Navy Federal Credit Union Capitalizes on Predictive Analytics Software from SPSS Inc., Wins 2009 Technology ROI Award
September 01 2009 - 9:00AM
Business Wire
Navy Federal Credit Union, the world's largest credit union,
today announced it has received a 2009 Technology ROI Award from
industry analyst firm Nucleus Research. Predictive Analytics
Software (PASW®) from SPSS Inc. (Nasdaq: SPSS) has contributed to
Navy Federal’s ability to improve member satisfaction, corporate
expansion and increased member lifetime value.
This is the third consecutive year that Nucleus Research has
recognized an SPSS customer for its use of Predictive Analytics
Software providing significant return within business processes.
Navy Federal has realized an incredible 1,531 percent return on its
technological investment over a two-month period, resulting in an
average annual benefit of almost $1.5 million, according to the
Nucleus Research Assessment.
Alan Payne, manager — member research and development at Navy
Federal Credit Union, said, “This award validates the important
investment we made in Predictive Analytics Software to uncover
greater insight into our membership and identify areas of
opportunity to increase our satisfaction levels. We’re ecstatic
with the results and even more excited with our continued progress
to increase awareness of our products and services, and also to
create new offerings that meet our members’ changing needs and
behaviors.”
Navy Federal continually surveys its members to gauge
satisfaction and understand sentiment related to lending, savings
and checking, investments and insurance. To truly understand the
Voice of the Customer (VoC) and determine the reasons why members
responded — and how they would likely respond in the future — Navy
Federal is using various products from the portfolio of Predictive
Analytics Software from SPSS, including PASW Statistics, PASW
Modeler data mining workbench and PASW Text Analysis for Surveys to
analyze open-ended survey responses.
By improving customer intimacy with its membership, Navy Federal
is able to better meet their changing needs and communicate on a
one-to-one basis. For instance, Navy Federal quickly learned that
members wanted to be informed of enhanced service offerings when
dialing into the call center for account information and would be
receptive to cross-servicing promotions. As a direct result, Navy
Federal created an “Above and Beyond” program that encourages
agents to offer those details during calls.
Payne continued, “The software from SPSS allows us to conduct an
increased number of projects each year and apply a broader array of
analytical methods. We are able to identify and anticipate member
needs, analyze trends and provide a variety of member profiles to
our business units that develop product and service offerings to
meet and surpass member expectations.”
Navy Federal Credit Union is one of 10 Technology ROI Award
winners chosen from a field of more than 300 applications. Nucleus
Research analysts evaluated each candidate’s technological response
to a business requirement. Nucleus Research carefully assessed the
costs and business benefits of technology implementations for each
nominated organization to quantify each project’s ROI over a
three-year period.
“Demonstrating significant ROI with rapid payback, Navy Federal
Credit Union is a good example of an organization taking full
advantage of SPSS Predictive Analytics Software,” said Rebecca
Wettemann, vice president of research, Nucleus Research.
Jack Noonan, SPSS chairman, chief executive officer and
president, said, “While the ROI figures recorded by Navy Federal
are indeed impressive, the fact is any organization – across any
industry – has the ability to improve its business processes and
increase ROI with our Predictive Analytics Software. Navy Federal
is most deserving of this award for the commitment it has made to
customer satisfaction and the innovative ways it has used our
software to achieve and sustain it.”
About Navy Federal Credit Union
Navy Federal Credit Union is the world's largest natural person
credit union with $40 billion in assets, 3.3 million members, 178
branch offices and 7,100 employees worldwide. The credit union
serves all Department of Defense military and civilian personnel
and their families. For additional information about Navy Federal,
visit www.navyfederal.org.
About SPSS Inc.
SPSS Inc. is a leading global provider of Predictive Analytics
software and solutions. The Company’s complete portfolio of
Predictive Analytics Software (PASW) products – data collection,
statistics, modeling and deployment – captures people’s attitudes
and opinions, predicts outcomes of future customer interactions,
and then acts on these insights by embedding analytics into
business processes. SPSS Solutions address interconnected
business objectives across an entire organization by focusing on
the convergence of analytics, IT architecture and business
process. Commercial, government and academic customers
worldwide rely on SPSS technology as a competitive advantage in
attracting, retaining and growing customers, while reducing fraud
and mitigating risk. Founded in 1968, SPSS is headquartered in
Chicago, Illinois. For more information, please visit
www.spss.com.
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