The annual Innovation Awards competition features outstanding innovations that help credit unions grow and prosper. An Innovation Award is the highest distinction offered to a NAFCU Services Preferred Partner.
Allied Solutions for its SmartVideo New Loan Onboarding & Insurance Verification
Allied Solutions' SmartVideo New Loan Onboarding & Insurance Verification is now a standard part of Allied's CPI program. Released in May of 2015, this innovative program offers financial institutions a comprehensive and efficient solution for onboarding new loans and insurance verification. Loan growth is an essential part of a financial institution's ability to remain competitive. This solution provides credit unions with the ability to offer each borrower a personalized introduction and specific details about their new loan. Additionally, this digital technology is data-driven and provides the credit union with reporting analytics which helps them learn more about their members. Allied Solutions is the only organization serving financial institutions with the SmartVideo solution.
BitSight for its Security Ratings Platform
The BitSight Security Ratings Platform gathers terabytes of data on security outcomes from sensors deployed across the globe. From the data, BitSight sees indicators of compromise, infected machines, improper configuration, poor security hygiene and potentially harmful user behaviors. Credit Unions are using these ratings for managing third party vendor risk and benchmarking their cyber security performance to industry averages and peers. By implementing this solution to monitor the risk of vendors, credit unions can cost effectively monitor third party risks in a continuous, automated and effective manner.
Daon for its IdentityX® Platform
IdentityX® Platform empowers individuals to securely establish their identity by capturing and fusing together a combination of authentication factors--- biometrics (fingerprint/voice/face etc.), hardware token possession (their mobile device), encryption, PIN entry, and location-based technology. Multi-factor fusion provides the greatest authentication fidelity available. The required combination of authentication methods is flexible and driven by risk-based policies determined by the credit union. IdentityX® helps to address the challenges arising from current authentication methods that are largely outdated, non-secure, and/or inconvenient to the user. Now instead of having to remember complicated usernames and passwords, credit union members can just take a selfie, speak a passphrase, or use their fingerprint.
Wolters Kluwer for its CASH Suite™
CASH Suite™ is a commercial lending software solution that helps credit unions and banks increase profits and grow top line revenue by achieving straight-through-processing across every step of the commercial loan lifecycle. CASH Suite™ provides lending professionals access to nine integrated financial analysis and credit risk management modules. The modules help reduce the complexity of evaluating commercial loan applications by streamlining tasks, including business development, financial analysis, risk management and pricing, credit communications and approvals, covenant compliance tracking, portfolio management, stress testing and in depth reporting. By providing an integrated solution, CASH Suite™ simplifies the task of managing disparate business processes, helping commercial lenders achieve their broader business goals, while reducing operational risk and enhancing long-term profitability.
The 2016 winners were chosen by a panel of judges who evaluated the solutions based on the degree of innovation and the impact on credit union success. The judges, prominent members of the credit union media and respected industry executives, were Adele Glenn, Emerging Channels Innovation Architect at the San Antonio Federal Credit Union; Bret Rigby, President and CEO of TransWest Credit Union; David Wright, CEO of Services Center Federal Credit Union; Mike Lawson, Creator and Host of CUbroadcast; and Randy Smith, Co-founder and Publisher of CUInsight.com.