RIVERDALE, Utah (4/10/12)--America First CU has used Apple iPads to cut costs and offer a more visual depiction of the credit union's financial results.
The $5 billion credit union began to replace laptops in November 2010 as a cost-cutting measure, according to a recent article in American Banker. At $499 to $699 each, iPads cost about 50% to 75% less than the notebooks America First had previously used, according to the article.
At the same time, America First CU was trying to find a more timely and user-friendly way to reproduce the credit union's financial information. National Credit Union Administration was pressuring credit unions to translate numbers faster to prove they had adequate risk controls.
"It was taking executives too long to make sense of the credit union's financial information," said the article, headlined "The Whole Bank on an iPad."
Thayne Shaffer, America First's controller and vice president, was put in charge of organizing a team and maximizing the iPad's potential.
Shaffer and his team sought a business intelligence app that transforms financial data into pictures with descriptive text and also display trends in a manner that could be easily understood by nonfinancial experts.
After efforts to develop an application took too long, Shaffer found Roambi, a data visualization app for iPads, in Apple's app store.
Roambi works with the credit union's main data engines for financial and historical analyses of budgets and forecasts and loan studies. Reports are used to monitor how economic indicators are affecting asset liability; monitor risks in loan distribution, concentration, delinquency and writeoffs; gauge revenue opportunities; and measure branch performance.
Roambi serves 47 users at American First CU. Users access financial information, which is presented graphically, as soon as the data are compiled.
To read the article, use the link.