In 2017 it was our pleasure to author and present the opportunities in FinTech for Irish credit unions.
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%, heavy regulation, inreased competition, legacy IT and lack of enabling strategy hold the sector back.
FinTech provides a major opportunity for Irish credit unions to transform their value propositions, efficiency and business model agility. In this series of whitepapers we lay-out the journey.
Paper 1 covers what is FinTech, the key drivers, opportunities and a target operating model.
Paper 2 explores how FinTech can be applied to improve member insights, engagement, experience, back office fulfilment and reporting. We also provide practical tips on getting digital transformation right.
Paper 3 gets specific about automating the full process of onboarding, credit scoring and loan management. We suggest KPIs to provide a framework for measuring and managing 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!
A Playbook for Irish Credit Unions
The transformation jouney may appear daunting but breaking it down in to smaller steps helps improve understanding and deliver quick wins.
We helped arrange a pitching session where 10 innovative FinTech's pitched the Irish credit union movement.