Digital Transformation for Irish Credit Unions
In 2017 it was our pleasure to author and present the opportunities in FinTech for Irish credit unions in conjuncton with CUDA, Ireland's leading industry representative body.
With approx. 300 credit unions serving 3.3m members the sector is significant but has struggled for many years. A range of challenges including a high cost:income ratios, ROA of 1% due to low lending and interest rates and heavy regulation. Competition from banks and FinTechs is increasing and consumer needs are shifting. How should credit unions react to these factors and does legacy technology present a barrier?
FinTech provides a major opportunity for Irish credit unions to transform their value propositions, operational efficiency and business model agility. In this series of whitepapers we lay-out the journey.
Paper 1: what is FinTech, the key drivers, opportunities and a target operating model.
Paper 2: how FinTech can be applied to improve member engagement, experience, back office fulfilment and reporting. We also provide practical tips on getting digital transformation right.
Paper 3: specifics on automating the end-to-end process of onboarding, credit scoring and loan management. We suggest a technology stack and KPIs for measuring progress.
We would like to thank CUDA, The Solution Centre and their member credit unions for their input, patience and good humour in the production of these papers. Go raibh maith agat!