PORTLAND, Ore.–Providence FCU said it has formed a new CUSO that will contract with credit unions to consult on fintech needs.
PFCU Technology Solutions, which will do business as CU APPS, will focus on designing and maintaining mobile applications for credit unions with plans to expand into a subscription model as demand grows, the $137-million credit union said.
Providence FCU said it conducted extensive research that revealed continued growth in consumers using mobile banking applications and the limited selection of fintech options for credit unions. In order for credit unions to compete in the fintech space, they need affordable resources, which CU APPS hopes to provide.
“There is a significant technology deficit for credit unions due to most third-party software developers are unable to provide the solutions needed,” said Providence FCU President and CEO Shirley Cate in a statement. “I’m also pleased to have our COO, Brett Wooden, serve as CEO of CU APPS. His knowledge and experience in the app space, as well as his passion for innovation and technology will help CU APPS bring affordable and relevant solutions to credit unions no matter their size.”
The credit union said all apps produced, licensed and maintained by CU APPS will be available on both Apple iOS and Google Android.
“The solutions designed by CU APPS will cater to the needs of credit unions and their members to increase efficiencies,” Providence FCU reported. “Some examples of the types of apps to be developed include mortgage and loan applications, general banking, financial health for children and adults and so many more.”
“Consumers are constantly searching for the best mobile applications and credit union members are no different,” said Wooden in a statement. “Fintech applications require higher security than most consumer-focused apps, so it makes sense to pair with a technology partner that is familiar with the credit union landscape and member needs.”
As CU APPS begins to grow, PFCU said the goal is to eventually produce products that can be licensed and branded to credit unions on a Software-as-a-Service (SaaS) subscription model. “This will give credit unions of all sizes the flexibility to customize their fintech needs to fit their exact requirements,” the organization stated.
For info: www.cu-apps.com.