A team from $45 million Lafayette, La-based University of Louisiana Federal Credit Union won KnockOut 2016 with an instant online loan-decisioning and funding app to simplify the credit union lending process.
Team Cajun Power provided the winning idea in this 24-hour collaboration event hosted by St. Petersburg, Fla.-based payments CUSO PSCU with a goal of helping solve a problem in the payments industry that will allow credit unions to serve their members better.
According to Team Cajun Power, instant loan-decisioning and funding addresses a need from the credit unions and member perspective. It allows credit unions to change the landscape of traditional and online lending by competing real-time for loans, growing their loan portfolio, and increasing income. Members benefit from saving money and time when credit unions can provide them with on-demand funds, 24/7.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
