The COVID-19 crisis has had a sudden and significant impact on the industry’s bottom line and day-to-day operations. With no time to prepare, credit unions needed to take immediate action and come up with solutions quickly to keep up with a world caught in a pandemic.
In response, Callahan has created two new features in Peer-to-Peer. These new tools will increase your efficiency and save you time in your analysis while you focus on what matters most, your members.
The Excel Plug-In
This addition enables you to refresh 5300 Call Report and vendor data directly from your Excel workbook, eliminating logging back into Peer-to-Peer to pull and export the data. Now you can manipulate account codes and formulas, peer groups, and data cycles all directly from Excel.
The Excel Plug-In is now available to all Peer-to-Peer users. Learn more about the feature in this how-to guide.
Upload Your Own Data – Non-Interest Income
Our next enhancement is the Upload Data Tool. This feature provides credit unions with detailed financial metrics and data not publicly reported in the NCUA 5300 Call Report, starting with non-interest income (NII).
After speaking to hundreds of credit union executives over the past few months, we know that the pandemic’s impact on NII has been top of mind. Our Upload Data Tool will help cooperatives understand the changes and make well-informed strategic decisions by visualizing how their subcategories of fee income and other operating income have changed over time. Fee income subcategories include NSF/overdraft fees, mortgage origination fees, AMT/debit card fees, wire fees, mortgage origination fees, CUSO earnings, interchange income, and more. We’ve also provided a category for fees refunded, a topic of notable interest amidst the economic lockdown.
Access to this data, and the ability to break down and analyze against other credit unions, will give insight into business models, fee strategies, income streams, and more. It will allow hundreds of cooperatives to identify additional areas of opportunities as they start to shift strategies and plans for 2021. Learn more about the feature in this how-to guide.
To see and create benchmarking reports with the non-interest income data you must contribute your credit union’s data (and be subscribed to Peer-to-Peer.)
To Get Started
Both of these features are available for credit union clients in Callahan’s Peer-to-Peer. If you already have access, log in via your client portal.
For more information, click here to be contacted by a member of our team.
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