Credit union leaders collaborate to discover next big solution for the industry
PSCU announces semi-finalists from fourth annual KnockOut, 24-hour competitive summit
ST. PETERSBURG, FL (September 14, 2015) — PSCU the nation¹s leading credit union service organization brought together 200 participants last week for its fourth annual KnockOut event, with a goal of working together to help discover the next big solution for the payments industry. Following 24 hours of around-the-clock collaboration, eight semi-finalists were announced. After two more rounds of voting and the selection of a finalist next month, the winning idea could be brought to market to benefit credit unions and consumers across the country as early as next year.
KnockOut was held in every PSCU office St. Petersburg Florida; Phoenix, Arizona; and Allen Park, Michigan and at a fourth location hosted by HawaiiUSA Federal Credit Union in Honolulu, Hawaii, from Sept. 10-11, 2015. The 24 participating teams were each made up of five members that included PSCU employees, credit union employees, and PSCU partners from across the country, representing multiple business disciplines. Ideas generated from KnockOut are designed to help credit unions grow and stay relevant with their current and future members.
³PSCU partners with credit unions to enable growth and provide an unparalleled member experience, and one important way we do this is through collaboration,² said Chuck Fagan, President and CEO of PSCU. ³The event discovers and brings to market real products and services, which is evidenced by past KnockOut winners.²
The winning idea from KnockOut 2012 was a mobile app that lets cardholders easily report a card lost or stolen. The idea was adapted and incorporated into a larger credit card data and account servicing app that is now in market and one of the only of its kind. The Snap2Switch App from KnockOut 2013 lets consumers switch their bank accounts to a relationship with a credit union and is currently being tested by GTE Financial. eXpress Transfer, KnockOut 2014¹s winning idea, brings balance transfers to the forefront of the member¹s mobile experience. It utilizes PSCU¹s Data Analytics to market balance transfers to appropriate cardholders by displaying the potential savings via an interactive calculator and push notifications. The idea is currently in development.
³At a time when consumers are seeking alternatives to large banks, PSCU is partnering with credit unions to quickly bring solutions to market, solve problems and improve the overall member experience. We look forward to the announcement of this year¹s winning idea and helping to facilitate its success in the marketplace,² added Fagan.
Ideas were required to fall into three categories: Member Experience, Credit Union Experience, and Growth. Following 24 hours of ideation and development, credit union teams presented prototypes to the event¹s judges that demonstrated function, feasibility, industry impact, time to market, cost and ROI. Judges from PSCU, First Data, Filene, Solstice, IBM, Projekt202, Oceanit, Blue Startups, Hawaii Airlines and several PSCU Member-Owner credit unions (Arizona State CU, Vantage CU, Consumers CU and Lake Trust CU) then selected eight semi-finalists:
- Accrual Intentions (First South Financial, Memphis, Tennessee; PenFed Credit Union, Alexandria, Virginia; State Employees¹ Credit Union, Raleigh, North Carolina; VyStar Credit Union, Jacksonville, Florida) Charitable contribution app
- Debit Dynomite(PSCU, St. Petersburg, Florida) Provides cardholders with an alert to let them know their plastic has been shipped
- Hawaiian Punch (Hawaii State Federal Credit Union, Honolulu, Hawaii) App that allows members to obtain real-time lending
- Lava Rush (HawaiiUSA Federal Credit Union, Honolulu, Hawaii) App that allows crowdfunding for life events
- Team French Toasts (PSCU, St. Petersburg, Florida) Business-to-consumer marketing firm within PSCU to create media for individual credit unions to be deployed via social media, television, etc.
- Team Haymakers (Consumers Credit Union, Kalamazoo, Michigan) App widget that enables credit card holders to create and track spending limits
- Team MoPRO Active (Flag Credit Union, Tallahassee, Florida; and PSCU, St. Petersburg, Florida) Pop-up features that eliminates collections calls in early delinquency stages, offers multiple payment options, and enhances member experience
- Team Phoenix (Arizona State Credit Union, Phoenix, Arizona; PSCU, St. Petersburg, Florida) Feature that allows members who have their debit cards shut down due to fraud to create a new pin, enabling them to continue using the card for ATM transactions for up to seven days while waiting for a new card to arrive
Subject matter experts from PSCU will select three semi finalists by Sept. 25 to go to open voting. PSCU and credit union employees will then vote online to determine this year¹s winning idea, which will be announced by Oct. 5.
About PSCU
PSCU/Co-op Solutions is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America. PSCU/Co-op Solutions leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit pscu.com and coop.org.
