The 2020 NAFCU Services Innovation Award Finalists

By Randy Salser

NAFCU Services is proud to announce the 2020 Innovation Award finalists. This awards program recognizes some of the most valuable contributions to the credit union industry. Entries include groundbreaking advancements in technology, product features, digital and social media, thought leadership  programs or series, marketing campaigns and more. This year’s finalists are:

AdvantEdge for Financial Performance Management

An outside-the-box, cloud-native analytics software innovation designed specifically for credit union CFOs and other executive leaders.

Allied for Accelerate

A comprehensive training and support program focused on helping clients drive results and enhance point-of-sale protection program performance.

Ascensus for SECURE Act Video Series

A multivideo series designed to build awareness around the retirement-related provisions within the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.

CUNA Mutual Group for TruStage

Among the first insurers to the market with simplified-issue life insurance products. Featuring an online, automated enrollment process that takes just minutes to complete, TruStage’s simplified-issue term life insurance products help demystify and simplify life insurance.

DDJ Myers for Board Alignment Assessment

Equips boards with the pivotal performance and alignment information necessary to elevate their contribution and effectiveness as a governing body in an increasingly complex financial services and regulatory environment.

DDJ Myers for Organizational Alignment Assessment

A cutting-edge instrument that quickly and easily provides stakeholders actionable insights as to the organization’s alignment in terms of strategy development and deployment, infrastructure and operations, culture and pace.

DefenseStorm for Active Compliance 2.0

Provides cybersecurity and cybercompliance solutions specifically built for banking to achieve and maintain Cyber Safety & Soundness. DefenseStorm’s Active Compliance 2.0 solution is an innovative, updated version of the company’s current compliance solution.

FIS for Round Up

Cardholders have a painless, easy and secure way to opt in to round up every transaction and deposit those funds into a savings account or charity. They have the choice on how they want to manage their money.

FIS for Digital Issuance

Allows cardholders to provision their card immediately into a mobile wallet. This solution attracts accelerated and increased cardholder loyalty and gives a credit union “top of wallet” status with its members.

FIS for eZBusiness Card Management

A web-based, mobile-responsive application that provides credit unions and their business members with a robust tool to manage commercial and business card accounts. It easily supports the needs of any size commercial or business program.

Franklin Madison for Hospital Accident Plan and Recuperative Care

As out-of-pocket costs continue to rise, affordable programs such as Hospital Accident Plan and Recuperative Care, with a daily cash benefit, help credit union members pay their mortgage, rent, credit card bills, auto loans, child care, insurance deductibles, physical therapy, food and more, should they find themselves hospitalized for an accident or illness.

Mastercard for NuDetect

A real-time online fraud prevention and protection product available to financial institutions to combat cybercrime through a seamless digital experience.

Open Lending for Lenders Protection

Open Lending’s proprietary program was introduced in 2003. Since then, Open Lending has been able to collect credit and performance data on more than $7 billion in nonprime auto loans. The Lenders Protection™ Score (LP Score) helps predict nonprime default rates with an incredible 99.2% accuracy.

Pentegra for The Super Fiduciary Hero Campaign

This first-of-its-kind graphic novel illustrates what it means to be a fiduciary of a retirement plan. Using true accounts from their staff and clients, they showcase everyday scenarios that retirement plan fiduciaries encounter.

Q2 for Cloud Lending Platform

A cloud-based, end-to-end lending solution that supports the entire lending life cycle for financial institutions. The solution can originate and service a wide range of loan types, including online, consumer, commercial, small business loans, marketplace loans and leases. Built on Salesforce, the Q2 Cloud Lending platform delivers innovation, lower operating costs and reduced risk with agile operations.

SRM for Automated Invoice Auditing Platform

Allows credit unions to automate the processes associated with auditing vendor invoices and tracking the associated contracts. SRM’s invoice auditing and contract monitoring is used in the 80–100 engagements it conducts annually for clients of all sizes, from hundreds of millions in assets to multibillion-dollar entities.

Total Expert for Experience Platform

Empowers credit unions to harness data across applications to power smarter, more relevant conversations; deploy multichannel campaigns faster while maintaining humanized communications; and close experience gaps in the journey, build trust and become the member’s primary financial institution.

Wolters Kluwer for Lien Insights Reports

Generates custom, detailed data on a lender’s estimated lien position for each of its debtors, as well as insights into lien activity against each debtor. The report uses proprietary, name-matching algorithms to search for UCC (Uniform Commercial Code) liens against debtors and then applies advanced data analytics and business logic to  estimate  the file date order of liens for the lender.

Wolters Kluwer for Online Applications

Related to the 2019 launch of two complementary lending solutions — Online Applications for Mortgage Lending (OLA) and Online Applications for Consumer Lending (CLA) — these new offerings are specifically designed to help level the playing field for smaller credit unions and other lenders competing against larger, better-resourced lending institutions.

A panel of esteemed judges from the credit union industry evaluates entries based on their degree of innovation and their impact on credit union success. As a result, the Innovation Awards provide credit unions a set of vetted and tested solutions to continue building their competitive advantage.

The 2020 Innovation Award winners were announced in June.

Randy Salser is president of NAFCU Services.