NAFCU Services is proud to announce the 2019 Innovation Award finalists.
An Innovation Award is the highest distinction offered to a NAFCU Services Preferred Partner.
These awards recognize groundbreaking solutions that help credit unions compete and thrive in a complex marketplace. An independent, third-party panel of judges selects the winners. The NAFCU Services Innovation Awards honor the companies that create unique and impactful solutions for credit unions. The 2019 award winners will be announced at the NAFCU Annual Conference and Solutions Expo this June in New Orleans, Louisiana.
Adopted from technology pioneered by Google and Amazon, Insuritas' MindFIRE enables digital engagement and dynamic landing pages that power next-generation digital marketing to credit union members to help with their auto and home insurance needs.
MindFIRE automatically assembles and sends a series of individual emails under the CU brand to every member starting 45 days before their auto and/or home insurance is renewing. The email includes a personal salutation with the member’s first name, and references the member’s exact policy renewal date and the year, make, and model of their car. In most cases, this data is tied to the original CU auto loan for that vehicle – both direct and indirect – but the data can also be assembled from external databases. The email communications are mobile enabled and give the member the option to review quotes online, talk to a CU insurance agent instantly, or schedule a call with an agent. The email messaging stops once the member clicks on any one of the emails.
MindFIRE then directs the user to a personalized landing page – or a personalized URL (P’URL). This is prefilled with all of the information needed to get insurance quotes within the CU’s agency website, where the member can access personalized quotes, talk to an agent instantly, or schedule a call with an agent.
LendKey’s lending-as-a-service model offers white-labeled lending solutions that allow traditional financial institutions to establish a strong digital lending presence and acquire prime borrowers for a lifetime of borrowing. LendKey’s platform is cost-effective, mitigates risk, manages liquidity and provides best-in-class, white-labeled servicing. Credit unions are stepping into education lending and the home improvement lending space to reach younger members and provide affordable financing options.
The solution supports demand generation, marketing support, online credit decisioning, loan origination, compliance and regulatory support, and balance sheet management. Multiple liquidity options allow credit unions of all sizes to digitally lend to students, college graduates, and homeowners. These options include conforming loan programs, such as a proprietary participation network (partial balance sheet) and a forward sale program (no balance sheet), as well as a completely configurable solution (full balance sheet).
Among recent platform achievements, LendKey recently built a custom credit decisioning application programing interface (API) which allows credit unions to integrate seamlessly with LendKey’s demand-generation network. Other core product releases include improved analytics to enhance borrower credit decisioning and improvements to education lending requirements allowing more borrowers to fund their student loans through LendKey’s partner lenders.
Mastercard Pay with Rewards gives cardholders the freedom to redeem rewards points for purchases at millions of eligible locations worldwide, in store or online. With the option to reimburse either part or all of the purchase, this solution enables real-time engagement with cardholders and drives card preference. Pay with Rewards is a patent-pending solution and the only offering of its kind. Leveraging the Mastercard network, this innovation provides a flexible and cost effective way to execute POS reward programs for card issuers and merchants with no impact on the processes or technology used by merchants or acquirers.
Pay with Rewards enables cardholders to spend points for any purchase anywhere Mastercard is accepted. They can also receive redemption reminders after an eligible purchase, giving them the option to apply their points.
Meanwhile clients can configure program rules to direct cardholder behavior in ways that optimize their portfolio’s potential. The solution gives clients options on where and how to incent consumer spend and helps them meet loyalty program goals. This might include global redemption through the network, a specific network of merchants, POS purchases using a digital wallet (to drive usage/adoption), or for cross-border travelers.
Open Lending's LP Score is an enhanced custom scorecard for pricing and underwriting that allows Lenders Protection™ to expand coverage and reduce risk. The LP Score leverages Auto FICO® and the LexisNexis® RiskView™ scores, which offers a holistic approach to better understanding the creditworthiness of a consumer, using data from multiple alternative data sources.
When members with a limited credit profile apply for an auto loan, they are often turned down because there is not enough data for the credit union to approve that member. Open Lending reviewed 1 million past insured loans, combining the LexisNexis® score along with their own methodology, and found they could offer a better pricing outcome and further enhanced default predictability. LexisNexis® RiskView™ receives data on over 281 million U.S. consumers, with about only 240 million of those reported by the credit bureaus. Now, with the help of alternative data through LexisNexis®, credit unions can approve a wider range of members using our custom LP Score.
Pentegra introduced a new SmartPath™ Plan Health Review for its credit union clients. Designed in line with our SmartPath™ recommendations for plan design effectiveness, Pentegra’s SmartPath™ Plan Health Review enables credit unions to review key retirement plan metrics, and measure retirement plan effectiveness and progress toward participant retirement readiness.
In addition to traditional demographic information, the new, interactive assessment also highlights opportunities where plan design modifications may deliver more successful outcomes to help credit union plan sponsors and participants move the needle forward on improving retirement readiness.
Q2 Gro is a solution that drives growth for credit unions across every channel of business by helping them create better experiences for members at each stage of their financial journey. Gro specializes in mobile-first member acquisition, and offers an account opening feature that works across channels, allowing members to open accounts in about four minutes. A minimalist workflow requires only the information a credit union needs up front to open and fund an account for a member, allowing the FI to collect secondary information at the member’s convenience. Its singular application process means that members can apply for multiple account types with only one application, expanding potential for additional revenue without additional hassle on the part of the credit union or the member. The feature also automatically integrates the member into his/her new digital banking platform, enabling bank-anywhere capability without additional processes. A multilayered approach to data collection reduces friction even further, making it easy for a member to apply for an account via a mobile device, a gold standard in digital account opening.
Additional functionality empowers smaller credit unions with large-scale marketing tactics without the corresponding resource consumption, including targeted offers, digital calls to action and more effective digital marketing campaigns. Gro connects the data in an FI’s core and third-party banking systems with leading marketing automation and CRM tools to give credit unions the ability to interact with the right member at the right time with the right message.
Wolters Kluwer’s Lien Solutions process one in every three U.S. Uniform Commercial Code (UCC) financing statements filed at the state level. The "iLien" solution is a web-based tool that gives lenders the ability to conduct public record searches, retrieve and view actual UCC and corporate records, create filings, and keep track of their entire portfolio.
iLien is unique in the lien management industry in that it serves as the single source for all of a lender’s lien-related activity and shows complete information on a lien portfolio using information from both inside and outside an organization via public records data. An enhanced eFiling capability includes XML-based interfaces into secretary of state databases, delivering faster turnaround times and higher data quality. Data aggregation capabilities for all 50 states and over 3,000 counties from one interface makes lien management easier and more convenient. In 2018, Wolters Kluwer enhanced the solution to include full analytics and reporting capabilities as part of a larger “Manage” suite of modules within iLien, along with Monitoring, Auto-Continuation, and Search and File automation. Combined, this functionality delivers a set of capabilities that substantively enhances a lending department’s lien operations.
The iLien Analytics module leverages cutting-edge technology to populate Key Performance Indicators (KPIs) with pristine UCC and Corporate Charter public records data. iLien includes the ability to run reports across multiple linked accounts within the same organization. Its scalable architecture can handle large amounts of data, and its framework generates custom reports based on customer-specific requests.
Wolters Kluwer's iLien Motor Vehicle is an end-to-end solution for the entire titling lifecycle. This single, web-based application provides automation, reporting and user-friendly functionality to help reduce time-to-loan perfection, understand the full costs of perfecting the loan, and improve the borrower’s overall experience.
When a loan for a motor vehicle is issued, lenders must ensure that the vehicle in question is “perfected.” The first step in perfecting a title is ensuring there is easy, dependable communication with all jurisdictions. iLien Motor Vehicle serves as a single point of access for all 50 state motor vehicle departments. The interface allows users to learn about title requirements and estimate the necessary taxes and fees that a particular jurisdiction requires.
The Estimates tool within iLien Motor Vehicle is easy to use and web-based, allowing lenders to provide accurate tax, fee and document information to borrowers, without research or delays, during the loan process.
Until the loan is paid in full, the actual title must be secured by the lender. Traditionally, titles have been physical and made of paper. However, many jurisdictions have begun implementing—and in many cases mandating—Electronic Lien and Title (ELT) functionality, technology that has been a major boon to the industry. By leveraging ELT technology, iLien Motor Vehicle enables users to facilitate the storing and maintenance of both paper and electronic titles—and transforms the tasks of retrievals, releases and updates into simple requests.