ST. PETERSBURG, Fla. The winner of the second annual PSCU KnockOut Innovation Summit, GTE Financial’s “Delta Force,” has created an app that will enable consumers to easily switch their current banking relationships to a credit union.
“This was an exciting idea that cuts the pain of the switch in a quick and easy way,” said PSCU Financial Services Executive Vice President Fredda McDonald. “Now more people will be aware of the credit union value position, which gives relevance and prosperity to the credit union industry.”
GTE Financial’s team were among 87 participants who were challenged over a 24-hour time frame to create a working prototype of a process or solution that solves a real credit union business need or challenge, explained McDonald of the summit that took place on Sept. 26 and 27. The majority of teams competed at PSCU’s St. Petersburg headquarters. The balance, approximately 15 people, vied for the top prize at the company’s Phoenix location.
PSCU’s Team Bacon took second place developing an app that allows cardholders to remove a block on their account when traveling internationally. Coming in third was another PSCU team, MoNation, whose collective efforts allow cardholders to remotely identify suspect transactions as fraudulent or legitimate when notified by PSCU’s fraud prevention team. And placing fourth was still another PSCU entrant, Team MoMo, which created a prototype solution that enables members to create a “dream cart” of potential future purchases and apply for credit union financing for the items.
“This year’s event was highly charged with high energy levels, which included a steady stream of Red Bull,” said McDonald. “It exceeded expectations. From a logistics perspective is was more streamlined than last year; the judging improved and we had many industry experts on hand so participants could reach out in real-time and ask specific questions.”
The panel of judges included representatives from Visa, MasterCard Labs, Filene Research Institute, PSCU and four PSCU member-owner credit unions. McDonald said each respective team was judged on criteria that included size of potential market opportunity, uniqueness of idea, projected return on investment and delivery timeframe.
Concepts put forth by the four winning teams will be submitted to PSCU’s product development process for further refinement and preparation for launch into the market, noted McDonald. For their first place win, members of Delta Force each will receive a $1,500 travel voucher. Team Bacon members will receive a smart television and a subscription to Netflix, while Team MoNation members each will receive a $250 gift card.
“We are looking forward to continue this next year. The momentum is strong and we have received feedback from credit unions already that did not participate this year that they will be participating next year,” said McDonald.
Look for a detailed look at the winner’s prototypes, as well as the judges’ perspectives in Credit Union Journal's upcoming Special Report on Technology Oct. 28.
