New credit union app aims to take on banks and fintechs

31 Aug 2020

Declan Colfer, managing director at Wellington IT. Image: Wellington IT

The new app enables credit union members to avail of digital features including online money transfers and loan applications.

Wellington IT is launching a new full-service credit union app, which aims to help credit union members in Ireland manage their accounts online.

Belfast-based Wellington IT, which provides software to the credit union sector in Ireland, said that the new app is the culmination of a multi-year investment programme and it has been designed to allow Ireland’s 3.6m credit union members to easily manage their finances on the go.

The CuMobile app was built specifically to support the credit union sector as it aims to take on traditional banks and fintech companies. The app uses features such as biometric login through facial recognition or fingerprint to provide a simple and secure experience for members.

Conor Ralph, marketing officer at Dublin’s Member First Credit Union, told “Our new mobile app is a massive step forward for the digital experience we provide to our members. It gives members a user-friendly way to do everything you would expect from a banking app on your phone, including fund transfers, statement downloads and even full loan applications.”

The purpose of the app

Wellington IT’s new CuMobile app enables users to access every credit union service fully and securely, reducing paperwork, data entry and administrative tasks for staff in the more than 200 credit unions across Ireland.

According to the company, in-branch loan applications are reduced from 20 minutes to approximately five minutes with the app, allowing credit unions to expand their loan books. The new app uses ID verification technology to allow new members to join within a day.

Two men standing in a white room, one is holding an iPad with the new CuMobile app displayed on its screen.

From left: Declan Colfer and Ian Glenn of Wellington IT. Image: Wellington IT

Declan Colfer, managing director at 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.”

Kelly Earley was a journalist with Silicon Republic