A brand new app geared toward credit score union members is ready to shut the digital hole between the establishments and competing banks and fintechs, providing customers a better approach to management their funds.
The cuMobile app is a full-service app that enables members to entry each service totally and securely on-line. It makes use of superior applied sciences, similar to biometric login utilizing facial or fingerprint recognition, and permits credit score unions to scale back paperwork, knowledge entry and administrative duties for credit score unions.
The app has additionally made it sooner for members to entry some providers, decreasing in-branch loan functions from 20 minutes to about 5 minutes. Id verification know-how can enable members to join an account with their native credit score union in a day.
The announcement was made by Wellington IT, the Irish know-how companion to the credit score union sector, and is the end result of multi-year funding programme.
“There has been a big push from the credit union sector in recent years to compete directly with banks and fintech companies. At the same time, consumers are demanding products that offer efficiency and convenience, with Covid-19 further increasing the demand for online services. As a result, the credit union sector is digitising at a rapid pace and cuMobile is a significant facilitator of this,” mentioned Declan Colfer, managing director, Wellington IT.
“By enabling credit unions to offer members access to their full range of services – such as managing payees, applying for a loan and setting up direct debits – via one app, cuMobile streamlines banking and gives participating credit unions a huge competitive advantage.”
There are 3.6 million credit score union members in Eire, however the variety of credit score unions has fallen from 272 to 243 up to now three years as mergers came about throughout the sector. That has led to credit score unions serving a wider geographic space.
Among the many credit score unions which have already begun utilizing the cuMobile app is Dundalk Credit score Union, with chief government John Price saying it had been “transformational” for each members and employees, making it attainable for workers to deal with lending and different member providers.