November 17, 2022
November 17, 2022
MNP’s Credit Union Peer Information Dashboard (CUPID) allows you to see your credit union’s data in a whole new light, benchmarking key metrics in real time against your industry peers and your own business’s past performance.
Credit unions are known for being collaborative in nature, be that through interactions with members, industry peers, and even competitors. If you are in a management position at a credit union, you may have turned to others in the industry to share ideas, insights, or practices, and seek inspiration on what your credit union can be doing to continuously improve.
Looking for answers outside the walls of your business, while beneficial, is not without challenges:
In conversations with industry leaders, MNP identified an opportunity to support credit unions as you look to improve performance and analyze data. The Credit Union Peer Information Dashboard (CUPID) will enable you to improve your credit union’s performance through critical analysis of data benchmarked against others in your sector. CUPID was developed with your challenges in mind; it infuses more confidence and peace of mind into data, informing your decision-making process.
CUPID is a dashboard that allows your credit union to meaningfully benchmark its performance compared to:
Working closely with executive leaders to inform your needs, this dashboard is being piloted by select credit unions in Canada who participated in various working group sessions with MNP in June and October. The volume of data available will continuously grow as we engage with system entities and as more credit unions participate.
With CUPID, you get timely information on key metrics and trends that are vital to managing your business and making more informed decisions. The dashboard, available through MNP’s secure portal, is designed to be intuitive. It gets updated monthly, quarterly, or annually, depending on the metric — to ensure you are reviewing the most accurate data available, eliminating manual aggregation by your teams. Insights can be aggregated or disaggregated, allowing for maximum value in comparators.
The data available in CUPID yields key metrics that help you measure your performance in several areas, including:
Data is only valuable when it’s analyzed in context. Your credit union may be able to view its current data, and even some historical data, with relative ease. However, without knowing how you perform next to your peers, industry standards, and other industry participants, that data may not impart true value when making decisions and driving efficiency.
As a decision maker at a credit union, you must ask big-picture questions about performance and direction. Is our compensation structure enough to attract the best talent? Is there something unique in our business that is leading to lower margins, or are competitors experiencing the same thing? Are we growing at the rate we should be? How does this align with our current strategy and vision?
The best and most useful answers will not be derived by looking at your data in isolation or by reviewing a single KPI, but rather in analyzing multiple benchmarks side by side, and looking at trend data, all with the benefit of context. CUPID was designed to help you find the best answers to a myriad of performance-related questions.
For example, CUPID lets you know where you are leading or lagging within your benchmark peer group, thus helping you allocate resources where they are needed, increase efficiency, and reduce waste. One of CUPID’s main purposes is to help credit unions reduce inefficiencies in data gathering, while making informed decisions.
The benefits of CUPID are not limited to a single department — all decision makers at your credit union can benefit from the dashboard views.
The MNP Credit Union team has engaged with multiple credit union executives, gathering feedback to ensure the dashboard creates value for stakeholders. From October to December 2022, we will continue to work with pilot credit unions to refine metrics and how data is ingested. We are excited for a January 2023 rollout, where new participants would be accepted.
For participants, commencing in January, your team would access the benchmarking tool through the MNP client portal, and where possible gather data directly from necessary internal systems, and train your users on the functions and features available.
For more information on CUPID or how your credit union can benefit, contact us using the form below.
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