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  • Writer's pictureKelsie Papenhausen

Healthcare & Municipal Employees’ Credit Union Launches...

...Long-Term Analytics Strategy With Partner Lodestar Technologies

VANCOUVER, BC, CANADA (February 15, 2023) – Lodestar Technologies, a leader in financial services analytics, is excited to welcome its newest client to the community. Healthcare & Municipal Employees’ Credit Union (HMECU) is a $325 million financial institution based out of Hamilton, Ontario, where they operate 6 branches in the competitive landscape.

Through a thorough and collaborative evaluation period, HMECU and Lodestar have defined an aggressive roadmap that will generate a positive return on investment quickly and over the life of the relationship. In addition to the Lodestar Enterprise Data Store (LDS), which includes a data lake as well as a simplified data warehouse designed for both technical and non-technical users, HMECU has selected several off-the-shelf data connectors, workflow modules, and advanced analytics models.

Among those leading the initiative at HMECU is Kim Stoddart, Chief Operations Officer. “As a financial institution, we understand the value of the data we hold,” shares Stoddart. “Bringing all of that data together into a single data warehouse will empower us to make better decisions, streamline processes, and fully understand each member’s unique relationship with HMECU—including personalized ways we can support their financial wellbeing.”

The Lodestar team is honored to partner with HMECU on their journey to become data-driven. “The team at HMECU has been a joy to work with, because they have a vision for their analytics journey,” says Steve Mott, VP of Sales for Lodestar. “As our clients’ trusted partner, we understand that every financial institution is at a different place in their journey and they each share their own goals and initiatives. We couldn’t be more excited to see how HMECU leverages Lodestar’s technology and resources to bring their vision to life.”

The Lodestar technology stack, along with the technical and strategic services provided, will be leveraged across all areas of the credit union. Immediate initiatives for HMECU include:

· Integrating data from disparate systems across the organization into the Lodestar data warehouse, including LOS, General Ledger, and more

· Streamlining processes by launching key purpose-built workflows, including Data Quality Management, Fraud Management, Forms, among others

· Using machine learning models to predict member behaviors, such as attrition and next best product

Jason Moran is the newly appointed CEO at HMECU, and is a driving force for the data initiative at the credit union. “Our members are at the heart of everything we do here at HMECU, and we owe it to them to invest in our technology in order to provide a better member experience,” explains Moran. “We feel a strong strategic alignment with the Lodestar team, and we trust them to provide us with the technology and guidance needed to support our members.”

With an average implementation time period of 12-16 weeks, HMECU looks forward to seeing results from the partnership in the near future. And with the connectors, workflows, and machine learning models HMECU has selected, the partnership will continue to grow.

About Healthcare & Municipal Employees’ Credit Union

Healthcare and Municipal Employees' Credit Union (HMECU) has a long-standing history dating back to its inception in 1936 as the Hamilton Civic Employees' Cooperative Society. Today, HMECU is a well-established financial institution serving over 11,000 members and managing over $325 million in on and off-balance sheet assets. Our mission is clear - to provide the best care of our members’ financial needs. Our values, which include co-operative principles, a sense of family, a commitment to lifelong relationships, a focus on individual members, an inspiring culture, upholding integrity and stewardship, and collaboration, reflect our dedication to serving our members with the utmost respect and providing comprehensive financial options. Our credit union is governed by a democratically elected Board of Directors and returns profits to our members in the form of dividends and improved services. With a focus on healthcare and local government employees in Ontario within the cities of Hamilton, Brantford, and Burlington, HMECU is committed to caring for the financial needs and well-being of its members.

About Lodestar

Lodestar is a technology leader in data services and analytics for credit unions and banks in North America. The Lodestar Enterprise Data Store and workflow modules provide a turn-key data warehouse solution with the ability to integrate to all key systems used in the financial services ecosystem. In addition to integration with the Fiserv DNA core banking system, the solution also offers out-of-the-box integrations with more than 50 sources, such as credit card, loan origination, wealth management and other third-party suppliers. Coupled with its robust data warehouse and visualization platform, Lodestar also offers a wide range of tools to support all business lines, ranging from strategic initiatives and planning to day-to-day activities.

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