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Redstone Credit Union Leverages Incorta as Data Hub for Data Science Department to Gain Business Speed and Autonomy

·4-min read

As Redstone nears $10 billion in assets, the company chooses Incorta’s Direct Data Platform for powerful analytics and greater control over their data

Incorta, the Direct Data Platform, today announced a long-standing engagement with Redstone Federal Credit Union to enable data scientists to perform deeper analyses of their credit card and mortgage data. Incorta will serve as Redstone’s primary data hub, providing fast access to an array of different data sources, allowing teams to uncover insights immediately and solve complicated challenges without leaning too heavily on their IT partners.

As Redstone approaches $10 billion in assets, it’s increasingly important that the company becomes self-sufficient with its data and can organize, analyze and act on connected data from a multitude of sources, whether it's the core system, card processing system or credit bureau. With Incorta, Redstone’s data science department can interact with their data and run through a series of hypotheses, allowing them to investigate and solve even the most complex problems, from inactive credit cards to spikes in fraudulent activity.

"As today’s digital world increases the number of sources from which data can originate, it’s essential that organizations gain a handle on their data and operate independently in order to make real-time, informed and crucial decisions," said Incorta CEO Scott Jones. "As Redstone continues to expand its footprint, we’re thrilled to serve as their data hub to empower analysts to maximize the value of their data."

To conduct a comprehensive analysis, Redstone’s data science department had previously relied on a fragmented system whereby analysts downloaded data from disparate sources into Excel or Access spreadsheets, even if they were performing only a slightly different analysis. This process required significant effort from the IT department and had to be repeated for each use case. With Incorta, data scientists can create their own predictive models, which not only allow them to gain more visibility into the process but also relieve their dependence on outside software vendors. Redstone analysts can now iteratively learn how to best connect data, and every iteration results in a re-usable data model that makes the next time faster and more productive.

Incorta is also boosting Redstone’s mortgage business, allowing teams to merge data from their external mortgage originator with their internal data for detailed analyses. Redstone had previously relied on the IT department to connect to a vendor’s AWS database; now, the data science department has access to 200 new data connectors released in Incorta’s latest platform update, enabling connections to big data solutions like AWS and Azure, and collaboration platforms like Gmail and DocuSign.

"Incorta is a game-changer for our data science department. It’s a huge victory to access that much new data and stitch it together with other sources, while operating completely autonomously," said Raj Prasad, senior assistant vice president for data science and analytics at Redstone. "Incorta has given the reins to our analysts to interactively explore their data with domain experts, allowing them to uncover insights exponentially faster and in turn improve the way we engage with our customers. The IT team appreciates the workload reduction as much as the analysts appreciate the time-to-market improvement."

To learn more about Redstone's complete story and achieved results along with other fast movers from the Incorta customer community, please visit www.incorta.com/customers/redstone.

About Incorta

Incorta is the data analytics company on a mission to help data-driven enterprises be more agile and competitive by resolving their most complex data analytics challenges. Incorta’s Direct Data Platform gives enterprises the means to acquire, enrich, analyze and act on their business data with unmatched speed, simplicity and insight. Backed by GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures, and Sorenson Capital, Incorta powers analytics for some of the most valuable brands and organizations in the world. For today’s most complex data and analytics challenges, Incorta partners with Fortune 5 to Global 2000 customers such as Broadcom, Nortek, Forterra, Equinix, and Credit Suisse. Incorta is ranked 158th on Deloitte’s Technology Fast 500™. For more information, visit https://www.incorta.com.

About Redstone Federal Credit Union

With more than $6.6 billion in assets, Redstone Federal Credit Union is the largest member-owned financial institution in Alabama and one of the largest federal credit unions in the nation by assets. Based in Huntsville, Alabama, Redstone Federal Credit Union serves more than 600,000 members. Chartered on November 28, 1951, Redstone Federal Credit Union has proudly served its members for nearly 70 years and has 27 conveniently located branches across North Alabama and Tennessee. Redstone Federal Credit Union provides a level of service that is not generally available at other financial institutions through its philosophy of - People Helping People.
www.redfcu.org

View source version on businesswire.com: https://www.businesswire.com/news/home/20210414005084/en/

Contacts

Jamie Altman
Mission North for Incorta
incorta@missionnorth.com