CU 2.0 Fintech Friday: Unadat

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Unadat to discuss all things credit union, fintech, and digital innovation.

There is over $3,000,000,000,000 in outstanding personal debt in the U.S. right now. That’s three trillion. That’s the numeral 3 followed by twelve zeros. That’s enough to buy the New York Yankees more than 800 times. In short? That’s a lot.

Unadat seeks to help people outsmart their debt. Unadat works with mission-driven organizations like DCU to help people improve their credit scores and save on debt payments.

Unadata is a web-based platform with integrations into existing points of sale, such as those in credit unions. People can visit the website to find their best loan rates. Then, in order to ensure that they don’t get their loan applications rejected, Unadat finds ways to improve the applicants’ credit scores and perceived creditworthiness.

The goal is to help people manage their debt more strategically and effectively. Then, with Unadat behind them, they can stay more financially flexible and viable.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Unadat snapshot below!

Credit Union Fintech Snapshot: Unadat

Top 3 Problems Solved

  1. Credit score improvement
  2. Debt management
  3. Financial wellness

Unadat Founder: Sean Smirnov

Unadat Market Strategy

Credit unions and anyone with debt.

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

CU 2.0 Fintech Friday: Tunnel

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Tunnel to discuss all things credit union, fintech, and digital innovation.

Tunnel is a forward-thinking payment system that seeks to provide better payment rails. Their platform is built on distributed ledger technology (DLT), which has two significant benefits: security and scalability.

The reality is that current payment rails have been around since at least the 80s. Considering how different the world of payments is now than it was then, it’s almost unimaginable to think that we’ve been relying on outdated technology for so long.

Older payment rails have good—but not great—security, speed, scalability, and associated cost. However, Tunnel saw room for improvement.

Tunnel offers real-time, low-cost, secure payments using DLT. DLT allows Tunnel to offer a payment portal (or Tunnel—get it?) that incorporates new security features like two-party authorization, biometrics, and more, which will drastically improve fraud detection.

Plus, distributed ledger technology requires fewer intermediaries than traditional payment rails, which speeds up payment processing while costing much less.

Tunnel’s goal is to address challenges in the financial sector, but that can be a tough market to break into. Much of the older technology is entrenched—essentially grandfathered in—despite its shortcomings. Nevertheless, Tunnel is deploying in the U.S., where their adoption curve is steady and strong.

But don’t worry international market! Tunnel’s coming to you very soon.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Tunnel snapshot below!

Credit Union Fintech Snapshot: Tunnel

Top 3 Problems Solved

  1. Payment processing
  2. Fraud detection
  3. Distributed ledger technology

Tunnel Founder: Frank Makrides

Tunnel Market Strategy

Financial institutions and consumers.

Credit Union Fintech: Tunnel in the News

An interview with Frank Makrides

Understanding the blockchain

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

The Easy Way to Speed Up Your Credit Union Audits by 25%

There are only a few things one can be sure of in this world: death, taxes, and audits, apparently.

The credit union regulatory space is, let’s say, rigorous. (Stifling seems like such a harsh word.)

But it’s true. As smaller credit unions continue to disappear, either through consolidation or some other dark magic, some doomsayers worry about the future of the credit union industry as a whole. Grim stuff, to be sure.

But this case study from audit software provider Redboard offers a little hope:

 

How Point West Credit Union Paved the Way to a Better Future

Redboard’s recent case study outlines the steps that Point West Credit Union took to recapture some of the time they lost to regulatory burden. Redboard’s case study reads:

Like most credit unions, Point West wasn’t having trouble with their audits, per se. “The audit program of Point West, like most organizations, is fairly manual—or at least, it was,” explains Stephen Pagenstecher, VP of Member Experience at Point West Credit Union. “[There were] lots of emails back and forth, lost items, miscommunications. You know, the program itself was sound, but how it came together and how it aggregated the data, reported it out, was very manual and very cumbersome.”

And it’s true. At just over $100 million, Point West Credit Union was delivering timely audits and getting good results. However, they—like most players in the industry—felt that the audit process took much longer than it should considering their expertise.

 

What Point West wanted? Efficiency and accountability:

First, they knew they could benefit from automation. Automation would improve: managing version control, building a robust audit trail, and notifying key team members about important items and deadlines. Automation removes micro-managing from the audit process.

Second, Point West needed to know:

  • What had been done
  • What was being done
  • What was left to be done

Automation could assist with some of those needs. Also, having a clear view of the above would help them work through their audits more efficiently.

Point West noted that their inefficiencies weren’t just slowing them down—they were increasing risk. Not knowing what had and hadn’t been addressed meant increased risk from:

  • Missing items
  • Miscommunications
  • Version control issues
  • Repeat findings
  • More time spent managing the process

They felt that the audit process could be streamlined so that the above issues would rarely—if ever—pop up. They wanted to spend more time addressing findings and answering questions, and to spend less time coordinating the manner of their efforts.

Couple that desire for efficiency with the ability to better hold people accountable, and you have a recipe for a smoother audit. Eventually, Pagenstecher and his team decided that the tools they were using to complete audits were doing them no favors. They had been using typical office productivity tools. They decided to try out Redboard:

Point West’s audit team and their internal auditor had several conversations with Redboard. They explained to Redboard how their program operated, and Redboard made sure they were able to deliver the same audit experience as before, but without all the hassle.

Pagenstecher was thrilled that Redboard “allowed them to aggregate data, work on things collaboratively, and then have an audit trail and ability to report” to whomever they needed in a more effective manner. Essentially, he said, “our audit environment is very similar, except it works now.”

Currently, using Redboard, Point West estimates that they’re saving between 20–25% off the time that it would normally take for them to complete their audits.

And, if time is money, that’s a lot of money.

What would your credit union do if they could cut 25% off the time it took to complete audits? Or, what’s it worth to your credit union to know that the process of collecting, collaborating, reviewing, and submitting audit documents and materials is less risky and prone to human error?

CU 2.0 Fintech Friday: Project Finance

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Project Finance to discuss all things credit union, fintech, and digital innovation.

Project Finance is a white-label online and mobile banking platform for banks and credit unions. Their platform is designed to assist members and customers with their financial goals. They do that by providing a layer of digital advice and guidance throughout the online banking experience, especially at the decision points people have when managing their money online.

One of the ways Project Finance accomplishes this is by leveraging machine learning. They source data from several sources, including from the banking cores they integrate with. From there, machine learning helps users better understand their current financial situation, provides predictive modeling to show their financial future, and offers recommendations and tools designed to help people better manage their money to achieve their goals.

What’s noble about Project Finance is their mission: they want to make people’s lives better. Although they come from a banking background, they’re diving into the world of credit unions because it fits with their philosophy. They want everyone to live financially happier, healthier lives.

Some key features of Project Finance’s software include:

  • Enhanced accessibility with biometric capabilities
  • Wide-ranging account management tools
  • Secure internal and external payment systems
  • Analytics-driven marketing and recommendations
  • Extensive third-party integrations

All of that is customizable through a powerful admin system that allows financial institutions to adjust user experience settings to better serve customers’ needs.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Project Finance snapshot below

Credit Union Fintech Snapshot: Project Finance

Top 3 Problems Solved

  1. Online and mobile banking platform
  2. AI-driven banking
  3. Financial wellness

Project Finance Founders: Jeff Cole, Peter Cole, and Colby Ross

Project Finance Market Strategy: Banks and credit unions

Credit Union Fintech: Project Finance in the News

Project Finance assists with consumer finance

Project Finance thrives in the DCU Fintech Innovation Center

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.