MINNEAPOLIS – OnApproach, a CUSO that provides big data and analytics solutions for credit unions, on Monday said it has entered into a strategic partnership with Rate Reset to bring enhanced loan acquisition and retention software to CUs.
OnApproach said it is developing a "collaborative ecosystem" that enables application partners to develop using APIs to OnApproach's data model, OnApproach M360 Enterprise. The company said data from M360 is utilized by applications developed by OnApproach's partners to bring analytic solutions to credit unions.
"We are very pleased to form a strategic partnership with OnApproach," Keith Kelly, co-founder and CEO of Rate Reset, said in a statement. "By combining OnApproach's knowledge and expertise in leveraging big data and analytics to improve business performance and processing with Rate Reset's innovative digital member solutions, we can redefine the loan financing process."
"We are thrilled to add Rate Reset as one of our partners," said Austin Wentzlaff, director of business development at OnApproach. "The robust data offerings we provide with M360 are greatly enhanced with our partners. It is very difficult getting the raw, isolated data into actionable insights and we are happy to have partners such as Rate Reset to help us get credit unions there."
OnApproach said it focuses on providing credit unions with the power to use data as a competitive advantage both independently and cooperatively.
Rate Reset provides Loan Acquisition, Retention and Reset Software (LRSTM) to banks, credit unions and mortgage companies. The company said its software provides a borrower-initiated interest rate-resetting loan feature that is an alternative to the traditional refinance for both mortgages and auto loans.
Rate Reset was named "One of the Top Ten Technology Companies" to watch by American Banker's Bank Technology News (BTN). American Banker and BTN are affiliate publications of Credit Union Journal.
