeling, credit unions can eliminate errors inherent with manual
calculation and input, and create, distribute and publish thousands of reports
internally without time delays or involving IT.
In addition to tasks such as daily teller reconciliation, debit and credit card
reconciliation, ATM terminal activity analysis, loan servicing, and member
service enhancement, some of the most common use cases for Monarch among
Datawatch's credit union customers include:
5300 Call Reports
For credit unions in the U.S. regulated by the National Credit Union
Association, the primary regulatory report mandated for quarterly filing is the
5300 Call Report, which consists of accounting and statistical information
detailing credit unions' assets, liabilities, liquidity and risks. Monarch
enables credit unions to streamline collection, reconciliation, preparation and
submission processes, and reduce data preparation time from weeks to hours.
Monarch also helps organizations reduce the risk of incurring exorbitant fines
from late or inaccurate reports.
Harry Schreiber, senior systems analyst at Bellco Credit Union, explained: "We
use Monarch to access and extract data from trial balances, parse it out and
then apply it to different fields in the 5300 Call Report. It has eliminated the
need for us to manually input data into spreadsheets, and this has resulted in
significant time and cost savings for our organization."
General Ledger Reconciliation
Reconciling the general ledger is essential for ensuring that all banking
transactions match the balances shown in each account - and accurate
reconciliation is vital for maintaining credibility and trust between credit
unions and their customers. Datawatch's self-service data preparation solution
helps credit unions shorten day-to-day operational reporting tasks from weeks to
hours, or hours to minutes; improve accuracy by replacing manual re-keying with
automated data extraction from static reports; and reduce the risk and cost
implications from late or inaccurate books.
Advancial Federal Credit Union uses Monarch to prep disparate data for upload
into its general ledger software. "We receive reports in multiple formats,
including PDFs, XMLs, CSVs and PRNs," said Advancial Accounting Manager Dana
Herrington. "Monarch allows us to integrate, manipulate and prepare all data,
and easily blend it into a common report format suitable for our general ledger
system. The 'drag and drop' functionality and intuitive nature of the Monarch
software is tremendously helpful for us."
Director of Core Systems, Judi Burton at Arbor Financial Credit Union relies
extensively on Monarch to resolve data issues and share accurate information
across departments. "We are able to quickly reconcile thousands of teller
transactions daily and create accurate reports to share with the management team
and other internal departments. Monarch has greatly improved our efficiency and
allowed us to grow and serve our customers better."
Data Extraction from Core Banking System Reports
Datawatch credit union customers are turning to Monarch to automate and expedite
the extraction, parsing, cleansing and joining of disparate reports from various
core banking systems, including Fiserv, FIS, D+H, CSI, COCC, Jack Henry/Symitar,
etc. Using the self-service data preparation and analytics platform, they can
access large volumes of transactional data from all sources; mine from multiple
reports and identify 'data gaps' and inconsistencies; reconcile accurate daily
settlements faster and easier; and maximize the value of reports delivered by
hosting providers.
Data analysts at State Employees Credit Union receive many reports from third-
party vendors, and, before Monarch, it was extremely difficult for them to
access the data in these documents. According to Data Analyst Kristen Snyder:
"We have an extensive list of reports that we receive from outside vendors, and
they are not always in the right format for analysis. Monarch helps us clean and
prepare the data, so different departments in our organization can balance and
reconcile it in a timely fashion. Monarch also helped us reduce data preparation
time from days to minutes, and it automates monotonous daily tasks, so we can
focus on what we're really responsible for: data analysis."
Core System Migration
Upgrading or changing critical business applications is a major challenge in any
industry. When credit unions migrate from one core banking system to another,
organizations must mitigate the risks of both downtime and compliance. To
facilitate a seamless transition and accelerate the transfer of critical
financial records, core banking system providers, systems integrators and credit
unions leverage Monarch to extract critical data from files, reports and
documents. Monarch enables teams to avoid manual data entry and time-consuming
data reconciliation by automatically pulling semi-structured data formats and
transforming it into structured datasets, saving time and ensuring information
accuracy.
ATM Balancing/Settlements
Monarch also saves credit unions time, money and resources by automating the
parsing and comparison of ATM posting reports with data from third-party ATM
network providers. Not only can data analysts access large volumes of
transaction data from all sources, but they can mine from multiple reports to
identify 'data holes' as well as complete accurate daily settlements faster and
easier.
For more information about how Datawatch Monarch is being utilized in the credit
union industry, visit: http://www.datawatch.com/solutions-credit-unions/.
About Datawatch Corporation
Datawatch Corporation (NASDAQ-CM: DWCH) enables ordinary users to achieve
extraordinary results with their data. Only Datawatch can unlock data from the
widest variety of sources and prepare it for use in visualization and analytics
tools, or for other business processes. When real-time visibility into rapidly
changing data is critical, Datawatch also enables users to analyze streaming
data, even in the most demanding environments, such as capital markets.
Organizations of all sizes in more than 100 countries worldwide use Datawatch
products, including 93 of the Fortune 100. The company is headquartered in
Bedford, Massachusetts, with offices in New York, London, Frankfurt, Stockholm,
Singapore and Manila. To learn more about Datawatch or download a free version
of its enterprise software, please visit: www.datawatch.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Any statements contained in this press release that do not describe historical
facts may constitute forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Any such statements contained
herein, including but not limited to those relating to product performance and
viability, are based on current expectations, but are subject to a number of
risks and uncertainties that may cause actual results to differ materially from
expectations. The factors that could cause actual future results to differ
materially from current expectations include the following: rapid technological
change; Datawatch's dependence on the introduction of new products and product
enhancements and possible delays in those introductions; acceptance of new
products by the market, competition in the software industry generally, and in
the markets for next generation analytics in particular; and Datawatch's
dependence on its principal products, proprietary software technology and
software licensed from third parties. Further information on factors that could
cause actual results to differ from those anticipated is detailed in various
publicly-available documents, which include, but are not limited to, filings
made by Datawatch from time to time with the Securities and Exchange Commission,
including but not limited to, those appearing in the Company's Annual Report on
Form 10-K for the year ended September 30, 2015. Any forward-looking statements
should be considered in light of those factors.
© 2017 Datawatch Corporation. Datawatch and the Datawatch logo are trademarks or
registered trademarks of Datawatch Corporation in the United States and/or other
countries. All other names are trademarks or registered trademarks of their
respective companies.
Source: Datawatch
Media Contact:
Amanda Beaupre
Marketing Communications Manager, Datawatch Corporation
amanda_beaupre(at)datawatch.com
978-275-8387
Twitter: (at)datawatch
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Datawatch Corporation via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 17.05.2017 - 14:55 Uhr
Sprache: Deutsch
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