CUs Expand Fintech Offerings in Payments & Service Channels

Recent financial technology announcements, potentially affecting credit unions, focused on expanding data and digital technologies.

The Tampa, Fla.-based innovation catalyst and strategic consultant Best Innovation Group announced a major expansion of its products and services designed to create growth for credit unions by expanding data and digital technologies use.

BIG Consulting’s new services include: A technology assessment that reviews a credit union’s strategy, member value proposition, financial goals, technology platform and service channels and intertwining those plans with the technology strategy and roadmap; a new strategic financial assessment, considers these same areas but with a special emphasis on the balance sheet, risk, margin, expense management and return on assets; the new market expansion plan combines the most important service channel trends within financial service markets; and voice interaction helps credit unions build a voice service performance strategy.

Kirk Kordeleski, managing partner of BIG Consulting, noted credit unions can capitalize on the disruption in financial services from big banks, big tech and fintechs. “If credit unions seize the opportunity, they can become the dominant community financial institutions in their market. If they do not, they will go the way of the municipal savings bank or savings and loans.”

Dallas-based CU Members Mortgage, which provides comprehensive services to credit unions and CUSOs, launched a new mortgage intelligence tool on its website. The mortgage analytics and features aim to enrich the credit union mortgage professional’s experience and help them strategically grow their department.

The intelligence tool, which analyzes a range of mortgage data in a highly-interactive and dynamic tool, provides a comprehensive look at the pipeline for each credit union and guides them through understandable charts and graphs to distinguish achievements and help prioritize goals.

“We’ve implemented new tools internally that have propelled us forward into a new world of mortgage strategy and we now invite our partners to take a look at our new business intelligence tool created with their needs in mind and see how data can push them to the next level,” Steve Hewins, SVP, CU Members Mortgage, said.

The $3-billion Irondale, Ala.-based Corporate America Credit Union, serving nearly 500 credit unions nationally, is now a Funding Agent for the New York City-based The Clearing House’s RTP Network, a real-time payments platform.

According to the announcement, CACU will allow member credit unions to manage their liquidity on the network at a lower cost and will fund and manage positions in the RTP Network’s joint Federal Reserve bank account on behalf of its members. CACU will facilitate the settlement and 24/7 liquidity management for its credit unions in the RTP network.

Lisa Coffey, chief innovation officer, CACU said this is just the first of many projects to keep CACU members on the cutting edge of faster payments. “Access to the RTP network is key for our member credit unions wanting to serve their members with the most up to date technology.”

Atlanta-based information and tech solutions provider VSoft Corporation will empower CACU to offer solutions to its member credit unions to facilitate the sending and receiving of faster payments.

“As we look to the future, we see the RTP network as the next piece of the puzzle to bring faster payments to the newer world we see.” Pete Pritts, president/CEO, Corporate America said.

As Dallas-based Ser Tech’s Flitter Credit Network continues to expand its service offerings, it is demonstrating results prompting more credit unions to come aboard. Flitter offers members real FICO scores, credit education and loans through their financial institution’s online and mobile banking platforms.

“We wanted to help members manage and maintain a healthy financial lifestyle, and they expect their financial institutions to provide the tools, service and information for that,” Tony Hildesheim, chief information officer at $4.8 billion Redwood Credit Union in Santa Rosa, Calif., explained. “Ser Tech’s Flitter allows us to do that for our members.”

Ser Tech developed the Flitter product in partnership with Hildesheim and Redwood, as well as FICO, to ensure it met community financial institutions’ needs. Redwood Credit Union services 344,000 accounts of which 190,000 are active in its online and mobile offerings. Of those, 112,000 members now have access to Flitter, which garners 63,000 user views per month by 24,000 unique members.

“Flitter was designed to help consumers better understand their credit situation, which affects loan approvals and pricing,” Ser Tech CEO Shana Richardson explained. “It also helps credit unions and community banks to more closely engage with consumers and serve as a trusted partner in their financial lives.” The $3.4 billion TDECU (Lake Jackson, Texas) recently signed on for Flitter, too, with a plan to go live before yearend.