It’s time to recognize this year’s credit union innovations! Our esteemed judges have been hard at work evaluating the products and services that make up the nominees for our 2022 Innovation Awards program. I’m excited to share a snapshot of this year’s finalist solutions.
Portfolio Analytics from Allied Solutions: A strategic planning solution using predictive analytics and data to optimize decisions around growth, yield, and pricing.
CUSO Partnerships from Amazon Web Services: A simplified approach to obtaining cloud services and digital innovations in collaboration with CUSOs Thinkstack and Arkatechture.
CECL Software Solutions from ARCSys: Accounting software for credit unions that need to implement CECL modeling.
Underwriting Automation Technology from Blend: A cloud solution that streamlines the credit application process, incorporating rental payments and income verification into underwriting automation.
Members At the Center Campaign from TruStage: A digital-first approach to financial wellness highlighting the importance of life insurance and smooths digital transformation.
CuneXus from CUNA Mutual Group: A storefront experience offering single-click access to personalized offers for credit and other banking services.
TRAC from DefenseStorm: Security, compliance, and fraud risk management with around-the-clock security management and threat reviews.
Story View from DefenseStorm: A visual approach to potential cybersecurity threats to improve detection and response by exposing hostile activity patterns.
Payments One from FIS: A turnkey payments platform offering a single user interface and API connections to enhance payment offerings.
PaymentsEdge from FIS: Marketing and analytics for debit and credit card programs to increase transactions and balances, lift interchange income, and more.
API Insurance Quote Integration from Insuritas: A solution that embeds insurance purchases in a digital platform while improving member experience.
Insurance Marketing Journeys from Insuritas: Enables credit unions to offer insurance products through the CU’s wholly-owned insurance agency.
Marketplace from LendKey: A student loan refinancing marketplace for credit, promoting asset diversification and additional capital deployment.
Mastercard Local by Mastercard: A loyalty program emphasizing local transactions and boosting transaction and cardholder volume with 5% cash back at nearby businesses.
Lenders Protection Program from Open Lending: A CECL-impact-aware loan default insurance offering to offset the risk of near- and non-prime auto loans.
2020 Retirement Plan Trends Study from Pentegra: A review of retirement plans and how changing expectations among savers impact plan offerings.
Multi-Currency Digital Wallet from Persistent Systems: A cloud-native approach to hold multiple currencies in a single digital wallet.
Innovation Studio from Q2: A marketplace-geared approach to adopt, integrate, and deploy digital banking product solutions to members.
TrustView from Q2: A blockchain-based solution to data management and protection with fraud and access safeguards.
ID Theft Score from SentiLink: An anti-fraud gateway to stop or slow fraudulent account openings.
Crypto University from SRM: A bi-weekly group discussion of digital assets, reflecting the range of risk and innovation tolerance of credit union leaders.
CRM and Customer Engagement Platform from Total Expert: A customer relationship management and marketing automation solution emphasizing member retention via personalized messaging.
AI Lending Platform from Upstart: An algorithmic approach to raise automated approval rates while lowering lender loss, including a referral network and direct-to-member product marketing options.
Consumer Liquidity Engine from Velocity: A package of small-dollar loans and overdraft solutions to match member needs for short-term liquidity.
eOriginal Digital Lending Platform from Wolters Kluwer: Centered around the eNote, the platform aims to reduce reliance on legacy processes and improve digital lending offerings.
Risk Assessment from Wolters Kluwer: A risk assessment service to help financial institutions understand the regulatory demands of cryptocurrency.
See the winners of this year’s Innovation Awards announced at NAFCU’s Congressional Caucus or learn more at nafcu.org/2022-finalists.