Cathal Tyther started each event by stating the case for why credit unions need to embrace digital. Gartner report that 33% of financial services firms listed digital transformation as their top priority in 2019 , he also stated credit unions combining digital solutions are achieving double digit loan growth with modest investment.
Cathal then briefly recapped The Solutions Centre journey from 2017 to present and finished the introduction with an overview of the how combined digital solutions including marketing, enablers (Plug in), front end (Landing pages) and HIVE are used to maximise lending results for credit unions.
Digital Marketing Solutions
Michael Fortune spoke about how the Digital Marketing programme is designed to augment the credit unions existing marketing activities to help grow lending. How they use machine learning (AI) to target the right people at the right time and make the most of allocated budgets. Campaigns target larger loan principles over longer durations with a focus on home improvement and cars loans. Part of the brief is to expand membership to new younger borrowing members using digital channels.
Michael finished his presentation by demonstrating the affordability calculator and submitted a lead into HIVE which Michael Cox used later on in his HIVE demo to walk through the process flow for an inbound loan query.
Thomas Brunkard walked through Solution Centres FinTech Enablers. These enablers have been developed over the past three years as solutions to unique problems facing credit unions when trying to be competitive in the digital space. Two of the biggest challenges being membership and the common bond.
FinTech Enablers include:
Percolate (Common Bond Validation)
Online Loan Application
Secure Document Upload
Online Member Onboarding
ID PAL AML verification
Thomas summed up this section with HIVE + Enablers = Better quality lead with better lending outcomes.
Michael Cox from Intuity Technologies then took us through Hive. He covered taking Michael Fortune’s earlier loan enquiry from a lead to an opportunity within the HIVE platform, showcasing the process flows and staff time saving features. He then showed detailed reporting dashboards and HIVE’s big data and attributions modelling capabilities.
Attribution Modelling from HIVE
Thomas Brunkard then returned to make the case for real data lead marketing and the necessity of HIVE as the customer data platform. He provided a case study from a HIVE credit unions showing 2% growth comparing May 2019- May 2020 on digital channels despite the COVID pandemic.
In the third session, Gerry McConville, CEO Capital Credit Union, joined the event and shared his credit union’s experience. He explained how his team had worked with Solution Centre to implement the new member on-boarding process, and how they’ve integrated it with HIVE, and have processed 215 applications for membership over the previous few weeks. Gerry summed it up perfectly stating that “HIVE is an integral part of our operation now, it’s not a nice to have, it’s a must have.”
HIVE Structure and Summary
Cathal concluded by outlining HIVE’s structure and the cost savings by utilising shared services compared to alternative suppliers. He highlighted that the Solution Centre and CUDA facilitate collaboration and replicate best practice for all users. And all developments and enhancements for HIVE are led by the User Group.
Q & A
Range of questions were handled, including ongoing work to enable the automated flow of data from the banking systems to Hive [currently being completed by credit union on a daily batch run], and then the flow of data back to the banking system which will eliminate the small amount of manual data entry.
By way of follow up, the slide deck was circulated to attendees, this gives great insight to the platform and some of HIVE’s key features.
If you would like to receive an invite to one of our Hive webinars please let us know by emailing firstname.lastname@example.org and we will include you on the invitation list