ST. PETERSBURG, Fla. — In the end, there could be only one.
PSCU's Third Annual KnockOut started with some 30 teams comprised of 150 competitors from 11 credit unions. After an intense 24-hour bout, team Tech Attack's balance-transfer app solution was victorious.
"It was such a motivating and inspiring event across the board," said Consumers Credit Union's Director of Web & Mobile Banking Katherine McCabe, a member of the Tech Attack team. "It was amazing having all these credit union industry leaders come together to come up with ideas that will revolutionize what the credit union industry can offer."
With 60,000-plus members, six locations, and an approximately 180 employees, the $600 million Consumers Credit Union was a first-time KnockOut participant.
McCabe explained that her CU had identified a gap between its credit card portfolio and its mobile channel. The KnockOut competition was an opportunity to affect change.
"We were looking for a way to bridge that gap and generate revenue," said McCabe. Her innovative teammates include: Visa Director Bonny Thomas along with Consumers CU's Marketing Manager Maria Contreras and Solutions Architect Daniel Kristiansen.
"Team Tech Attack's concept for a balance-transfer app to safeguard user's information was the killer idea we were looking for at KnockOut 2014," said Fredda McDonald, PSCU's chief creative officer. "It was differentiated in terms of function, feasibility and significant industry impact from among the other great innovative ideas born out of this year's marathon brainfest."
Barnburner
In its third year, KnockOut built momentum with increasing participants, which made winning all the more difficult.
"PSCU's KnockOut is an event unique to our industry, because it provides a hands-on chance for top thinkers in payments technology to innovate with our credit unions, said McDonald. "And to develop real-world solutions for their members."
"It was a finger-biting week when the videos were released for voting and we were waiting for the results," said McCabe. "When PSCU reached out to us and let us know the results, we were floored and were basking in the glow of winning."
In the end, only three teams were recognized for respective solutions. The second place award went to Team Pineapple, a PSCU employee's team. McDonald explained the team submitted a concept for automated push notifications designed for members who may have been impacted by a data breach before it is publicly announced.
Sliced Bread came in third place. The Phoenix-based PSCU team developed a solution leveraging new phone technology that immediately provides consumers with a virtual card when they report their card lost or stolen.
"Creating a venue for ideation at KnockOut is one of the many ways PSCU provides a collaborative opportunity to create new ideas and position credit unions as leaders to their current and future members," noted McDonald.
Each first place team member will receive a $1,500 travel voucher certificate valid for travel through December 31, 2015. The second place team will all receive a $600 sports spectacular pack, and the third place team will all receive a $300 gift card.
New Balance-Transfer App Will See Market Adoption
Since learning that they won, McCabe, her fellow teammates, colleagues and senior executives, have been in celebration mode. And while they have yet to determine how they will use their prize money, the focus remains on further development of the solution.
"One of the key points of our product is that it's not an additional add-on app," said McCabe. "It is an integration into a current application, a PSCU offering."
When asked if the balance-transfer app could eventually be adopted by other credit unions, she responded: "There isn't any reason why it couldn't be. We just want to be the first one to roll it out."
And there is good reason for McCabe's optimism. The winning ideas from the two previous KnockOut events include a mobile app that enables members to report their cards lost or stolen and a switch-kit solution allowing consumers to easily transfer bank account relationships to a credit union.
PSCU CEO Mike Kelly noted that the first KnockOut winning concept was launched at PSCU's 2014 MoPRO annual conference for member-owner credit unions in April, and last year's winning solution will likely hit the market before the end of the year.
Looking back on the experience, McCabe said the event underscored the collaborative nature of the credit union industry.
"There was an incredible group of people there — a full range of industry leaders that were there to help all teams with ideas as to how best present solutions," said McCabe. "The judges sat down with every team providing crucial insights to help us take it to the next level."
