Wellington IT, the Irish technology partner to the credit union sector, has launched Ireland’s first banking app dedicated to enabling credit union members to manage their accounts fully online. It is the culmination of a multi-year investment programme and it has been designed to allow Ireland’s 3.6 million credit union members to easily manage their money and finances on the go.
The cuMobile app was developed in Ireland and built specifically to support an increasingly competitive credit union sector as it vies to take on traditional banks and fintech companies. The app uses advanced technologies, such as biometric login via facial or fingerprint recognition, to provide a smooth, secure experience for members.
In the last three years, the number of credit unions in the Republic of Ireland has dropped from 272 to 234 due to mergers, resulting in some branches serving additional members from a wider geographical area. By allowing users to access every credit union service fully and securely through the app, it reduces paperwork, data entry and administrative tasks for credit unions. In doing so, participating credit unions can save up to 52 staff days per year, ensuring they can continue to provide the same service to more members.
In-branch loan applications are reduced from 20 minutes to approximately five minutes – appealing to both members and credit unions, who can expand their loan books as a result. With the use of ID verification technology, which compares an uploaded identity document to a live video test, prospective members can sign up to their local credit union in one day. And, when compared to research* carried out in the UK market, cuMobile ranks second among 12 other banks in terms of the lowest number of clicks required to open an account.
Declan Colfer, Managing Director, Wellington IT, said: “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. 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.
“Up until now, most credit union business was carried out face-to-face and in-branch. Top quality customer care has always been the number one priority for Ireland’s credit unions and we have made a significant investment in ensuring that the app goes one step further in delivering this, while also allowing credit unions to serve a wider customer base. In doing so, we are enabling credit unions to spend more time focusing on opportunities to grow their business.”
John Fee, the Compliance and IT Manager at Dundalk Credit Union says “We have been using cuMobile for the last two months and have found it to be transformational both for our members and for staff in our branches. The technology makes it easy and fast for members to use and there is no need for passcodes and PIN resets. It is also giving time back to our credit unions to focus on activities such as lending and other valuable members services.”
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