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 ReportsFor 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 ReconciliationReconciling 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
ReportsDatawatch 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 MigrationUpgrading 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/SettlementsMonarch 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 CorporationDatawatch
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 1995Any 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@datawatch.com
978-275-8387
Twitter: @datawatch
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