Performance Dashboards for Credit Unions

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Business intelligence tools will thrive wherever there is available data that is reliable and accessible. When it comes to BI tools, these work not only by recording and reporting gains, losses, or delinquencies but also aid its users in finding potential opportunities in their industry.

Performance dashboards and other BI tools are increasing in popularity especially for credit unions. This is because these tools help organizations to assess risks aligned with loan portfolios. These also aid them in making informed strategic decisions.

A credit union dashboard does more than help the organization manage gains, losses, or delinquencies. It provides more data other than your standard operational reports. They also help measure potential investment opportunities, a rather popular banking KPI.

But for the banking KPI to be of use to the credit union, data should be available to all personnel from the bottom-line employees to the CEOs. And when it comes to data collection, although credit unions have working protocols in place, there are still several challenges that come with the territory.

If the BI tools that they are utilizing don’t have the ability to store long data histories then it would not be easy for these tools to provide its users with historic trends. As such, they’ll require the services of third party agencies, which may provide them with the reports that they need but not in formats that they’ll find usable.

There is also more than one banking KPI that credit unions need to focus on. With the help of a reliable credit union dashboard, they can manage all of these with ease. From updated credit scores to collateral values, credit unions will be able to leverage these pieces of information.

When working with a credit union dashboard, it is important for the organization to consider which particular key performance indicators should be included in their dashboards. This ensures that they will be able to assess relevant data whenever doing so is necessary.

In order to determine the right metrics to focus on, they should discuss their plans, strategies, and goals that they wish to achieve. If credit unions are fully aware of what they want to gain from their investments, they can customize their dashboards to help them make informed decisions from the get go.

When it comes to BI tools, there are two kinds of data that credit unions should focus on. There is performance data and origination data. The thing about performance data is that it is pretty straightforward. What you have here are data that come from metrics related to the union’s operations. These are internal insights that show operational effectiveness, gains, losses, delinquencies, and such.

In the case of origination data, you are dealing with information from the past that can be used to make better decisions in current matters. These data can be collected and stored for years allowing the credit unions to have access to past investment or loan information that can be used to help them decide whether or not to invest in new projects of similar natures.

For example, if the credit union invested time, effort, and money in a past project supporting a campaign then they can use the historical data to see whether or not their investment had been fruitful. If the answer is yes then they might consider supporting the same effort again. But if not, they can make an informed decision to decline.

There is a ton of benefit that credit unions can take advantage of if they are able to track historical data and have it on hand. This is why performance dashboards are excellent investments in this particular industry.

Apart from storing both performance and origination data, they can also use their customized BI tools to ensure that current and future data additions will not only be more useful but flexible as well.

And of course, having dashboards available will make the reporting process a breeze. Instead of spending valuable resources manually checking performance logs and such, credit unions simply have to push a couple of buttons and see where they are at and identify the points on which they can improve on.

With the help of performance dashboards, credit unions can reduce the risks that come with growing their portfolios.


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This is the best dashboard software for its price. One good thing we did was to hire their consulting services to build few dashboard prototypes and provide some quick dashboard training.
- Terry Seal, IL
We evaluated Xcelsius and Qlikview and the cost for organization to implement dashboards was quoted over 10,000 USD. For fraction of the above quoted price, we were able to buy the licenses for the web based dashboard software and get some free training. This is truly a dashboard software for small businesses like us.
IT Manager of a Trucking company, OH